Tobin's “Keynesian Models of Recessions and Depression” Revisited

Partha Sen
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Partha Sen: Delhi University

A chapter in International Trade and Economic Dynamics, 2009, pp 433-447 from Springer

Abstract: I look at an exogenous decrease in the desire to save in a two-sector-two-period overlapping generations model, where the consumption good is capital-intensive and the elasticities of substitution in production are “small.” It is shown that there is a Keynesian-type multiplier at work, even though the model is a competitive one with full employment (and inelastic labor supply). It is reminiscent of Tobin (Am Econ Rev 65:195202, 1975) who had shown 30 years ago that Keyne-sian results could be obtained with (short run) Marshallian dynamics (albeit in an ad-hoc model).

Keywords: Time Preference; Aggregate Demand; Consumption Good; Investment Good; Overlap Generation Model (search for similar items in EconPapers)
Date: 2009
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-540-78676-4_29

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DOI: 10.1007/978-3-540-78676-4_29

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