Financial Market Imperfections and Irregular Growth Cycles

Domenico Delli Gatti and Mauro Gallegati

Scottish Journal of Political Economy, 1996, vol. 43, issue 2, 146-58

Abstract: In this paper, the authors analyze the generation of endogenous growth and fluctuations in a simple new Keynesian model of the Greenwald-Stiglitz type. Technological progress is the engine of growth. Irregular fluctuations can develop around an endogenous trend. The accumulation of internal funds (equity base) plays a crucial role in determining both growth and the cycle. Copyright 1996 by Scottish Economic Society.

Date: 1996
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