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A ‘Walrasian post-Keynesian’ model? Resolving the paradox of Oskar Lange’s 1938 theory of interest

Roberto Lampa.

in Cambridge Journal of Economics

January 2014; p ublished online July 2013 .

Journal Article. Subjects: General Equilibrium and Disequilibrium; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; General Aggregative Models; Capitalist Systems; History of Economic Thought (1925 onwards). 11726 words.

This article investigates Oskar Lange’s 1938 article, ‘The rate of interest and the optimum propensity to consume’, with the intention of providing a thorough interpretation of this rather...

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The Concept of Income in a General Equilibrium

J. A. Sefton and M. R. Weale.

in The Review of Economic Studies

January 2006; p ublished online January 2006 .

Journal Article. Subjects: General Aggregative Models; General Equilibrium and Disequilibrium. 15175 words.

This paper derives a concept of aggregate real income for a competitive economy in general equilibrium consisting of heterogeneous infinitely lived people and relates it to current and...

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Convergence of monetary equivalent of labour times (MELTs) in two Marxian interpretations

Umit Akinci and Yigit Karahanogullari.

in Cambridge Journal of Economics

May 2015; p ublished online March 2014 .

Journal Article. Subjects: General Aggregative Models; Capitalist Systems; Economic Methodology; Market Structure and Pricing. 6952 words.

This article is primarily concerned with a comparison of two different interpretations of the monetary equivalent of labour time (MELT), which is an essential category for the calculation...

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Endogenous Debt Constraints in Lifecycle Economies

Costas Azariadis and Luisa Lambertini.

in The Review of Economic Studies

July 2003; p ublished online July 2003 .

Journal Article. Subjects: General Aggregative Models; Intertemporal Choice and Growth; General Equilibrium and Disequilibrium. 11914 words.

We characterize competitive equilibria with perfect foresight in a deterministic, three-period pure-exchange overlapping generations economy with perfect information and no commitment to...

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Gibrat’s Law Redux: think profitability instead of growth

Philipp Mundt, Simone Alfarano and Mishael Milaković.

in Industrial and Corporate Change

August 2016; p ublished online May 2015 .

Journal Article. Subjects: Econometric and Statistical Methods and Methodology: General; Market Structure, Firm Strategy, and Market Performance; Production and Organizations; General Aggregative Models. 11455 words.

We argue that firm profitability can be conveniently characterized by one and the same diffusion process for all firms, akin to Gibrat’s seminal idea of a common stochastic description for...

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Income distribution and current account imbalances

Christian A Belabed, Thomas Theobald and Till van Treeck.

in Cambridge Journal of Economics

January 2018; p ublished online July 2017 .

Journal Article. Subjects: Microeconomics; General Aggregative Models; Macroeconomics: Consumption, Saving, Production, Employment, and Investment; International Finance; Macroeconomic Aspects of International Trade and Finance. 19636 words.

Abstract

We develop a three-country, stock-flow-consistent macroeconomic model to study the effects of changes in both personal and functional income...

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Income distribution and the size of the financial sector: a Sraffian analysis

Carlo Panico, Antonio Pinto and Martín Puchet Anyul.

in Cambridge Journal of Economics

November 2012; p ublished online March 2012 .

Journal Article. Subjects: Financial Regulation; Economic Methodology; History of Economic Thought (1925 onwards); Microeconomics; Analysis of Collective Decision-making; Corporate Regulation; General Aggregative Models; Money and Interest Rates; History of Economic Thought (to 1925). 13059 words.

This paper explores the existence of links among the recent trends in income distribution, in the turnover of the financial industry and in financial regulation, moving from Sraffa’s...

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Learning and Equilibrium Selection in a Monetary Overlapping Generations Model with Sticky Prices

Klaus Adam.

in The Review of Economic Studies

October 2003; p ublished online October 2003 .

Journal Article. Subjects: Information, Knowledge, and Uncertainy; General Aggregative Models; Intertemporal Choice and Growth; Prices, Business Fluctuations, and Cycles. 8440 words.

We study adaptive learning in a monetary overlapping generations model with sticky prices and monopolistic competition for the case where learning agents observe current endogenous...

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A life-cycle overlapping-generations model of the small open economy

Ben J. Heijdra and Ward E. Romp.

in Oxford Economic Papers

January 2008; p ublished online January 2008 .

Journal Article. Subjects: Demographic Economics; General Aggregative Models; Intertemporal Choice and Growth; Macroeconomic Aspects of International Trade and Finance. 10140 words.

We construct an overlapping generations model for the small open economy incorporating a realistic description of the mortality process. With age-dependent mortality, the typical life-cycle...

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Minsky's ‘induced investment and business cycles’

Jan Toporowski.

in Cambridge Journal of Economics

September 2008; p ublished online February 2008 .

Journal Article. Subjects: Monetary Policy, Central Banking, and the Supply of Money and Credit; General Aggregative Models; Production and Organizations; History of Economic Thought (1925 onwards). 6840 words.

This paper reviews the recently published PhD thesis of Hyman P. Minsky, summarising its main contributions to methodology and microeconomics. These are aspects of economics with which...

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