摘要:

ABSTRACTThe paper compares the long and the short period models presented by Tobin and those that can be derived from the writings of Kaldor. It presents a Kaldorian model where the government deficit is financed through bonds and money, where inflation can occur, financial assets are allocated through portfolio decisions, and Kaldor's characterization of monetary and fiscal policies are taken into account. The model clarifies under which conditions the “Cambridge Equation” holds and reconciles two different Post‐Keynesian views on income distribution, since distributive variables are made to depend both on the rate of growth and on the money rate of int

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1993.tb00754.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

ABSTRACTThis paper examines the typical treatment of “effort” by both efficiency‐wage theorists and principal‐agent theorists. These theorists do not justify regarding effort as a cardinal variable. Yet, if effort is an ordinal variable, certain assumptions which are routinely invoked are literally devoid of meaning.Indeed, the precise expression of a complicated truth cannot possibly take a simple form, however precise‐looking the simple formula might be. A formal expression can be extremely precise without being at all aprecise representationof the underlying concept to be

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1993.tb00755.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

ABSTRACTThe credit cycle implicit in Wicksell's upward cumulative process (UCP) is described. UCP may be interpreted as a stable cycle with two phases and an upper turning point corresponding to the maximum 2‐rate‐differential. The volume of credit and the rate of inflation is shown to expand in phase 1 and to contract in phase 2. The role of velocity increasing in causing a higher inflation rate is also described. This cycle has not been noticed in the literature becauseLectures(2)was unclear about how long it would take to reach an upper turning point. But,Interest and Pricesemphasized that the continuous return of the inflation rate to zero equilibrium would begin after a relatively short per

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1993.tb00756.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY

摘要:

ABSTRACTPerfect foresight dynamics require local determinateness and, consequently, sensitivity to initial conditions. If such dynamics have to be computable, exact integration is needed. We study a non‐linear optimal control problem which cannot be integrated exactly; we also introduce some simpler, implementable policy rules and compare their relative performance. Our results make out a case against perfect foresight as a positive theory of expectations formation and as a useful modelling too

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1993.tb00757.x

出版商:Blackwell Publishing Ltd    

年代:1993

数据来源: WILEY