Permanent Demand and Private Investment in the General Theory: An Empirical Investigation

• José A. Pérez-Montiel ^[1] ; Carles Manera Erbina ^[1]
  1. [1] Universitat de les Illes Balears

     Universitat de les Illes Balears

     Palma de Mallorca, España

     
• Localización: Revista de economía mundial, ISSN 1576-0162, Nº 54, 2020, págs. 107-128
• Idioma: inglés
• DOI: 10.33776/rem.v0i54.3835
• Títulos paralelos:
  • Demanda permanente e inversión privada en la teoría general: una investigación empírica
• Enlaces
  • Texto completo  1    2  
• Dialnet Métricas: 2 Citas
• Resumen
  • español

    Analizamos empíricamente algunos postulados keynesianos (y post keynesianos) relativos a la interacción multiplicador-acelerador. Mediante el test de causalidad no lineal de Diks y Wolski (2016), sostenemos que en los Estados Unidos existe evidencia a favor de que la inversión privada doméstica es motorizada por la demanda permanente. Argumentamos que este resultado es consistente con el principio de la demanda efectiva en el largo plazo.

    Esperamos que este trabajo ayude a consolidar el potencial consenso entre economistas Keynesianos, Kaleckianos y Sraffianos que inició el trabajo de Allain (2015).

  • English

    We empirically test some Keynes’ (and post Keynesians’) assertions relative to the multiplier-accelerator principle. By means of the nonlinear causality test proposed by Diks and Wolski (2016), we conclude that in the United States domestic private investment is driven by permanent demand. We explain that this result is consistent with Keynes’s principle of effective demand in the long run. We hope this paper helps consolidating the potential consensus among Keynesian, Kaleckian and Sraffian economists initiated by the work of Allain (2015)

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