TY  - JOUR
AB  - In this paper we present the modules of a continuous-time model of Keynesian monetary
growth, of the variety introduced in Chiarella and Flaschel (2000) and treated in detail in
Chiarella, Flaschel and Franke (2005). The model is sufficiently rich with respect to markets,
sectors and agents and consistent with respect to budget constraints to capture the important
details of actual macro-economies and so to serve as a macro-theoretic basis for larger scale
macro models where a variety of Keynesian feedback structures are present. Simulations of this
approach provide a persuasive foundation for a basic understanding of the interaction of these
various feedback channels known from partial Keynesian reasoning, like the Harrod-Domar
theory of the instability of balanced growth, the Goodwin-Rose distributive cycle mechanism,
the Dornbusch overshooting exchange rate analysis and the Blanchard analysis of bond and
asset markets dynamics. Of primary interest is on this basis the question how the various
tax rates, transfer payments and government expenditure parameters of the model can be
used to improve the social protection of the sector of worker households, without loosing the
efficiency of a well-performing labor market (with its partial Friedmanian supply side aspects),
and without neglecting the creation of a sound and sustainable infra-structure” for education,
health care and care for the elderly.
DA  - 2020
DO  - 10.4119/unibi/2942156
KW  - high order Keynesian macro-dynamics
KW  - stability
KW  - fiscal and monetary policy
KW  - social protection schemes
KW  - sustainable balanced growth
LA  - eng
PY  - 2020
TI  - A baseline model of ’Social Protection’ in open economies of the KMG variety
UR  - https://nbn-resolving.org/urn:nbn:de:0070-pub-29421564
Y2  - 2024-11-22T01:36:49
ER  -