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Title: Conflict, growth, distribution, and employment: a long-run Kaleckian model
Authors: Sasaki, Hiroaki  kyouindb  KAKEN_id
Author's alias: 佐々木, 啓明
Keywords: Kaleckian model
long-run equilibrium
Issue Date: Sep-2011
Publisher: Taylor & Francis Group(Routledge)
Journal title: International Review of Applied Economics
Volume: 25
Issue: 5
Start page: 539
End page: 557
Abstract: This paper presents a Kaleckian growth model in which (i) the rate of capacity utilization, the profit share, and the rate of employment are adjusted in the medium run, and (ii) the normal rate of capacity utilization and the expected rate of capital accumulation are adjusted in the long run. The long-run equilibrium is a continuum of equilibria and is characterized by hysteresis in that the long-run position of the economy depends on where it starts. An increase in the bargaining power of workers lowers the rate of unemployment in both the medium-run and the long-run equilibrium.
Rights: The Version of Record of this manuscript has been published and is available in International Review of Applied Economics (2011)
This is not the published version. Please cite only the published version.
DOI(Published Version): 10.1080/02692171.2011.557057
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