Does Public Deficit Mean Inflation? A Reflection on the Kaleckian and Minskian Tradition
This 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.
Volume (Year): 3 (2006)
Issue (Month): 1 ()
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