An empirical evaluation of three post Keynesian models

Authors

Peter Skott, University of Massachusetts AmherstFollow
Ben Zipperer, University of Massachusetts AmherstFollow

Working Paper Number

2010-08

Publication Date

2010

Abstract

Structuralist and post Keynesian models differ in their assumptions about firms’ investment behavior and pricing/output decisions. This paper compares three benchmark models: Kaleckian, Robinsonian and Kaldorian. We analyze the implications of these models for the steady growth path and the cyclical properties of the economy, and evaluate the consistency of the theoretical predictions with empirical evidence for the US. Our regression results and the stylized cyclical pattern of key variables are consistent with the Kaldorian model. The Kaleckian investment function and the Robinsonian pricing behavior find no support in the data.

DOI

https://doi.org/10.7275/3317856

Recommended Citation

Skott, Peter and Zipperer, Ben, "An empirical evaluation of three post Keynesian models" (2010). Economics Department Working Paper Series. 103.
https://doi.org/10.7275/3317856