Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/277248 
Year of Publication: 
2012
Citation: 
[Journal:] Intervention. European Journal of Economics and Economic Policies [ISSN:] 2195-3376 [Volume:] 09 [Issue:] 2 [Year:] 2012 [Pages:] 277-307
Publisher: 
Metropolis-Verlag, Marburg
Abstract: 
Structuralist and post-Keynesian models differ in their assumptions about firms' investment behavior and pricing/output decisions. This paper compares three benchmark models: Kaleckian, Robinsonian and Kaldorian. We analyze the implications of these models for the steady growth path and the cyclical properties of the economy, and evaluate the consistency of the theoretical predictions with empirical evidence for the US. Our regression results and the stylized cyclical pattern of key variables are consistent with the Kaldorian model. The Kaleckian investment function and the Robinsonian pricing behavior find no support in the data.Classification-JEL: E12, E32, O41
Subjects: 
growth
business cycles
aggregate demand
instability
income distribution
utilization rate
investment function
pricing
Persistent Identifier of the first edition: 
Creative Commons License: 
cc-by Logo
Document Type: 
Article

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