Neoclassical stability and Keynesian instability: A two‐sector disequilibrium approach
Neoclassical stability and Keynesian instability: A two‐sector disequilibrium approach
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新古典稳定性和凯恩斯主义不稳定：两部门不平衡方法
DOI：
10.1111/meca.12372
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发表时间：
2021
期刊：
影响因子：
1.3
通讯作者：
Shogo Ogawa
中科院分区：
文献类型：
--
作者：
Shogo Ogawa
本文构建了一个简单的非均衡增长模型来探讨有效需求的动态特性。本研究主要关注的是数量约束的影响：消费和投资品需求的数量和生产能力如何影响资本积累？为了回答这个问题，我们建立了一个具有数量约束的两部门增长模型。我们的模型在经典（供给主导）制度和凯恩斯（需求主导）制度下具有多个稳定状态。前者是局部稳定的，而后者是不稳定的。凯恩斯稳态的不稳定性被乘数效应放大，显示出深度萧条是如何发生的。
In this study, we construct a simple disequilibrium growth model to explore the dynamic property of effective demand. This study’s main concern is the effect of the quantity constraint: How do the quantities of consumption and investment goods demand and the productive capacity affect capital accumulation? To answer this, we build a two‐sector growth model with quantity constraints. Our model has multiple steady states in classical (supply‐led) regime and Keynesian (demand‐led) regime. The former is locally stable, but the latter is unstable. The instability of Keynesian steady state is amplified by the multiplier effect and shows how deep depression occurs.