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Title: Cyclical growth in a Goodwin–Kalecki–Marx model
Authors: Sasaki, Hiroaki  kyouindb  KAKEN_id
Author's alias: 佐々木, 啓明
Keywords: Goodwin–Kalecki–Marx model
Cyclical growth
Reserve-army-creation effects
Hopf bifurcation
Issue Date: Mar-2013
Publisher: Springer Vienna
Journal title: Journal of Economics
Volume: 108
Issue: 2
Start page: 145
End page: 171
Abstract: This paper presents a disequilibrium macrodynamic model that incorporates certain elements from Goodwin (the dynamics of the rate of employment and income distribution), Kalecki (an investment function independent of savings, and mark-up pricing in oligopolistic goods markets), and Marx (the reserve-army and reserve-army-creation effects). The model has a system of differential equations for the rate of utilization, profit share, and rate of employment. We show that there exist limit cycles that depend on the sizes of the reserve-army effect and reserve-army-creation effect. This implies that there exists a situation in which the economy experiences endogenous and perpetual growth cycles. Moreover, we show that if the stable long-run equilibrium corresponds to the profit-led growth regime, an increase in the bargaining power of workers increases the rate of unemployment; conversely, if the equilibrium corresponds to the wage-led growth-regime, an increase in the bargaining power of workers decreases the rate of unemployment.
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DOI(Published Version): 10.1007/s00712-012-0278-4
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