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FISCAL POLICY, CHARTAL MONEY, MARK-UP DYNAMICS AND UNEMPLOYMENT INSURANCE IN A MODEL OF GROWTH AND DISTRIBUTION
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| Organization: | Levy Economics Institute of Bard College |
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Given one parameter restriction, an output-stabilization rule for the provision of public services turns a Kaldor–Kalecki–Steindl growth model with unstable, catastrophe-prone dynamics into one with a stable limit cycle. In contrast, using a budget-balancing rule produces a saddle point, along with closed orbits near the boundaries of the state space. Adding Kaleckian mark-up dynamics destabilizes the equilibrium, with a spiraling path followed by a spin-out found in simulation. A final exercise establishes the possibility of adding a variable workforce and a public unemployment insurance system. Throughout, an identity governs the dynamics of the stocks of public financial liabilities.
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http://onlinelibrary.wiley.com/doi/10.1111/meca.12050/full
http://www.levyinstitute.org/pubs/wp_723.pdf
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