 Interest Rate, Distribution and Accumulation in Post-Keynesian Models: Summary and Conclusions of Part IIChapter 14 in Money, Distribution Conflict and Capital Accumulation, 2008, pp 124-127 from Palgrave Macmillan Abstract: Abstract In the second part of the book we have introduced the monetary interest rate, mainly determined by central bank policies, into Post-Keynesian models of distribution and growth in the tradition of Nicholas Kaldor, Joan Robinson and Michal Kalecki. We have argued that the monetary theories of Kaldor, Robinson and Kalecki have provided the basis for — or are at least compatible with — the Post-Keynesian monetary theory which has been outlined in chapter 6 and applied in this part. Kaldor and Robinson as well as Kalecki suppose that the rate of interest is an exogenous variable for the income-generating and growth process. The volume of credit and the stock of money adjust endogenously to the requirements of finance and circulation. The rate of interest is a monetary phenomenon which has both short — and long-run effects on the real economy. These monetary theories, however, were not incorporated into their own models by the founding mother and fathers of Post-Keynesian distribution and growth theories. Keywords: Interest Rate; Monetary Policy; Capital Accumulation; Capacity Utilization; Capital Ratio (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-59560-6_14 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in Palgrave Macmillan Books from Palgrave Macmillan |
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