Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/105968 
Autor:innen: 
Erscheinungsjahr: 
2012
Schriftenreihe/Nr.: 
IMK Working Paper No. 102
Verlag: 
Hans-Böckler-Stiftung, Institut für Makroökonomie und Konjunkturforschung (IMK), Düsseldorf
Zusammenfassung: 
An endogenous, pro-cyclical capital productivity is motivated by optimizing firm behavior and estimated for a panel of US industries. A positive and significant adjustment parameter has been found relating the growth rate of capital productivity to the difference between the realized utilization rate and the target rate. The endogenous capital productivity is then introduced to a simple Kaleckian growth model with constant rate of utilization in the long run. The effects of shocks to investment, consumption and distribution are studied. We show that the paradox of thrift and the paradox of cost may only hold if Harrodian instability is introduced accompanied by stabilizing counter-forces such as debt dynamics.
Schlagwörter: 
Kaleckian growth model
effective demand
stationary utilization rate
endogenous capital productivity
panel estimation
JEL: 
E12
E22
C22
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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