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Autoren: 
Ryoo, Soon
Skott, Peter
Datum: 
2008
Schriftenreihe/Nr.: 
Working Paper No. 2008-05
Zusammenfassung: 
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.
Schlagwörter: 
financialization
stock-flow consistency
labor constraints
Kaleckian model
JEL: 
E12
E44
Dokumentart: 
Working Paper

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