Distribution shocks in a Kaleckian model with hysteresis and monetary policy
Distribution shocks in a Kaleckian model with hysteresis and monetary policy
复制标题
具有滞后性和货币政策的卡莱克模型中的分配冲击
DOI：
10.1016/j.econmod.2019.11.030
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发表时间：
2020
影响因子：
4.7
通讯作者：
Engelbert Stockhammer
中科院分区：
文献类型：
--
作者：
H. Nishi;Engelbert Stockhammer
本研究提出了一个动态卡莱克模型，具有不同的需求和分配制度、货币政策规则和自然产出水平的滞后性。我们分析了需求和分配制度不同组合下稳态的局部稳定性和过渡动态。我们的模型表明，经济体的初始条件对于多个经济体的稳态选择很重要。通过脉冲响应函数分析，我们表明收入分配的暂时冲击可能会对内生变量的动态造成永久性影响。此外，滞后程度影响对产出水平的影响程度。面对暂时的冲击，货币政策无法稳定产出水平。最后，我们发现，在工资主导的需求体制中，功能性收入不平等的加剧可能会导致长期停滞。
This study presents a dynamic Kaleckian model with different demand and distribution regimes, a monetary policy rule and hysteresis in the natural output level. We analyse the local stability of the steady state and the transitional dynamics in different combinations of demand and distribution regimes. Our model indicates that the initial condition in an economy matters for the steady state selection from multiple ones. Using impulse response function analysis, we show that a temporary shock to the income distribution can cause permanent effects on the dynamics of endogenous variables. Moreover, the degree of hysteresis influences the magnitude of impact on output levels. Monetary policy cannot stabilise output levels in the face of temporary shocks. Finally, we find that in a wage-led demand regime, a rise in inequality of functional income may lead to secular stagnation.
DOI：
10.2139/ssrn.773864
发表时间：
2004-12
期刊：
Macroeconomics eJournal
影响因子：
--
作者：
Toichiro Asada;Pu Chen;C. Chiarella;P. Flaschel
通讯作者：
Toichiro Asada;Pu Chen;C. Chiarella;P. Flaschel