Perioden-Gleichgewicht und zeitliche Entwicklung in einem IS/LM-Modell mit Finanzierungsrestriktion der Investitionen und Bilanzrestriktion der Unternehmen
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Perioden-Gleichgewicht und zeitliche Entwicklung in einem IS/LM-Modell mit Finanzierungsrestriktion der Investitionen und Bilanzrestriktion der Unternehmen
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 104 (1984), Iss. 4 : pp. 339–368
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Scheele, Erwin
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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 P.90
https://doi.org/10.3790/ccm.18.1.90 [Citations: 0]
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Abstract
The result of the incorporation into the Hicks model of financing investment by bank credit and equity is that the stock of money is no longer exogenous. As a consequence existence, uniqueness and stability of equilibrium are uncertain. Multiple equilibria are possible. The IS- and LM-curves are no longer independent. Changes in exogenous variables can result in variations of income and rate of return on wealth that are larger or smaller than or even opposite to those in the Hicks-model. The transactions cash balance is reveiled as an inadequate link between the markets for goods and financial assets. The form of the investment function implies that the only time path of the temporary equilibrium compatible with the model’s hypotheses is a continuous decrease of investment and income, resulting in a final stationary state.