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The Maximum Interest Rate on an Unbalanced Growth Path

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Author Info
Martin Diedrich () (Department of Economics Keele University)

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Abstract

Abstract In a steady-state economy, an interest rate that is larger than the maximum growth rate would lead to an inconsistent price system. We identify a similar condition for a multisectoral economy off the steady state: If persistent inflation is to be avoided, the interest rate must not be larger than the maximum growth rate of a feasible subtechnology that is capable of covering final demand.

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File URL: http://www.keele.ac.uk/depts/ec/wpapers/0016.pdf
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Publisher Info
Paper provided by Department of Economics, Keele University in its series Keele Department of Economics Discussion Papers (1995-2001) with number 2000/16.

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Length: 24 pages
Date of creation: Dec 2000
Date of revision:
Handle: RePEc:kee:keeldp:2000/16

Contact details of provider:
Postal: Department of Economics, University of Keele, Keele, Staffordshire, ST5 5BG - United Kingdom
Phone: +44 (0)1782 584581
Fax: +44 (0)1782 717577
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Web page: http://www.keele.ac.uk/depts/ec/cer/
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Postal: Department of Economics, Keele University, Keele, Staffordshire ST5 5BG - United Kingdom
Email:
Web: http://www.keele.ac.uk/depts/ec/cer/pubs_kerps.htm

For technical questions regarding this item, or to correct its listing, contact: (Martin E. Diedrich).

Related research
Keywords: Multisectoral Growth Theory Capital Theory Input-Output

Other versions of this item:

Find related papers by JEL classification:
D57 - Microeconomics - - General Equilibrium and Disequilibrium - - - Input-Output Tables and Analysis
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Gale, David & Rockwell, Richard, 1975. "On the Interest Rate Theorems of Malinvaud and Starrett," Econometrica, Econometric Society, vol. 43(2), pages 347-59, March. [Downloadable!] (restricted)
  2. Schefold, Bertram, 1980. "Von Neumann and Sraffa: Mathematical Equivalence and Conceptual Difference," Economic Journal, Royal Economic Society, vol. 90(357), pages 140-56, March. [Downloadable!] (restricted)
  3. Bidard, Christian, 1990. "An Algorithmic Theory of the Choice of Techniques," Econometrica, Econometric Society, vol. 58(4), pages 839-59, July. [Downloadable!] (restricted)
  4. Kurz, Heinz D. & Salvadori, Neri, 2000. "Economic dynamics in a simple model with exhaustible resources and a given real wage rate," Structural Change and Economic Dynamics, Elsevier, vol. 11(1-2), pages 167-179, July. [Downloadable!] (restricted)
  5. Schefold, B, 1988. "The Dominant Technique in Joint Production Systems," Cambridge Journal of Economics, Oxford University Press, vol. 12(1), pages 97-123, March.
  6. Kurz, Heinz D & Salvadori, Neri, 1997. "Exhaustible Resources in a Dynamic Input-Output Model with 'Classical' Resources," Economic Systems Research, Taylor and Francis Journals, vol. 9(3), pages 235-51, September.
  7. Dantzig, George B. & Manne, Alan S., 1974. "A complementarity algorithm for an optimal capital path with invariant proportions," Journal of Economic Theory, Elsevier, vol. 9(3), pages 312-323, November. [Downloadable!] (restricted)
  8. Mandler, Michael, 1999. "Sraffian Indeterminacy in General Equilibrium," Review of Economic Studies, Blackwell Publishing, vol. 66(3), pages 693-711, July. [Downloadable!] (restricted)
  9. Salvadori, Neri, 1985. "Switching in Methods of Production and Joint Production," The Manchester School of Economic & Social Studies, Blackwell Publishing, vol. 53(2), pages 156-78, June.
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