A macroeconomic model of a labor-managed economy: a new Keynesian approach
Article Abstract:
A macroeconomic model of a labor-managed economy is analyzed in terms of New Keynesian economics. Results show that an expansion in autonomous expenditure causes an increment in real rental accompanied by an increase in the price level. Such increase causes additional but smaller expansion in expenditure. The potential for the multiplier is created as a result of the increase in real rental, which is small if the monopoly power of companies is small and when goods are close substitutes. Increase in real rental results in a commensurate multiplier effect. This shows the key role of monopolistic competition in a labor-managed economy.
Publication Name: Journal of Comparative Economics
Subject: Economics
ISSN: 0147-5967
Year: 1996
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Modelling the macroeconomic policy framework for an emerging market economy
Article Abstract:
The policies of emerging market economies (EMEs) can be analyzed using a macroeconomic model that modifies the conventional analytical framework. By utilizing the equations of aggregate supply, aggregate demand and payment balance, this model incorporates competing neoclassical and new-structuralist hypotheses while accommodating the unique features of EMEs, and is appropriate for simulation and empirical experiments.
Publication Name: Manchester School
Subject: Economics
ISSN: 1463-6786
Year: 1998
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