Kaleckian Lags in General Equilibrium
The relationship between production lags and business cycles has a long history in economics, but was first analyzed rigorously by Michal Kalecki in 1935. In a linear delay differential equation model, Kalecki showed that production delays can endogenously generate cycles. Whether this result holds in general equilibrium has been an open question. An answer is provided by examining the effect of Kaleckian lags in the Solow and Cass-Koopmans growth models. It is shown that such models do produce endogenous cycles, confirming that Kalecki's model relating lags to cycles holds in general equilibrium settings.
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Volume (Year): 11 (1999)
Issue (Month): 3 ()
Pages: 321-330
| Handle: | RePEc:taf:revpoe:v:11:y:1999:i:3:p:321-330 |
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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- Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66, pages 467.
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- Finn E. Kydland & Edward C. Prescott, 1982. "Web interface for "Time to Build and Aggregate Fluctuations"," QM&RBC Codes 4a, Quantitative Macroeconomics & Real Business Cycles.
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