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An empirical evaluation of three post-Keynesian models

  • Peter Skott

    ()

    (University of Massachusetts Amherst, MA 01003, USA)

  • Ben Zipperer

    (University of Massachusetts Amherst, MA 01003, USA)

Structuralist and post-Keynesian models differ in their assumptions about firms' investment behavior and pricing/output decisions. This paper compares three benchmark models: Kaleckian, Robinsonian and Kaldorian. We analyze the implications of these models for the steady growth path and the cyclical properties of the economy, and evaluate the consistency of the theoretical predictions with empirical evidence for the US. Our regression results and the stylized cyclical pattern of key variables are consistent with the Kaldorian model. The Kaleckian investment function and the Robinsonian pricing behavior find no support in the data.Classification-JEL: Â E12, E32, O41

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Article provided by Edward Elgar in its journal Intervention. European Journal of Economics and Economic Policies.

Volume (Year): 9 (2012)
Issue (Month): 2 ()
Pages: 277-307

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Handle: RePEc:elg:ejeepi:v:9:y:2012:i:2:p277-307
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  1. Claudio H. Dos Santos & Gennaro Zezza, 2008. "A Simplified, 'Benchmark', Stock-Flow Consistent Post-Keynesian Growth Model," Metroeconomica, Wiley Blackwell, vol. 59(3), pages 441-478, 07.
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