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CONSUMER AND CORPORATE DEBT: A NEO-KALECKIAN SYNTHESIS

机译:消费者和企业债务:新卡莱克式合成

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摘要

We present a neo-Kaleckian growth model with both consumer and corporate debt. The model's macrodynamic and stability characteristics differ from single-debt models, yet some steady-state results persist. For example, a surge in 'animal spirits' is good for steady-state growth, and consumer borrowing can help to sustain aggregate demand. Stable steady states are characterized by a kind of 'euthanasia of the rentier'. Consumer credit conditions influence effective demand, the profit rate and economic growth. Looser consumer credit conditions have a steady-state growth effect and can enhance system stability. In this restricted sense, looser consumer credit conditions are good for macroeconomic stability.
机译:我们提出了具有消费者和企业债务的新卡莱克式增长模型。该模型的宏观动力学和稳定性特征不同于单债务模型,但仍存在一些稳态结果。例如,“动物精神”的激增有利于稳态增长,而消费者借贷可以帮助维持总需求。稳定的稳态以“食利者的安乐死”为特征。消费信贷状况影响有效需求,利润率和经济增长。较宽松的消费者信贷条件具有稳态增长效应,可以增强系统稳定性。从这个严格的意义上讲,宽松的消费者信贷条件有利于宏观经济的稳定。

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  • 来源
    《Metroeconomica》 |2013年第2期|244-271|共28页
  • 作者

    Alan G. Isaac; Yun K. Kim;

  • 作者单位

    Department of Economics American University Washington, DC 20016 USA;

    Department of Economics Trinity College Hartford, CT 06106 USA;

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  • 正文语种 eng
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