Kaleckian Lags in General Equilibrium

Paul Zak ()

Review of Political Economy, 1999, vol. 11, issue 3, 321-330

Abstract: The relationship between production lags and business cycles has a long history in economics, but was first analyzed rigorously by Michal Kalecki in 1935. In a linear delay differential equation model, Kalecki showed that production delays can endogenously generate cycles. Whether this result holds in general equilibrium has been an open question. An answer is provided by examining the effect of Kaleckian lags in the Solow and Cass-Koopmans growth models. It is shown that such models do produce endogenous cycles, confirming that Kalecki's model relating lags to cycles holds in general equilibrium settings.

Date: 1999
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

Downloads: (external link)
http://www.tandfonline.com/doi/abs/10.1080/095382599107048 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:revpoe:v:11:y:1999:i:3:p:321-330

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/CRPE20

DOI: 10.1080/095382599107048

Access Statistics for this article

Review of Political Economy is currently edited by Steve Pressman and Louis-Philippe Rochon

More articles in Review of Political Economy from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().