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Theoretical And Empirical Shortcomings Of The Kaleckian Investment Function

  • Peter Skott

The specification of the accumulation function is critical for the properties and implications of structuralist and post-Keynesian models. A large Kaleckian literat- ure assumes that investment is relatively insensitive to variations in the utilization rate of capital, and this extension of a standard short-run "Keynesian stability con- dition" to the long run has been defended by Lavoie and Dutt, among others. This paper examines the theoretical and empirical arguments for and against a Kaleckian specification. JEL Categories: E12, E32

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Article provided by Wiley Blackwell in its journal Metroeconomica.

Volume (Year): 63 (2012)
Issue (Month): 1 (02)
Pages: 109-138

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Handle: RePEc:bla:metroe:v:63:y:2012:i:1:p:109-138
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  2. Gilberto Tadeu Lima & Mark Setterfield, 2008. "Inflation targeting and macroeconomic stability in a Post Keynesian economy," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 30(3), pages 435-461, April.
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