{"id":2344,"date":"2024-04-16T15:12:40","date_gmt":"2024-04-16T18:12:40","guid":{"rendered":"https:\/\/madeusp.com.br\/?post_type=made_publication&p=2344"},"modified":"2024-11-01T19:33:35","modified_gmt":"2024-11-01T22:33:35","slug":"multiplier-effect-credit-and-economic-cycle-a-neo-kaleckian-model","status":"publish","type":"made_publication","link":"https:\/\/madeusp.com.br\/en\/publications\/articles\/multiplier-effect-credit-and-economic-cycle-a-neo-kaleckian-model\/","title":{"rendered":"Multiplier effect, Credit, and Economic Cycle: a neo-Kaleckian model"},"content":{"rendered":"

Con\u00adsi\u00adde\u00adring the cumu\u00adla\u00adti\u00adve evi\u00adden\u00adce indi\u00adca\u00adting a stron\u00adger mul\u00adti\u00adpli\u00ader effect of soci\u00adal bene\u00adfits, such as pen\u00adsi\u00adons,  during the 2015\u20132016 cri\u00adsis in Bra\u00adzil, and noting that the con\u00adsig\u00adned cre\u00addit gran\u00adted to reti\u00adred wor\u00adkers exhi\u00adbi\u00adted sig\u00adni\u00adfi\u00adcan\u00adtly smal\u00adler fluc\u00adtu\u00ada\u00adti\u00adons com\u00adpa\u00adred to that exten\u00added to acti\u00adve wor\u00adkers, some stu\u00addi\u00ades argue that soci\u00adal bene\u00adfits ser\u00adved as a sta\u00adbi\u00adli\u00adzing for\u00adce for inco\u00adme during the cri\u00adsis. Buil\u00adding upon this fin\u00adding, we deve\u00adlop a neo-Kalec\u00adki\u00adan the\u00ado\u00adre\u00adti\u00adcal fra\u00admework to del\u00adve into the cir\u00adcums\u00adtan\u00adces under whi\u00adch the mul\u00adti\u00adpli\u00ader effect is aug\u00admen\u00adted during eco\u00adno\u00admic down\u00adturns. Our model incor\u00adpo\u00adra\u00adtes two clas\u00adses and hou\u00adsehold bor\u00adrowing. We find that the coun\u00adtercy\u00adcli\u00adcal natu\u00adre of both cre\u00addit sup\u00adply and demand con\u00adtri\u00adbu\u00adtes to a more pro\u00adnoun\u00adced coun\u00adtercy\u00adcli\u00adcal mul\u00adti\u00adpli\u00ader effect (for both trans\u00adfer and auto\u00adno\u00admous govern\u00adment mul\u00adti\u00adpli\u00ader). Further\u00admo\u00adre, we dis\u00adcuss some con\u00addi\u00adti\u00adons under whi\u00adch the mul\u00adti\u00adpli\u00ader effect of soci\u00adal bene\u00adfits is higher than that for auto\u00adno\u00admous expen\u00addi\u00adtu\u00adre, alig\u00adning with fin\u00addings from the empi\u00adri\u00adcal lite\u00adra\u00adtu\u00adre. In essen\u00adce, our model for\u00adma\u00adli\u00adzes the noti\u00adon that soci\u00adal bene\u00adfits, when com\u00adbi\u00adned with cre\u00addit mecha\u00adnisms, cons\u00adti\u00adtu\u00adte a sig\u00adni\u00adfi\u00adcant ele\u00adment in inco\u00adme sta\u00adbi\u00adli\u00adza\u00adti\u00adon during eco\u00adno\u00admic contractions.<\/p>\n","protected":false},"excerpt":{"rendered":"

Con\u00adsi\u00adde\u00adring the cumu\u00adla\u00adti\u00adve evi\u00adden\u00adce indi\u00adca\u00adting a stron\u00adger mul\u00adti\u00adpli\u00ader effect of soci\u00adal bene\u00adfits, such as pen\u00adsi\u00adons,  during the 2015\u20132016 cri\u00adsis in Bra\u00adzil, and noting that the con\u00adsig\u00adned cre\u00addit gran\u00adted to reti\u00adred wor\u00adkers exhi\u00adbi\u00adted sig\u00adni\u00adfi\u00adcan\u00adtly smal\u00adler fluc\u00adtu\u00ada\u00adti\u00adons com\u00adpa\u00adred to that exten\u00added to acti\u00adve wor\u00adkers, some stu\u00addi\u00ades argue that soci\u00adal bene\u00adfits ser\u00adved as a sta\u00adbi\u00adli\u00adzing for\u00adce for income [\u2026]<\/p>\n","protected":false},"template":"","tags":[255],"made_publication_type":[78],"class_list":["post-2344","made_publication","type-made_publication","status-publish","hentry","tag-household-debt-en","made_publication_type-working-papers"],"acf":[],"yoast_head":"\nMultiplier effect, 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