103 research outputs found
Explaining persistent cycles in a short-run context: firms’ propensity to invest and omnipotent shareholders
In this article, we develop a standard short-run Kaleckian macromodel. First, we study the stability of equilibrium and make some comparative static exercises. Then, we take into account different specifications for an endogenous propensity to invest and systematically analyze the short-run dynamics of the model. We show that when firms’ managers adopt abnormal behaviours due to pressures from shareholders regarding the propensity to invest the system exhibits persistent cycles and chaotic trajectories. The analysis emphasizes that, even in the short-run, shareholders may generate instability which represents a serious threat that should not be underestimated for a capitalist economy
The Role of the State in Managing and Forestalling Systemic Financial Crises: Some Issues and Perspectives
Permanent and Selective Capital Account Management Regimes as an Alternative to Self-Insurance Strategies in Emerging-Market Economies
How Stable are Monetary Models of the Dollar-Euro Exchange Rate? A Time-Varying Coefficient Approach
Macroprudential Regulation and Financial Sector Stability in Surroundings of Financial Crisis: Case of Croatia
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