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oaioai:collections.lib.utah.edu:ir_uspace/707070

Wage policy in an open economy kalecki-kaldor model: a simulation study

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Publication date
1 January 2010
Publisher
Wiley-Blackwell

Abstract

ManuscriptThis paper discusses a Post?Keynesian model of income, production, and trade. The one?country, one?sector model features Kaleckian investment demand, Kaldorian productivity and a labor market module based on a wage?price spiral. The model is first presented for a closed economy with exogenous real wages; second, for a closed economy with endogenous real wages;third, for an economy open to trade with endogenous real wages. Simulations with different calibrations show key characteristics of the model. Monte Carlo simulations over reasonable parameter ranges shed some light on the effectiveness of wage policies in open economies

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The University of Utah: J. Willard Marriott Digital Library

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Last time updated on 01/01/2020

This paper was published in The University of Utah: J. Willard Marriott Digital Library.

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