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Financial Market Imperfections and Irregular Growth Cycles

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  • Delli Gatti, Domenico
  • Gallegati, Mauro

Abstract

In this paper, the authors analyze the generation of endogenous growth and fluctuations in a simple new Keynesian model of the Greenwald-Stiglitz type. Technological progress is the engine of growth. Irregular fluctuations can develop around an endogenous trend. The accumulation of internal funds (equity base) plays a crucial role in determining both growth and the cycle. Copyright 1996 by Scottish Economic Society.

Suggested Citation

  • Delli Gatti, Domenico & Gallegati, Mauro, 1996. "Financial Market Imperfections and Irregular Growth Cycles," Scottish Journal of Political Economy, Scottish Economic Society, vol. 43(2), pages 146-158, May.
    • Handle: RePEc:bla:scotjp:v:43:y:1996:i:2:p:146-58
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    Cited by:

    1. Gallegati, Mauro & Kirman, Alan, 2019. "20 years of WEHIA: A journey in search of a safer road," Journal of Economic Behavior & Organization, Elsevier, vol. 157(C), pages 5-14.
    2. Domenico Delli Gatti & Edoardo Gaffeo & Mauro Gallegati, 2008. "A look at the relationship between industrial dynamics and aggregate fluctuations," Department of Economics Working Papers 0803, Department of Economics, University of Trento, Italia.
    3. Ben Fine, 1998. "Endogenous Growth Theory: A Critical Assessment," Working Papers 80, Department of Economics, SOAS University of London, UK.
    4. Holly, Sean & Turner, Paul, 2001. "Inventory investment and asymmetric adjustment: Some evidence for the UK," International Journal of Production Economics, Elsevier, vol. 72(3), pages 251-260, August.
    5. J. Barkley Rosser Jr & Richard P.F. Holt & David Colander, 2010. "European Economics at a Crossroads," Books, Edward Elgar Publishing, number 13585.
    6. Barbara Dluhosch, 2011. "European Economics at a Crossroads, by J. Barkley Rosser, Jr., Richard P. F. Holt, and David Colander," Journal of Regional Science, Wiley Blackwell, vol. 51(3), pages 629-631, August.

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