Balance-of-payments-constrained Cyclical Growth with Distributive Class Conflicts and Productivity Dynamics

Hiroshi Nishi

MPRA Paper from University Library of Munich, Germany

Abstract: This study builds a dynamic balance-of-payments-constrained (BOPC) model that incorporates the endogenous determination of the economic growth rate, conflictive wage/price distribution, and employment rate. Following the Kaleckian--Marxian literature, wages and commodity prices are determined by the reserve army effect and employment is determined by the reserve army creation effect. The relative strength of these two effects generates different outcomes for the transitional dynamics and comparative statics analysis. In particular, the model shows stability, instability, and a cyclical nature, the latter of concurs with the evidence reported by previous empirical studies.

Keywords: Balance-of-payments-constrained model; Conflictive income distribution; Cyclical growth (search for similar items in EconPapers)
JEL-codes: E12 E24 E32 F43 (search for similar items in EconPapers)
Date: 2018-04
New Economics Papers: this item is included in nep-mac and nep-pke
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Journal Article: Balance‐of‐payments‐constrained cyclical growth with distributive class conflicts and productivity dynamics (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:86780

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