Does Public Deficit Mean Inflation? A Reflection on the Kaleckian and Minskian Tradition
AbstractThis paper analyses the determination of prices within a Kaleckian and Minskian framework. In the Minskian model, public deficit generates mark-up inflation, a result that resembles Neo-Keynesian models of growth. In the Kaleckian model, an increase in aggregate demand is not absorbed by inflated prices but by a higher utilisation of capacity. This paper discusses issues at the core of Post-Keynesian thought.
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Bibliographic InfoArticle provided by Edward Elgar in its journal Intervention. European Journal of Economics and Economic Policies (subtitle initially: Zeitschrift fuer Oekonomie / Journal of Economics).
Volume (Year): 3 (2006)
Issue (Month): 1 ()
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Web page: http://www.elgaronline.com/ejeep
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- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
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