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Identifier to cite or link to this item: https://hdl.handle.net/10086/26735

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Title
The Role of the Taylor Principle in the neo-Kaleckian Model when applied to an Endogenous Market Structure
Creator
Creator Name
OHNO, Takashi OHNO, Takashi
Affiliation
Affiliation Name
Ritsumeikan University
Key Word
neo-Kaleckian model
Taylor principle
free entry
JEL
E24
E31
Abstract (distribution restricted)
This study examines the effect of using the neo-Kaleckian model to target inflation. Here, we assume the following: a model with monopolistic competition, a symmetric economy, the inflation conflict theory, the target profit share of firms depends on the number of firms, and free entry. Using the neo-Kaleckian model, we find the Taylor principle destabilizes the system, which means that an inelastic nominal interest monetary policy is a plausible way to ensure stability. In addition, we find that the Taylor principle is not compatible with the standard neo-Kaleckian results, including the effects of independent demand and income distribution in favour of workers.
Publisher
Center for Research on Contemporary Economic Systems, Graduate School of Economics, Hitotsubashi University
Issued Date
2014-07
Language
English(eng)
Resource Type
technical report
Version Type
VoR
Is Part OfRelation -
Related Title
CCES Discussion Paper Series ; No. 54
Number of Pages
37
Appears in Collections
CCES Discussion Paper Series
URL
https://hdl.handle.net/10086/26735