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Why the Keynesian Multiplier Increases During Hard Times: A Theoretical Explanation Based on Rentiers' Saving Behaviour

机译:凯恩斯主义乘数为何在困难时期会增加:基于Rentiers储蓄行为的理论解释

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摘要

This article analyses the Keynesian multiplier from a new perspective. Recent empirical studies emphasize that the multiplier is endogenous to the level of economic activity, increasing during recessions and declining in expansions. Here, we propose a plausible explanation for this established fact based on the procyclicality of capitalists' propensity to save. Then, using a standard Kaleckian model of growth and distribution, we perform some simple simulations showing that fiscal multipliers increase during turbulent times. Consequently, this argues against cutting public spending for economies in recession.
机译:本文从一个新的角度分析了凯恩斯乘数。最近的经验研究强调,乘数是经济活动水平的内生因素,在经济衰退时增加,而在扩张时减少。在这里,我们根据资本家的储蓄倾向的顺周期性为这一既定事实提出一个合理的解释。然后,使用标准的Kaleckian增长和分配模型,我们进行了一些简单的模拟,显示出财政乘数在动荡时期增加。因此,这反对在衰退中削减公共开支。

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  • 来源
    《Metroeconomica》 |2015年第3期|451-473|共23页
  • 作者单位

    Univ Paris 08, Dept Econ, LED, F-93526 St Denis, France;

    Univ Littoral Cote dOpale, CLERSE, Dept Econ, F-59383 Dunkerque, France;

    Univ Paris 13, CEPN, Dept Econ & Management, Sorbonne Paris Cite, F-93430 Villetaneuse, France;

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