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- W61344493 abstract "The paper develops a post-keynesian macrodynamic model of productive capacity utilisation and income distribution in which the supply of credit-money is endogenous. Nominal interest rate is set by banks as a markup over the base rate, which is exogenously determined by the monetary authority. Over time, banking markup falls with firmsprofit rate on physical capital and rises with the rate of inflation, whereas the base rate varies exogenously. The dynamic behaviour of the system is analyzed for both cases regarding capacity utilisation, namely full utilisation and excess capacity, which then makes for the possibility of multiple equilibria for the state variables real wage and nominal interest rate." @default.
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- W61344493 date "2001-01-01" @default.
- W61344493 modified "2023-10-18" @default.
- W61344493 title "Endogenous Banking Markup, Distributional Conflict and Productive Capacity Utilisation ♦" @default.
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