Real and Financial Dynamics in a Macroeconomic Growth Model with Endogenous Cycles
Book Details
Format
Paperback / Softback
Book Series
Dynamische Wirtschaftstheorie S.
ISBN-10
3631350333
ISBN-13
9783631350331
Publisher
Peter Lang GmbH
Imprint
Peter Lang GmbH
Country of Manufacture
GB
Country of Publication
GB
Publication Date
Aug 1st, 1999
Print length
196 Pages
Weight
266 grams
Dimensions
15.00 x 21.10 x 1.20 cms
Product Classification:
Macroeconomics
Ksh 8,100.00
Manufactured on Demand
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This book provides an analysis of the endogenous mechanisms that govern the dynamic processes in capitalist economies. A nonlinear IS-LM version of a macromodel is developed in which real and financial feed-back mechanisms lead to income distribution-employment dynamics along with fluctuations in aggregate demand and the capacity utilisation rate. Emphasis is placed on the relevance of demand constraints in firms'' pricing strategies, within the context of imperfectly competitive markets, and its implications for the dynamics of income distribution in the cyclical process. The financial mechanisms appear in terms of the effects of the endogenous liquidity creation process on the dynamics of firms'' indebtedness. The stress is on the two-fold nature of «finance»: it supports the accumulation process and enhances growth, and yet it can lead to financial fragility and act as a source of systemic instability.
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