Metroeconomica最新文献

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.

Notions of conflict inflation have been central to neo-Marxian and post-Keynesian economics. There are tensions, however, within the Marxian/post-Keynesian camp. Post-Keynesians emphasize weak feedback effects between price and wage inflation, thereby preserving the importance of aggregate demand in the determination of output and employment in the medium and long run. Like Kalecki in his famous analysis of “Political aspects of full employment”, Marxists typically suggest, on the contrary, that if unemployment is kept low, cumulative increases in workers' power and militancy imply severe limitations of aggregate demand policy in the long run. The paper discusses these rival perspectives and their implications, suggesting that (i) valid Marxian concerns are likely to derail ambitious reform programs that rely on fiscal expansion, (ii) Kalecki's analysis failed to recognize the centrality of inflation for aggregate demand policy and the multidimensional character of class conflict, and (iii) rather than focus on the wage struggle, labor movements may benefit from prioritizing political and institutional change.

We propose an open macroeconomic model based on Bernanke and Blinder's credit perspective. We assume a small open economy with imperfect capital movement and substitutes for financial assets under a floating exchange rate system. We represent credit creation mechanisms and investigate the impact of financial factors on the home economy. We find that the difference in relative responses of banks and firms to the profit rate is associated with short-term economic fluctuations and long-term economic stability. Finally, we examine the effects of an inflation targeting policy, signifying that the central bank must gain credibility for its monetary policy to achieve stability.

This paper presents a Classical Marxian Two-Sector Endogenous Cycle (CMTSEC) model, merging Dutt's two-sector Classical convergence model with labor dynamics drawn from the Goodwin model and an endogenous labor supply inspired by Harris's interpretation of capitalist dynamics. Empirical support reinforces these assumptions. Utilizing the Hopf bifurcation theorem and numerical simulations, we demonstrate the emergence of persistent and stable limit cycles involving the wage share, employment rate, and sectoral capital distribution, all without relying on specific capital intensity discrepancies between sectors. This result challenges existing two-sector models, particularly Sato's extension of the Goodwin model, in which endogenous cycles either do not exist or vanish over time, even when endogenous labor supply is incorporated. Notably, sectoral profit rates exhibit cyclical fluctuations in the CMTSEC model, suggesting a reevaluation of long-run equilibrium. The findings highlight the role of investment sensitivity to sectoral profit rate disparities in determining cycle stability.