Metroeconomica最新文献

This paper presents a structuralist economic model of growth and distribution in an open, three sector economy with an infrastructure constraint and deficient aggregate demand where the government sector captures the rents (in the Ricardian sense) originated in an enclave sector such as an oil/gas or mineral sector. The model seeks to explore the ways by which these constraints determine the growth rate and the distribution of income. The model shows that once the fiscal constraint is overcome - which translates itself into an increase in public investment in infrastructure - and the sectoral supply bottlenecks gradually eased, simultaneous increases in employment, real wages and growth become attainable.

This study presents a growth model with automation technology to consider two classes, workers and capitalists, and investigates how the existence of automation capital affects economic growth and the income distribution. In addition to the two production factors, labor and traditional capital, we consider automation capital as a third production factor. We also introduce Pasinetti-type saving functions into the model to investigate how the difference between the savings rates of capitalists and workers affects economic growth and the income distribution. We find that when the savings rate of capitalists is above a threshold level, per capita output exhibits endogenous growth irrespective of the savings rate of workers. In this case, the income gap between workers and capitalists widens over time. By contrast, when the savings rate of capitalists is below the threshold level, two long-run states occur depending on the savings rate of workers: the share of automation capital of capitalists approaches either a constant or zero. In both cases, per capita output growth is zero and the income gap between the two classes becomes constant over time. We additionally show that the introduction of a redistribution policy that imposes a robot tax on capitalists can narrow the income gap between workers and capitalists. However, this income redistribution policy lowers per capita output growth. Therefore, there is a trade-off between equality and growth.

We analyze the endogenous choice of hiring managers who have biased market demand under Bertrand competition. Contrary to previous findings, asymmetric equilibria emerge in which only one firm chooses to delegate. By introducing customary beliefs into model—where the owner correctly anticipates the intercept of the rival manager of firm's market demand—firms gain incentives to hire overconfident managers to restrict output. As a result, not all firms are simultaneously motivated to delegate for strategic reasons. In equilibrium, overconfident managers are more likely to lead their firms in ways that reduce consumer and total welfare.

We provide a comprehensive examination of heterodox economics journals based on bibliometric data and social network analysis. We provide an updated ranking of the journals considered in a seminal contribution by Fred Lee and Bruce Cronin. We raise doubts on all rankings based on extensive definitions of heterodox (or heterodox-friendly) journals by identifying internally cohesive subcommunities of journals that hardly communicate with each other. In contrast, there exists a group of 14 core heterodox economics journals that form an internally cohesive group. We derive a ranking of these journals and analyse its dynamics over the last decade and a half.

This paper shows how cyclic behavior can emerge in a simple Solow capital accumulation model. For this purpose, it introduces a production delay (i.e., time-to-build) and a depreciation delay, and the resultant capital accumulation equation is a delay differential equation having delay-dependent coefficients. Then, it constructs a condition under which the interaction of the delays and the population growth rate can lead to growth cycles that are not unlike those observed in reality. In particular, it is demonstrated that (i) the production delay alone is always harmless; (ii) with a lower population growth rate, the depreciation delay alone has a destabilizing effect if it is larger than a threshold value; (iii) with a larger population growth rate, the stable steady state arises regardless of the delay length. It is further demonstrated that multiple stability switchings can occur in the case of two distinct delays.

Foreign currency scarcity stands as one of the most significant constraints on growth for small open economies. This article investigates the determinants of import growth, the main source of demand for foreign currency, by introducing a novel adaptation of structural decomposition analysis, rooted in a Sraffian supermultiplier growth model. The decomposition is applied to Argentina's input-output matrices spanning 1953–2018. Findings reveal that autonomous demand is the primary long run determinant of imports, through its influence on output. While the role of income distribution in the long run is neglectable, it holds significance in the short term. The process of deindustrialization, initiated in the mid-70s, has amplified the influence of autonomous demand on imports. This further reduced the external space to boost demand and output through increased government spending and/or higher real wages.

This study examines consumers' environmental awareness (CEA) in a green managerial delegation contract with environmental incentives under common ownership. We find that higher CEA increases environmental incentives, while an increase of common ownership may reduce environmental incentives if CEA is high enough. We also demonstrate that an increase of common ownership is profitable to the industry through environmental incentives only when both CEA and common ownership are small enough, but a higher CEA can reduce the industry-wide profitable level of common ownership. Our analysis reveals that the government should monitor the higher level of common ownership and induce higher environmental incentives as CEA increases.