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Kalecki’s investment model: an empirical analysis of the United States, 1948-1980

Author

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  • Ednaldo Araquem da Silva

    (Graduate Faculty, New School for Social Research, Nova Iorque, USA.)

Abstract

Though published in the early 1930’s, and despite recent interest in his theory,Kalecki’s investment model has not been subject to much empirical testing. This paper specifiesa three equation short run version of Kalecki’s investment model and estimates it usingannual U.S. data between 1948-1980. A surprising result is that U.S. economy appears tohave been dynamically unstable in the period analyzed, with cycles of increasing amplitude. JEL Classification: B51; E22; E32; E11.

Suggested Citation

  • Ednaldo Araquem da Silva, 1986. "Kalecki’s investment model: an empirical analysis of the United States, 1948-1980," Brazilian Journal of Political Economy, Center of Political Economy, vol. 6(2), pages 193-199, April.
    • Handle: RePEc:ekm:repojs:v:6:y:1986:i:2:id:96489
    DOI: 10.1590/0101-31571986-2027
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    Keywords

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    JEL classification:

    • B51 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Socialist; Marxian; Sraffian
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian

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