CRESCIMENTO E FLUTUAÇÕES NUM MODELO MACRODINÂMICO PÓS-KEYNESIANO DE SIMULAÇÃO COM PROGRESSO TÉCNICO ENDÓGENO E ENDIVIDAMENTO PÚBLICO

Abstract

The objective of this paper is to build a post Keynesian macrodynamic model of growth and cycles in which technical progress is endogenous in the sense of Kaldor and government finances its deficit by means of debt issuing. The model presented here aims to reproduce the main stylized facts of long run dynamics of developed capitalist economies, mainly the U.S economy. To accomplish this target, we will present some numerical simulations of the model in order to the behavior of a typical developed capitalist economy of century XX. We will also analyze the long-run effects over real output and public debt of alternative mix of fiscal and monetary policies: (i) fiscal contraction cum monetary expansion; (ii) fiscal expansion cum monetary contraction.