Arbeitspapier
Interest rate, debt, distribution and capital accumulation in a post-Kaleckian model
The introduction of monetary variables into post-Keynesian models of distribution and growth is an ongoing process. Lavoie (1995) has proposed a Kaleckian ?Minsky-Steindl-model? of distribution and growth, incorporating the effects debt and debt services have on short and long run capital accumulation. This attempt, however, can be extended because neither has the rate of capacity utilisation been endogenously determined, nor have the potential effects of interest rate variations on distribution between wages and gross profits explicitly been incorporated in the model. In the present paper we therefore augment Lavoie?s ?Minsky-Steindl-model?, building our analysis on a Kaleckian distribution and growth model which has already taken into account distribution effects of interest rate variations on the short run equilibrium. Into this model the effects of debt and debt services are explicitly introduced, the effects of interest rate variations on the short and the long run equilibrium are derived, and the results are compared to those of Lavoie?s ?Minsky-Steindl-model?. It is shown, that the effects of interest variations on the endogenously determined equilibrium values of the model do not only depend on the parameter values in the savings and investment functions but also on initial conditions with respect to the interest rate and the debt-capital-ratio.
- Language
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Englisch
- Bibliographic citation
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Series: WSI-Diskussionspapier ; No. 133
- Classification
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Wirtschaft
Financial Markets and the Macroeconomy
Aggregate Factor Income Distribution
General Aggregative Models: Keynes; Keynesian; Post-Keynesian
Investment; Capital; Intangible Capital; Capacity
Monetary Growth Models
- Subject
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Interest rate
debt
distribution
capital accumulation
Arbeitsbedingungen
Sozialer Indikator
Vergleich
EU-Staaten
- Event
-
Geistige Schöpfung
- (who)
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Hein, Eckhard
- Event
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Veröffentlichung
- (who)
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Hans-Böckler-Stiftung, Wirtschafts- und Sozialwissenschaftliches Institut (WSI)
- (where)
-
Düsseldorf
- (when)
-
2004
- Handle
- Last update
-
10.03.2025, 11:41 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Arbeitspapier
Associated
- Hein, Eckhard
- Hans-Böckler-Stiftung, Wirtschafts- und Sozialwissenschaftliches Institut (WSI)
Time of origin
- 2004
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