Real and financial dynamics in a macroeconomic growth model with endogenous cycles
Author(s)
Bibliographic Information
Real and financial dynamics in a macroeconomic growth model with endogenous cycles
（Dynamische Wirtschaftstheorie, Bd. 20）
P. Lang, 1999
- : gw
- : us
Available at / 25 libraries
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Research Institute for Economics & Business Administration (RIEB) Library , Kobe University図書
: gw338.54-141081000095031
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Note
English translation, with some revisions, of the author's doctoral thesis accepted in June 1998 by the Faculty of Economics of the University of Rome "La Sapienza"
Includes bibliographical references (p. 185-196)
Description and Table of Contents
Description
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.
Table of Contents
Contents: Cycle - Growth - Income Distribution - Market Structure - Imperfect Competition - Effective Demand - Capacity Utilisation - Pricing Strategy - Financial Structure - Financial Fragility - Indebtedness of Firms - Liquidity - Dynamics - Fluctuation - Stability, Instability - Nonlinearity - Oscillator - Limit-Cycle - Bifurcation.
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