The Sraffian Supermultiplier and Cycles
Theory and Empirics
Bibliographic Data
| ID | 12228989 |
|---|---|
| Authors | Michalis Nikiforos (0000-0003-1477-7593, University of Geneva, Geneva, Switzerland), Márcio Santetti (0000-0001-8445-9916, Skidmore College, Saratoga Springs, NY, USA), Rudiger von Arnim (0000-0003-4745-5080, University of Utah, Salt Lake City, UT, USA, corresponding author) |
| Year | 2023 |
| Volume | 36 |
| Issue | 5 |
| Pages | 2085-2104 |
| Publication date | 2023-01-24 |
| Open Access | No |
| Type | ARTICLE |
| Venue | Review of Political Economy (JOURNAL) |
| Journal identifiers | ISSN: 0953-8259 • E-ISSN: 1465-3982 |
| Publisher | Taylor & Francis (PUBLISHER • GB) |
| DOI | 10.1080/09538259.2022.2156722 |
| OpenAlex | W4317883795 |
| Language | EN |
| Citations received | 4 |
| References cited | 33 |
This paper provides a theoretical and empirical reassessment of supermultiplier theory. First, we show that, as a result of the passive role it assigns to investment, the Sraffian supermultiplier predicts that the rate of utilization leads the investment share in a dampened cycle or equivalently that a convergent cyclical motion in the utilization-investment share plane would be counter-clockwise. Second, impulse response functions from standard recursive Vector Autoregressions for post-war US samples strongly indicate that the investment share leads the rate of utilization, or that these cycles are clockwise. These results raise questions about the key mechanism underlying supermultiplier theory
Classical mechanics · Econometrics · Economics · Impulse (physics · Impulse response · Investment (military · Keynesian economics · Macroeconomics · Monetary economics · Physics · Economic Growth and Productivity · Economic Theory and Policy · Mathematics · Monetary Policy and Economic Impact
Monetary Economics
Essays in the Theory of Economic Growth
Rate of Profit and Income Distribution in Relation to the Rate of Economic Growth
Macroeconomics and Reality
Why You Should Never Use the Hodrick-Prescott Filter
Growth Rate and Level Effects, the Stability of the Adjustment of Capacity to Demand and the Sraffian Supermultiplier
Long-run Effective Demand in the US Economy
Cycles
Long Period Effective Demand and the Sraffian Supermultiplier
Alternative Theories of Distribution
A Model of Economic Growth
| Citations per year | 1.33 |
|---|---|
| Citation span | 2023 - 2024 (2) |
| Highly cited | No |