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Scheele, E. Langfristige Stabilität und Wachstum in einem IS/LM-Modell mit Finanzierungsfunktion der Investitionen und Bilanzrestriktion der Unternehmen. Credit and Capital Markets – Kredit und Kapital, 18(1), 90-109. https://doi.org/10.3790/ccm.18.1.90
Scheele, Erwin "Langfristige Stabilität und Wachstum in einem IS/LM-Modell mit Finanzierungsfunktion der Investitionen und Bilanzrestriktion der Unternehmen" Credit and Capital Markets – Kredit und Kapital 18.1, 1985, 90-109. https://doi.org/10.3790/ccm.18.1.90
Scheele, Erwin (1985): Langfristige Stabilität und Wachstum in einem IS/LM-Modell mit Finanzierungsfunktion der Investitionen und Bilanzrestriktion der Unternehmen, in: Credit and Capital Markets – Kredit und Kapital, vol. 18, iss. 1, 90-109, [online] https://doi.org/10.3790/ccm.18.1.90

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Langfristige Stabilität und Wachstum in einem IS/LM-Modell mit Finanzierungsfunktion der Investitionen und Bilanzrestriktion der Unternehmen

Scheele, Erwin

Credit and Capital Markets – Kredit und Kapital, Vol. 18 (1985), Iss. 1 : pp. 90–109

