Proposição e estimação da equação de dinâmica produtiva segundo a abordagem Estruturalista Pós-Keynesiana

Antonio Cerqueira and Gilberto Libanio
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Antonio Cerqueira: Cedeplar-UFMG

No 542, Textos para Discussão Cedeplar-UFMG from Cedeplar, Universidade Federal de Minas Gerais

Abstract: Using as reference the Extended Post-Keynesian Model (EPKM) – canonical model from this approach to treatment of the relationship between inflation, output dynamic and economic policy – is developed the Structuralist Output Gap Curve (CHPE), an dynamic output equation based on Principle of Effective Demand and Big Government hypothesis, forming dynamics in which transitory deviations from the stochastic trend are related with accelerators coming from consumption, public sector, financial sector and external sector. The CHPE is estimated in panels of countries after defining output gap by a formulation where trends are linearly divided into parts, being obtained, as expected, a parameter of past output gap with a value lesser than unity and where the accelerators are relevant in most groups of countries and periods, in special the extra spending of consumers. The estimates successfully support the proposed approach on output dynamics determinants, confirming the theoretical rule that there is partial inertia on the stochastic rate of economic growth.

Keywords: Post-Keynesian Macroeconomics; Business Fluctuations; Models and Applications (search for similar items in EconPapers)
JEL-codes: E12 E32 E47 (search for similar items in EconPapers)
Pages: 37 pages
Date: 2016-12
New Economics Papers: this item is included in nep-mac and nep-pke
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