Analyse systématique du modèle de Bhaduri-Marglin à prix flexibles. "Ca dépend de la valeur des paramètres"

Florian Botte () and Thomas Dallery
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Florian Botte: CLERSÉ - Centre Lillois d’Études et de Recherches Sociologiques et Économiques - UMR 8019 - Université de Lille - CNRS - Centre National de la Recherche Scientifique

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Abstract: The calibration and the study of the plausibility of models as stylised as the post-kaleckian model is debated. In this article, we present a numerical simulation method to study the stability properties of a model that depend on its calibration. Rather than calibrating a model by selecting the values of the non-observable parameters that produce "realistic" values of the equilibrium variables, we suggest looking at what happens in a model when estimating the non-observable parameters and then combined them: does the model then produce plausible values for the equilibrium variables? We use this method to the model of Bhaduri and Marglin with price adjustment. We show that the model struggles to produce a satisfactory number of plausible equilibrium values. We also study the stability conditions of the model (in size and proportion), and we demonstrate that theoretically conceivable configurations have no numerically plausible counterpart for realistic values of the parameters of the model. The fine study of a calibration thus conceived allows to relativize the probability to meet all the dynamics which are theoretically possible.

Keywords: Mots-clés: Instabilité; simulations; plausibilité; modèle kaleckien Codes JEL : E11; E12; C62 (search for similar items in EconPapers)
Date: 2019-12-01
New Economics Papers: this item is included in nep-cmp and nep-mac
Note: View the original document on HAL open archive server: https://hal.univ-lille.fr/hal-02335695
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Published in Revue de la régulation. Capitalisme, institutions, pouvoirs, 2019, Revue de la régulation, 26

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Journal Article: Analyse systématique du modèle de Bhaduri et Marglin à prix flexibles: « Ça dépend de la valeur des paramètres » (2019)
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