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Kaleckian Lags in General Equilibrium

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  • Paul Zak

Abstract

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.

Suggested Citation

  • Paul Zak, 1999. "Kaleckian Lags in General Equilibrium," Review of Political Economy, Taylor & Francis Journals, vol. 11(3), pages 321-330.
    • Handle: RePEc:taf:revpoe:v:11:y:1999:i:3:p:321-330
    DOI: 10.1080/095382599107048
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    References listed on IDEAS

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    1. Susanto Basu, 1996. "Procyclical Productivity: Increasing Returns or Cyclical Utilization?," The Quarterly Journal of Economics, Oxford University Press, vol. 111(3), pages 719-751.
    2. Burnside, Craig & Eichenbaum, Martin, 1996. "Factor-Hoarding and the Propagation of Business-Cycle Shocks," American Economic Review, American Economic Association, vol. 86(5), pages 1154-1174, December.
    3. Tjalling C. Koopmans, 1963. "On the Concept of Optimal Economic Growth," Cowles Foundation Discussion Papers 163, Cowles Foundation for Research in Economics, Yale University.
    4. 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 467-467.
    5. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-1370, November.
    6. David Cass & Menahem E. Yaari, 1966. "A Re-examination of the Pure Consumption Loans Model," Journal of Political Economy, University of Chicago Press, vol. 74, pages 353-353.
    7. Susanto Basu & John G. Fernald, 1995. "Aggregate Productivity and the Productivity of Aggregates," NBER Working Papers 5382, National Bureau of Economic Research, Inc.
    8. Mackey, Michael C., 1989. "Commodity price fluctuations: Price dependent delays and nonlinearities as explanatory factors," Journal of Economic Theory, Elsevier, vol. 48(2), pages 497-509, August.
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    Cited by:

    1. Yüksel, Mustafa Kerem, 2011. "Capital dependent population growth induces cycles," Chaos, Solitons & Fractals, Elsevier, vol. 44(9), pages 759-763.
    2. Luca Guerrini, 2012. "Constant population growth rate and time to build: the Solow model case," Economics Bulletin, AccessEcon, vol. 32(4), pages 3260-3265.
    3. Ishida, Junichiro & Yokoo, Masanori, 2004. "Threshold nonlinearities and asymmetric endogenous business cycles," Journal of Economic Behavior & Organization, Elsevier, vol. 54(2), pages 175-189, June.
    4. Franke, Reiner, 2018. "Reviving Kalecki’s business cycle model in a growth context," Journal of Economic Dynamics and Control, Elsevier, vol. 91(C), pages 157-171.

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