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Regimes of Interest Rates, Income Shares, Savings and Investment: A Kaleckian Model and Empirical Estimations for some Advanced OECD Economies

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Eckhard Hein
Carsten Ochsen

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Abstract

The first part of the paper deals with the effects of an exogenous variation in the monetary interest rate on the real equilibrium position of the economic system in a Kaleckian effective demand model. Different regimes of accumulation are derived and it is shown that a negative relation between the interest rate and the equilibrium rates of capacity utilization, accumulation and profit usually expected in post-Keynesian theory only exists under special conditions. In the second part the model is applied to the data of some major OECD countries, the relevant coefficients are estimated and the relevance for an explanation of the course of GDP and capital stock growth since the early 1960s is discussed. Copyright Blackwell Publishing Ltd 2003.

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Article provided by Blackwell Publishing in its journal Metroeconomica.

Volume (Year): 54 (2003)
Issue (Month): 4 (November)
Pages: 404-433
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Handle: RePEc:bla:metroe:v:54:y:2003:i:4:p:404-433

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  1. Carsten Ochsen, 2005. "Labour Market Institutions and Unemployment Revisited," Thuenen-Series of Applied Economic Theory 49, University of Rostock, Institute of Economics, Germany. [Downloadable!]
  2. Eckhard Hein, 2006. "Money, interest and capital accumulationin Karl Marx's economics: a monetary interpretation and some similaritiesto post-Keynesian approaches ," European Journal of the History of Economic Thought, Taylor and Francis Journals, vol. 13(1), pages 113-140, March. [Downloadable!] (restricted)
  3. Eckhard Hein, 2005. "Interest, debt and capital accumulation - a Kaleckian approach," IMK Working Paper 05-2005, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute. [Downloadable!]
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  4. Olivier Allain, 2006. "La modération salariale : le point de vue des (néo-)kaleckiens," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00196500_v1, HAL. [Downloadable!]
  5. Simone Bertoli & Francesco Farina, 2007. "The functional distribution of income: a review of the theoretical literature and of the empirical evidence around its recent pattern in European countries," Department of Economic Policy, Finance and Development (DEPFID) University of Siena 005, Department of Economic Policy, Finance and Development (DEPFID), University of Siena. [Downloadable!]
  6. Engelbert Stockhammer & Stefan Ederer, 2008. "Demand effects of the falling wage share in Austria," Empirica, Springer, vol. 35(5), pages 481-502, December. [Downloadable!] (restricted)
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  7. Marc Lavoie, 2005. "Do the Heterodox Theories Have Something in Common? A post-Keynesian Point of View," Lecturas de Economía, Universidad de Antioquia, Departamento de Economía, issue 63, pages 43-76, Julio-Dic. [Downloadable!]
  8. Eckhard Hein, 2004. "Interest rate, debt, distribution and capital accumulation in a post-Kaleckian model," Macroeconomics 0412005, EconWPA. [Downloadable!]
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