{"title":"An empirical assessment of two testable hypotheses of the Sraffian Supermultiplier for Argentina","authors":"Ariel Dvoskin, Florencia Médici","doi":"10.1111/meca.12472","DOIUrl":null,"url":null,"abstract":"We conduct empirical analyses on Argentina from 1998 to 2023 to provide new evidence that GDP growth rate ultimately depends on the growth rate of autonomous demand, in line with the Sraffian Supermultiplier (SSM). Firstly, we estimate a Vector Equilibrium Correction Model (VECM) to establish the weak exogeneity of autonomous demand components, with output adjusting to long‐run deviations between these autonomous components and GDP. Secondly, we test a mechanism adjusting productive capacity to demand based on the flexible accelerator principle. Employing a VAR analysis, we present evidence that investment share is Granger‐caused by GDP, supporting the SSM framework.","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"7 1","pages":""},"PeriodicalIF":1.0000,"publicationDate":"2024-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Metroeconomica","FirstCategoryId":"96","ListUrlMain":"https://doi.org/10.1111/meca.12472","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q3","JCRName":"ECONOMICS","Score":null,"Total":0}
引用次数: 0
Abstract
We conduct empirical analyses on Argentina from 1998 to 2023 to provide new evidence that GDP growth rate ultimately depends on the growth rate of autonomous demand, in line with the Sraffian Supermultiplier (SSM). Firstly, we estimate a Vector Equilibrium Correction Model (VECM) to establish the weak exogeneity of autonomous demand components, with output adjusting to long‐run deviations between these autonomous components and GDP. Secondly, we test a mechanism adjusting productive capacity to demand based on the flexible accelerator principle. Employing a VAR analysis, we present evidence that investment share is Granger‐caused by GDP, supporting the SSM framework.
我们对阿根廷 1998 年至 2023 年的情况进行了实证分析，从而提供了新的证据，证明 GDP 增长率最终取决于自主需求的增长率，这与 Sraffian 超乘数（SSM）是一致的。首先，我们估计了一个向量均衡修正模型（VECM），以确定自主需求成分的弱外生性，产出会根据这些自主成分与国内生产总值之间的长期偏差进行调整。其次，我们根据灵活的加速器原理检验了生产能力对需求的调节机制。利用 VAR 分析，我们提出了投资份额由 GDP 格兰杰引起的证据，支持 SSM 框架。
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