Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/64235
Authors: 
Ryoo, Soon
Skott, Peter
Year of Publication: 
2008
Series/Report no.: 
Working Paper, University of Massachusetts, Department of Economics 2008-05
Abstract: 
Most Kaleckian models assume a perfectly elastic labor supply, an assumption that is questionable for many developed economies. This paper presents simple labor-constrained Kaleckian models and uses these models to compare the implications of financialization under labor-constrained and dual-economy conditions. The paper complements the analysis in Skott and Ryoo (2008) which did not include labor-constrained Kaleckian economies. We show that for plausible parameter values the financial changes commonly associated with fiancialization tend to be expansionary in both dual-economy and labor-constrained settings.
Subjects: 
financialization
stock-flow consistency
labor constraints
Kaleckian model
JEL: 
E12
E44
Document Type: 
Working Paper

Files in This Item:
File
Size
316.39 kB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.