Suchergebnisse

We analyse the relationship between the Keynesian (post‐Keynesian, Kaleckian) and classical perspectives, emphasizing the distinction between two time frames, short term and long term. A model is presented in which the traverse to a long‐term classical equilibrium, with prices of production, is obtained as a sequence of short‐term Keynesian equilibria (in which outputs are adjusted to demands). In the short term, prices and capital stocks are constant; they are only adjusted in the long term. Prices respond to disequilibria concerning capacity utilization rates. Investment is subject to a financing constraint, in which the provision of loans by the banking system is involved. Loans are modified in response to inflation (monetary policy).

This study empirically reveals a direct link between profitability and stability. To make the demonstration, we develop and then estimate a short-run dynamic disequilibrium model of a capitalist economy, with money, in which agents react to the observation of disequilibria. The condition for the stability of the general level of activity is expressed as a function of the reactions of economic agents. An increased reaction by quantities to disequilibria between supply and demand, on the part of firms, jeopardizes stability. It is demonstrated empirically that the variations of the profit rate influence this degree of reaction and, therefore, impact on stability.

Résumé