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Erschienen in:
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2014 | OriginalPaper | Buchkapitel

Expectations, Firms’ Indebtedness and Business Fluctuations in a Structural Keynesian Monetary Growth Framework

verfasst von : Matthieu Charpe, Peter Flaschel, Christian R. Proaño, Willi Semmler

Erschienen in: Nonlinear Economic Dynamics and Financial Modelling

Verlag: Springer International Publishing

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Abstract

In this contribution we incorporate the main elements of the small-scale firms’ debt-finance model by Franke and Semmler (1989) into a medium-scale disequilibrium macroeconomic framework along the lines of Chiarella, Flaschel and Franke (2005). In a fully interdependent model incorporating investing firms, savings of rentier households, commercial banks and the government, the endogenously generated debt of firms (created through borrowing) feeds back dynamically to the investment behaviour of firms, their borrowing of funds, the asset market, the interest rate and the expected rate of return (representing the confidence of investors with regard to future development). The impact of debt-financing of firms on aggregate economic activity and its stability will be studied within this context. We also investigate the dynamics of the resulting model by means of numerical simulations.

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Vorheriges Kapitel What’s Beyond? Some Perspectives on the Future of Mathematical Economics
Nächstes Kapitel Mathematical Modelling of Financial Instability and Macroeconomic Stabilisation Policies
Fußnoten
1
On more empirical grounds, recent work by Covas and Den Haan (2012) has stressed the fact that the relative importance of these two types of financing depends on the firm’s size, with small firms and start-ups being more reliant on equity finance, and large and more established firms being more debt-finance oriented.
 
2
Equity financing is therefore considered here as a residual in the present formulation of the firms’ behaviour.
 
3
We assume in addition that initial conditions for the application of these rules are such that we get from (22)–(24) the stock relationship \(M=\phi pK\).
 
4
Money receipts—injections of new money—are assumed to be immediately channeled to the banks and held there as demand or time deposits.
 
5
As we assume that the two types of deposit holdings, and their particular composition does not feed back into the rest of the economy’s structure, both of them will be neglected in the following.
 
6
Since we make use of Metzlerian delayed output adjustment in place of an IS-equilibrium condition, we cannot assume as Franke and Semmler (1989) that the actual rate of profit automatically adjusts to bring about equilibrium in the goods markets.
 
Literatur
Chiarella, C., & Flaschel, P. (2000). The dynamics of keynesian monetary growth. Macrofoundations. Cambridge, UK: Cambridge University Press.
Chiarella, C., & Flaschel, P. (2005). Foundations of a disequilibrium theory of the business cycle. Cambridge, UK: Cambridge University Press.CrossRef
Covas, F., & Den Haan, W. (2012). The role of debt and equity finance over the business cycle. The Economic Journal, 122(565), 1262–1286.CrossRef
Flaschel, P. & Krolzig, H.-M. (2006). Wage-price Phillips curves and macroeconomic stability: Basic structural form, estimation and analysis. In: C. Chiarella, P. Flaschel, R. Franke & W. Semmler (Eds.), Quantitative and Empirical Analysis of Nonlinear Dynamic Macromodels. Contributions to Economic Analysis 277 (pp. 7–47). Amsterdam: Elsevier.
Flaschel, P. (2014). Goodwin’s MKS system. A baseline macro-model. Cambridge Journal of Economics, forthcoming.
Foley, D. (1986). Stabilization policy in a nonlinear business-cycle model. In W. Semmler (Ed.), Competition, Instability, and Nonlinear Cycles., Lecture Notes in Economics and Mathematical Systems New York: Springer.
Foley, D. (1987). Liquidity-profit rate cycles in a capitalist economy. Journal of Economic Behavior and Organization, 8(3), 363–377.CrossRef
Franke, R., & Semmler, W. (1989). Debt financing of firms, stability and cycles in a dynamical macroeconomic growth model. In W. Semmler (Ed.), Financial Dynamics and Business Cycles: New Perspectives (pp. 38–64). Armonk, New York: M.E. Sharpe.
Kalecki, M. (1937). A theory of the business cycle. The Review of Economic Studies, 4(2), 77–97.CrossRef
Minsky, H. P. (1975). John Maynard Keynes. New York: Columbia University Press.
Minsky, H. P. (1982). Can “It” Happen Again? Essays on Instability and Finance. New York: M. E. Sharpe Inc.
Modigliani, F., & Miller, M. H. (1958). The cost of capital, corporation finance and the theory of investment. American Economic Review, 48(3), 261–297.
Taylor, L. (1985). A stagnationist model of economic growth. Cambridge Journal of Economics, 9, 383–403.
Taylor, L., & O’Connell, S. A. (1985). A Minsky crisis. Quarterly Journal of Economics, 100, 871–886.CrossRef
Metadaten
Titel
Expectations, Firms’ Indebtedness and Business Fluctuations in a Structural Keynesian Monetary Growth Framework
verfasst von
Matthieu Charpe
Peter Flaschel
Christian R. Proaño
Willi Semmler
Copyright-Jahr
2014
Buch
Nonlinear Economic Dynamics and Financial Modelling

Print ISBN: 978-3-319-07469-6

Electronic ISBN: 978-3-319-07470-2

Copyright-Jahr: 2014

DOI
https://doi.org/10.1007/978-3-319-07470-2_4

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