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International Competition and Distributive Class Conflict in an Open Economy Kaleckian Model

Hiroaki Sasaki (), Ryunosuke Sonoda and Shinya Fujita

Discussion papers from Graduate School of Economics Project Center, Kyoto University

Abstract: This paper constructs an open economy Kaleckian model in which the international competition affects the bargaining process between firms and workers, and investigates the effect of such bargaining on macroeconomy. If the real exchange rate has little impact on the trade balance, the economy is stable, whereas if it has a larger impact on the trade balance, the economy is unstable. Moreover, we show that the effect of a change in the bargaining power on aggregate demand depends not only on the demand regimes but also on which agent bears the burden arising from the international price competition.

Keywords: Kaleckian model; Open economy; International price competition; Wage bargaining (search for similar items in EconPapers)
JEL-codes: E12 F43 J50 (search for similar items in EconPapers)
Pages: 33 pages
Date: 2012-07
New Economics Papers: this item is included in nep-cwa and nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6) Track citations by RSS feed

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Journal Article: International Competition and Distributive Class Conflict in an Open Economy Kaleckian Model (2013) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:kue:dpaper:e-12-005

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