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Full-Text Articles in Social and Behavioral Sciences
An Empirical Evaluation Of Three Post Keynesian Models, Peter Skott, Ben Zipperer
An Empirical Evaluation Of Three Post Keynesian Models, Peter Skott, Ben Zipperer
Economics Department Working Paper Series
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.
An Empirical Evaluation Of Three Post Keynesian Models, Peter Skott, Ben Zipperer
An Empirical Evaluation Of Three Post Keynesian Models, Peter Skott, Ben Zipperer
Peter Skott
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.
Cyclical Patterns Of Employment, Utilization And Profitability, Ben Zipperer, Peter Skott
Cyclical Patterns Of Employment, Utilization And Profitability, Ben Zipperer, Peter Skott
Economics Department Working Paper Series
The 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.