An empirical evaluation of three post-Keynesian models

Skøtt, Peter; Zipperer, Ben

doi:10.4337/ejeep.2012.02.09

“…Figure 15 contains deviations of (u, π) from its long-term trend in France. For the sample time 16 http://stats.oecd.org 17 For all countries, utilization rates are for the manufacturing sector, except in the cases of Canada and Japan, which report total industrial utilization. All rates are capacity utilization rates (measured 0% to 100%), except in the case of Japan, which reports a utilization index with a base year of 2005.…”

Section: Robustnessmentioning

confidence: 99%

Cyclical patterns of employment, utilization, and profitability

Zipperer

¹

,

Skøtt

²

2011

Journal of Post Keynesian Economics

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may UNIVERSITY OF MASSACHUSETTS AMHERST AbstractThe interaction between income distribution, accumulation, employment and the utilization of capital is central to macroeconomic models in the`heterodox' tradition. This paper examines the stylized pattern of these variables using US data for the period after 1948. We look at the trends and cycles in individual time series and examine the bivariate cycical patterns among the variables. JEL classication: E12, E32, O41

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“…We begin with the Kaleckian investment function with labor constraints as presented by Ryoo and Skott (2008) and Skott and Zipperer (2010). This approach accounts for the effect of this constraint on the accumulation pace of mature economies.…”

Section: Investment With Labor Constraintsmentioning

confidence: 99%

“…Further consideration of this function is provided in Dutt (2011). Skott and Zipperer (2010) consider as the main feature of mature economies the relevance of employment in order to determine the rate of accumulation. According to this view, increasing employment rates are perceived as a signal by firms for a need of higher profit shares in order to maintain their rate of accumulation.…”

Section: Investment With Labor Constraintsmentioning

confidence: 99%

Investment, Financial Markets, and Uncertainty

Arestis

¹

,

González

²

,

Dejuán

³

2012

SSRN Journal

2

0

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in December 2012The Levy Economics Institute Working Paper Collection presents research in progress by Levy Institute scholars and conference participants. The purpose of the series is to disseminate ideas to and elicit comments from academics and professionals.Levy Economics Institute of Bard College, founded in 1986, is a nonprofit, nonpartisan, independently funded research organization devoted to public service. Through scholarship and economic research it generates viable, effective public policy responses to important economic problems that profoundly affect the quality of life in the United States and abroad. ABSTRACTThis paper provides a theoretical explanation of the accumulation process, which accounts for the developments in the financial markets over the recent past. Specifically, our approach is focused on the presence of correlations between physical and financial investment, and how the latter could affect the former. In order to achieve this objective, two assets are considered:equities and bonds. This choice permits us to account for two extreme alternative possibilities:taking risk in the short run with unknown profits, or undertaking a commitment to the long run with known yields. This proposal also accounts for the influence of the cost of external finance and the impact of financial uncertainty, as proxied by the interest rate in the former case and the exchange rate in the latter case; thereby utilizing the Keynesian notion of conventions in the determination of investment. The model thus formulated is subsequently estimated by applying the difference GMM and the system GMM in a panel of 14 OECD countries from 1970 to 2010.

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“…

AbstractThis note -written in response to von Arnim and Barrales (2015) -shows that (i) the Kaldor-Goodwin models in Skott (1989aSkott ( , 1989b and Skott and Zipperer (2012) provide good approximations to models with fast but …nite adjustment of prices, (ii) the models can generate cyclical patterns that match the stylized facts, and (iii) an alternative model with instantaneous output adjustment and …xed prices produces a dynamic system that is virtually identical to the Kaldor-Goodwin; this model may describe parts of the service sector.JEL codes: E12, E32

…”

mentioning

confidence: 99%

Growth cycles with or without price flexibility

Skøtt¹

2015

ROKE

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This note -written in response to von Arnim and Barrales (2015) -shows that (i) the Kaldor-Goodwin models in Skott (1989aSkott ( , 1989b and Skott and Zipperer (2012) provide good approximations to models with fast but …nite adjustment of prices, (ii) the models can generate cyclical patterns that match the stylized facts, and (iii) an alternative model with instantaneous output adjustment and …xed prices produces a dynamic system that is virtually identical to the Kaldor-Goodwin; this model may describe parts of the service sector.JEL codes: E12, E32

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An empirical evaluation of three post-Keynesian models

Abstract: Structuralist and post-Keynesian models differ in their assumptions

Cited by 46 publications

References 37 publications

Cyclical patterns of employment, utilization, and profitability

Cyclical patterns of employment, utilization, and profitability

Investment, Financial Markets, and Uncertainty

Growth cycles with or without price flexibility

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