23/07/2020
The symposium on ‘Autonomous demand, capacity utilization, and the Supermultiplier' published in ROKE is now out!
It is a selection of papers presented in the 1st International Workshop on Demand-Led Growth held in July 2018.
https://www.elgaronline.com/view/journals/roke/8-3/roke.2020.8.issue-3.xml
The present symposium on ‘Autonomous demand, capacity utilization, and the supermultiplier’ – differently from dealing with theoretical issues at the higher levels of abstraction which has naturally generally prevailed in discussions on this subject over the past 25 years – shifts the focus of the discussion of the Sraffian supermultiplier model to issues concerning its empirical relevance and the implications of the model for economic policy. The papers which compose the symposium reflect the general view of part of the group of researchers gathered at the Rio de Janeiro's 1st International Workshop on Demand-Led Growth held in July 2018, who consider that the soundness of this theoretical approach is best demonstrated by constructing policy-relevant theoretical and applied analyses that ultimately can help us to understand the concrete performance and problems of both advanced and developing economies.
The themes of the seven papers of the present symposium are interrelated and cover the current debates on demand-led growth models and its implications for the analysis of economic reality. It is possible to separate them into three groups, according to their subjects and methods. The papers of the first group are theoretical extensions of the supermultiplier model and discuss some of its implications for economic policy (...) The second group of papers evaluates critically the recent proposals, made by some Neo-Kaleckian authors, to render the normal degree of capacity utilization both endogenous and related to the actual or realized degree of utilization and the rate of growth of demand. (...) The final group contains two econometric papers which discuss some empirical evidence in favor of the supermultiplier model for, respectively, the OECD economies and the Brazilian economy.
We hope that this symposium, by presenting empirical and policy-oriented analyses, can both contribute to the further development of the research agenda on demand-led growth and intensify a constructive and policy-relevant debate among the various strands of critical economic thought.
Table of Contents:
Introduction to the symposium
Ricardo Summa and Fabio Freitas
A baseline supermultiplier model for the analysis of fiscal policy and government debt
Fabio Freitas and Rodrigo Christianes
Workers' debt-financed consumption: a supermultiplier stock–flow consistent model
Gabriel Vieira Mandarino, Claudio H. Dos Santos and Antonio Carlos Macedo e Silva
Stagnation and unnaturally low interest rates: a simple critique of the amended New Consensus and the Sraffian supermultiplier alternative
Franklin Serrano, Ricardo Summa and Vivian Garrido Moreira
Some observations on endogeneity in the normal rate of capacity utilisation
Brett Fiebiger
A critical evaluation of some Kaleckian proposals to deal with the issue of convergence towards normal capacity utilization
Guilherme Haluska
Autonomous demand and the investment share
Daniele Girardi and Riccardo Pariboni
Investment rate, growth, and the accelerator effect in the supermultiplier model: the case of Brazil
Julia de Medeiros Braga
Book review: Nicola Acocella, Rediscovering Economic Policy as a Discipline (Cambridge University Press, Cambridge, UK 2018) 424 pp.
Matías Vernengo
"Volume 8: Issue 3 (Jul 2020)" published on 20 Jul 2020 by .
