Revize monetárního modelu Marca Lavoieho endogenizací parametru gama

Bibliographic Data

ID10713483
AuthorsZdeněk Chytil (0000-0001-5091-8272, Prague University of Economics and Business, corresponding author), Lukáš Máslo, Lukáš Augustin Máslo (0000-0002-8722-5581, Prague University of Economics and Business)
Year2016
Volume64
Issue2
Pages209-217
Publication date2016-04-01
Open AccessYes
TypeARTICLE
VenuePolitická ekonomie (JOURNAL)
Journal identifiersISSN: 0032-3233 • E-ISSN: 2336-8225
PublisherPrague University of Economics and Business (PUBLISHER • CZ)
DOI10.18267/j.polek.1065
OpenAlexW2401185895
LanguageCS
References cited14

Revision of Marc Lavoie's Monetary Model by the Endogenization of the Parameter γ This paper tries to point out a fallacy in Lavoie's (2006) conclusion that incorporation of deep endogeneity of parameters into the PKA model suffices to bring about irreversibility of such a system. The arguments of the authors are supported by Setterfield's (1998a, 2008) concept of hysteresis as path-dependence in the long-run outcome of systems with direct shocks. The paper shows that extension of Lavoie's PKA model by deep endogeneity of the parameter γ causes the fulfillment of the necessary condition of hysteresis - Setterfi eld's condition (a) ensuring deep endogeneity of the alleged exogenous parameter and, by means of this, path dependence in the long-run output - but not the fulfi llment of the sufficient condition of hysteresis - condition (c) ensuring the presence of adjustment asymmetry and, by means of this, irreversibility. Thus, deependogenisation of the parameter γ does not bring about Setterfi eld's hysteresis and, in effect, does not cause irreversibility

Asymmetry · Econometrics · Economics · Endogeneity · Fallacy · Hysteresis · Keynesian economics · Mathematical economics · Physics · Quantum mechanics · Condensed Matter Physics · Economic Growth and Productivity · Economic theories and models · Economic Theory and Policy · Philosophy

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