Keynes-Marx and Keynes-Wicksell Models of Monetary Growth: A framework for future analysis
This paper reconsiders and generalizes a dichotomizing two-sector real growth model of Marglin which claims that the steady state of capitalist economies is plagued by secular inflation. We show that this implication need not be true from the perspective of a more general steady state analysis and that the Marglin model can be embedded into a general Keynes-Marx-Friedman or Keynes-Wicksell framework where money is superneutral, where therefore inflation is due solely to excessive monetary growth, where the private sector is basically asymptotically stable and where there is a steady state rate of employment that differs from the 'natural' rate of employment of monetarist models of inflation. We consider this model a benchmark model that requires equally general alternatives if the above implications are to be rejected.
Volume (Year): 12 (2000)
Issue (Month): 4 ()
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- Chiarella, Carl & Flaschel, Peter & Wells, Graeme, 2003.
"The Dynamics Of Keynesian Monetary Growth,"
Cambridge University Press, vol. 7(03), pages 473-475, June.
- Chiarella,Carl & Flaschel,Peter, 2000. "The Dynamics of Keynesian Monetary Growth," Cambridge Books, Cambridge University Press, number 9780521643511, November.
- Chiarella,Carl & Flaschel,Peter, 2011. "The Dynamics of Keynesian Monetary Growth," Cambridge Books, Cambridge University Press, number 9780521180184, November.
- H. Rose, 1967. "On the Non-Linear Theory of the Employment Cycle," Review of Economic Studies, Oxford University Press, vol. 34(2), pages 153-173.
- Chiarella, Carl & Flaschel, Peter, 1996. "Real and monetary cycles in models of Keynes-Wicksell type," Journal of Economic Behavior & Organization, Elsevier, vol. 30(3), pages 327-351, September.
- Fischer, Stanley, 1972. "Keynes-Wicksell and Neoclassical Models of Money and Growth," American Economic Review, American Economic Association, vol. 62(5), pages 880-90, December.
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