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Vermögensrestriktion, Budgetrestriktionen, Wirkungen der Staatsverschuldung und die Budget-Multiplikatoren von Dieter Cansier
Credit and Capital Markets – Kredit und Kapital, Vol. 16 (1983), Iss. 1 : pp. 36–53
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Scheele, Erwin
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Perioden-Gleichgewicht und zeitliche Entwicklung in einem IS/LM-Modell mit Finanzierungsrestriktion der Investitionen und Bilanzrestriktion der Unternehmen
Scheele, Erwin
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 104 (1984), Iss. 4 P.339
https://doi.org/10.3790/schm.104.4.339 [Citations: 1]
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Abstract
Wealth Restriction, Budget Restriction, Effects of Public Debt and D. Cansier’s Budget Multipliers
On the basis of a Blinder/Solow-type model, the first part (a) discusses the features which should be exhibited by a theoretical basis for the monetarism-Keynesianism debate, (b) outlines the problems which can be analysed meaningfully with such a model, and (c) proposes supplementations which alone make it suitable for dealing with certain issues in that debate. Special attention is given to the application of Walras’s law and the problem of assessing investments as a component of output on the one hand and of the stock of capital on the other. It is shown, inter alia, that models of the type mentioned (1) must be closed, so that authors who, making reference to Walras, operate with one degree of freedom, are investigating something quite different than they believe, (2) must be extended to permit analysis of openmarket- policy, (3) give absurd results when Christ’s equilibrium condition is introduced. In the second part, using an essay by Cansier as an example, it is shown what misunderstandings ensue, if the minimal requirements developed for the model in the first part are disregarded, that model being taken as a basis for examining the effects of public debt.