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An empirical evaluation of three post Keynesian models

Ben Zipperer Peter Skott
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Ben Zipperer Peter Skott: University of Massachusetts Amherst

Authors registered in the RePEc Author Service: Ben Zipperer and Peter Skott

UMASS Amherst Economics Working Papers from University of Massachusetts Amherst, Department of Economics

Abstract: 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. JEL Categories: E12, E32, O41

Keywords: growth; business cycles; aggregate demand; instability; income distribution; utilization rate; investment function; pricing. (search for similar items in EconPapers)
Date: 2010-09
New Economics Papers: this item is included in nep-mac and nep-pke
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Citations: View citations in EconPapers (39)

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Journal Article: An empirical evaluation of three post-Keynesian models (2012) Downloads
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