Profit squeeze, rentier squeeze and macroeconomic policy under fixed and flexible exchange rates

Gerald Epstein

Chapter 12 in The Political Economy of Central Banking, 2019, pp 311-349 from Edward Elgar Publishing

Abstract: This paper presents an open economy Marx-Kalecki model, tested by US data, which shows that the effect of macroeconomic policy on financial and industrial capitalists' profits depends in the exchange rate regime and the degree of international capital mobility. In particular, under flexible exchange rates, expansionary monetary policy will improve industrial capitalists' profits, but, by generating inflation, will harm financial capitalists' profitability.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2019
References: Add references at CitEc
Citations:

Downloads: (external link)
https://www.elgaronline.com/view/9781788978408.00021.xml (application/pdf)
Our link check indicates that this URL is bad, the error code is: 503 Service Temporarily Unavailable

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:elg:eechap:18820_12

Ordering information: This item can be ordered from
http://www.e-elgar.com

Access Statistics for this chapter

More chapters in Chapters from Edward Elgar Publishing
Bibliographic data for series maintained by Darrel McCalla ().