論文

査読有り
2018年5月

A two-sector Keynesian model of business cycles

Metroeconomica
  • Hiroki Murakami

69
2
開始ページ
444
終了ページ
472
記述言語
英語
掲載種別
研究論文(学術雑誌)
DOI
10.1111/meca.12195
出版者・発行元
Wiley-Blackwell

In this paper, we examine the effect of sectoral interactions on business cycles in a simple Keynesian model. As a first step for introducing viewpoints of multiple sectors in the context of business cycles, we consider a dual economy in which there are only two kinds of goods: the consumption good and the investment good. By examining a two-sector Keynesian model, we intend to take a look at some phenomena induced by interactions between the consumption good sector and the investment good sector, which cannot be observed in one-sector models. We then find that the stability of equilibrium and the possibility of emergence of a periodic orbit depend on whether the Keynesian stability condition holds or not and that along periodic orbits (business cycles), the consumption good sector lags behind the investment good sector and that the volatility (measured by the ratio of the amplitude of cycles to the equilibrium value) of the investment sector is larger than that of the consumption good sector. Also, we supplement the analysis by performing numerical simulations.

リンク情報
DOI
https://doi.org/10.1111/meca.12195
ID情報
  • DOI : 10.1111/meca.12195
  • ISSN : 1467-999X
  • ISSN : 0026-1386
  • SCOPUS ID : 85033554685

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