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Erwin Scheele, Tübingen

References

  1. Bolle, M. (1973): Geld, Wachstum und Beschäftigung, Zeitschrift für die gesamte Staatswissenschaft, Bd. 129, 1-22.  Google Scholar
  2. Christ, C. (1978): Some Dynamic Theory of Macroeconomic Policy Effects on Income and Prices under the Government Budget Restraint, Journal of Monetary Economics, Vol. 4, 45.  Google Scholar
  3. Ihori, T. (1982): The Dynamics of Open Market Operations and the Assignment Problem, Journal of Macroeconomics, Vol. 4, 179 – 194.  Google Scholar
  4. Infante, E. and Stein, J. (1980): Money-Financed Fiscal Policy in a Growing Economy, Journal of Political Economy, Vol. 88, 259.  Google Scholar
  5. Ip, P. (1977): Fiscal Policy and Stability in a Dynamic Macroeconomic Model with a Government Budget Constraint, Public Finance, Vol. 32, 29 – 36.  Google Scholar
  6. Niehans, J. (1977): A Comment on Stabilization Paradoxes, in: Albach, H. et al. (Hrsg.), Quantitative Wirtschaftsforschung, Tübingen (Mohr), 513.  Google Scholar
  7. Scheele, E. (1984): Perioden-Gleichgewicht und zeitliche Entwicklung in einem I/S/LM-Modell mit Finanzierungsrestriktion der Investitionen und Bilanzrestriktion der Unternehmen, Zeitschrift für Wirtschafts- und Sozialwissenschaften. Bd. 104, 339.  Google Scholar
  8. Smith, G. (1979): The Long-Run Consequences of Monetary and Fiscal Policies when the Government Budget is not Balanced, Journal of Public Economics, Vol. 11, 59.  Google Scholar
  9. Smith, G. (1982 I): Flexible Policies and IS-LM Dynamics, Journal of Macroeconomics, Vol. 4, 155.  Google Scholar
  10. Smith, G. (1982 II): Monetarism, Bondism, and Inflation, Journal of Money, Credit, and Banking, Vol. 14, 278 – 286.  Google Scholar
  11. Tobin, J. (1981): Money and Finance in the Macroeconomic Process, Journal of Money, Credit, and Banking, Vol. 14, 171 – 203.  Google Scholar
  12. Turnovsky, St. (1976): The Dynamics of Fiscal Policy in an Open Economy, Journal of International Economics, Vol. 6, 115 – 142.  Google Scholar
  13. Turnovsky, St. (1978): Macroeconomic Dynamics and Growth in a Monetary Economy: A Synthesis, Journal of Money, Credit, and Banking, Vol. 10, 1.  Google Scholar
  14. Bolle, M. (1973): Geld, Wachstum und Beschäftigung, Zeitschrift für die gesamte Staatswissenschaft, Bd. 129, 1-22.  Google Scholar
  15. Christ, C. (1978): Some Dynamic Theory of Macroeconomic Policy Effects on Income and Prices under the Government Budget Restraint, Journal of Monetary Economics, Vol. 4, 45.  Google Scholar
  16. Ihori, T. (1982): The Dynamics of Open Market Operations and the Assignment Problem, Journal of Macroeconomics, Vol. 4, 179 – 194.  Google Scholar
  17. Infante, E. and Stein, J. (1980): Money-Financed Fiscal Policy in a Growing Economy, Journal of Political Economy, Vol. 88, 259.  Google Scholar
  18. Ip, P. (1977): Fiscal Policy and Stability in a Dynamic Macroeconomic Model with a Government Budget Constraint, Public Finance, Vol. 32, 29 – 36.  Google Scholar
  19. Niehans, J. (1977): A Comment on Stabilization Paradoxes, in: Albach, H. et al. (Hrsg.), Quantitative Wirtschaftsforschung, Tübingen (Mohr), 513.  Google Scholar
  20. Scheele, E. (1984): Perioden-Gleichgewicht und zeitliche Entwicklung in einem I/S/LM-Modell mit Finanzierungsrestriktion der Investitionen und Bilanzrestriktion der Unternehmen, Zeitschrift für Wirtschafts- und Sozialwissenschaften. Bd. 104, 339.  Google Scholar
  21. Smith, G. (1979): The Long-Run Consequences of Monetary and Fiscal Policies when the Government Budget is not Balanced, Journal of Public Economics, Vol. 11, 59.  Google Scholar
  22. Smith, G. (1982 I): Flexible Policies and IS-LM Dynamics, Journal of Macroeconomics, Vol. 4, 155.  Google Scholar
  23. Smith, G. (1982 II): Monetarism, Bondism, and Inflation, Journal of Money, Credit, and Banking, Vol. 14, 278 – 286.  Google Scholar
  24. Tobin, J. (1981): Money and Finance in the Macroeconomic Process, Journal of Money, Credit, and Banking, Vol. 14, 171 – 203.  Google Scholar
  25. Turnovsky, St. (1976): The Dynamics of Fiscal Policy in an Open Economy, Journal of International Economics, Vol. 6, 115 – 142.  Google Scholar
  26. Turnovsky, St. (1978): Macroeconomic Dynamics and Growth in a Monetary Economy: A Synthesis, Journal of Money, Credit, and Banking, Vol. 10, 1.  Google Scholar

Abstract

Long-term Stability and Growth in an IS/LM Model with Financing Function of the Investments and Balance-Sheet Restriction of Firms

This model describes for a closed economy, excluding the public sector, the stockflow dynamics resulting from investment financing via credit and the issue of shares. The development of the national product and yields on shares in successive periodic equilibria is examined. Christ’s concept of long-term equilibrium as a stationary state with stock changes from zero is taken as a basis and its stability is analysed. The development of the system terminates in this stationary state where the stabilizing effect of capital stock growth due to investments overcompensates for the destabilizing effects of money supply growth likewise induced by investments. And nothing is changed even when additional disequilibria are permitted on the goods market. The stationary state, however, is associated with a positive national product only in consequence of the asset-forming effect in the consumption function. This appears to be problematical. Long-term equilibrium is therefore defined on the other hand as evolutionary. By the introduction of technical progress that increase the marginal productivity of capital and the accelerator, the original model is expanded to a growth model. The equilibrium condition of neoclassical growth theory (K = constant) implies that all flow and stock magnitudes grow at the constant rate of technical progress; the yields on shares and the financing costs do not change in the growth process. The “monetary side” of the economy does not play a role for the – demonstrated – stable growth equilibrium, in contrast to the determination of the period equilibrium