摘要:

ABSTRACTThis note fills a lacuna in the neoclassical synthesis and completes its dynamic disequilibrium processes by including adjustments of the money wage rate in response to excess demand on the labour market. A Walrasian and a Keynesian variant are distinguished. While in the first case local asymptotic stability is always ensured, the equilibrium is unstable in the Keynesian case if money wages are too flexible relative to the adjustment speeds on the product and money markets.

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1996.tb00384.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

ABSTRACTIn this paper we analyze the impact of profits on investment in a simple Kaleckian investment model in which profits and capacity determine the level of investment. The analysis leads to the following conclusions. In the first place, the estimated impact of profits on investment behaviour in the Netherlands has diminished in the 1980s. The impact of the stock of capital on investment has remained constant in our sample period. In the second place, it can be observed that the impact of both profits and capital on investment is countercyclical. In periods of boom entrepreneurs prefer public capital markets as a source of investment funds, whereas in a recession they primarily rely on cheaper internal funds.

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1996.tb00385.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

ABSTRACTThis paper explores the possibility that booms and busts are endogenous with an econometric examination of the U.S. economy. Although existing empirical results suggest the contrary, a theoretical literature discounts the stability verdict on the grounds that it is based on linear econometric evidence which is unreliable when the underlying phenomenon is non‐linear. We study a simple Keynesian cycle model which is theoretically general enough to include convergence to equilibrium or endogenous cycles as special cases. We find one particular nonlinear econometric specification which exhibits a limit cycle when estimated on postwar data, while the estimate of its global linear approximation converges to a fixed equilibrium. Our results are an empirical investigation of the boundary between stability and instabilit

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1996.tb00386.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

ABSTRACTThe author shows that the effect on the product‐capital ratio of an increase in the profit rate from below to above the rate that marks the switching from technique I to technique 11 can be geometrically split up into i) twoprice effectsresulting from price changes within each technique and ii) an intermediatereal effect, in general well‐behaved, consequent to the switching from the first to the second technique. The product‐capital ratios can be correctly determined, and are as such “invariant” with respect to thenumérairechosen, only if derived from wage curves that are constructed by assuming as numéraire a basket whose composition is the same as the net product. This does not invalidate the proposition that the capital‐product ratio, conceived as thevalue of capitalperphysical basket of product, and its response to a rise in the profit rate vary with the num

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1996.tb00387.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

ABSTRACTSteedman's theoretical finding of negative labour values associated with positive equilibrium prices has been criticised on the grounds that this situation obtains only in inefficient economies. A recent paper by Hosoda claims that this criticism is valid only in two‐dimensional joint‐product systems. It is argued here that the dimensionality of the system is of no relevance to the “inefficiency critique” of Steedman. Rather, the validity of the critique turns on matters relating to the growth rate and the rate of profit. The argument that processes inefficient in a static context may be viable in the context of von Neumann growth is considered, and the implications for the labour theory of value are assessed. Marx's critique of capitalist economic calculation is supported by reference to the divergence of Sraffian prices and Samuelsonian values when the rate of profit is in excess of the rate of

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1996.tb00388.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY

摘要:

ABSTRACTAssets misuse by an agent and the optimal audit inspecting strategy are analyzed in this paper. The agent and the principal are acting to maximize their expected utility and both are characterized by risk aversion. The agent's decision about a theft takes into account the probability of benefiting from the stolen assets but also the probability of being penalized if caught. The principal's decision about the optimal number of audit teams, hence, the probability of uncovering the theft, takes into account the cost involved, the probability of one team of auditors uncovering the theft and the agent's decision about the theft. We get two response curves which describe the optimal behavior of both the agent and the principal and show that there may be a Nash solution to the problem. Since in real life there are often many principals (shareholders) with different utility functions, a set of efficient strategies is offered using the First and Second degree Stochastic Dominance rules. A numerical illustration which clarifies the methodology and displays the applicability of the model is also provided.

ISSN:0026-1386    

DOI:10.1111/j.1467-999X.1996.tb00389.x

出版商:Blackwell Publishing Ltd    

年代:1996

数据来源: WILEY