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MONEY, MACROECONOMICS AND KEYNES phần 7

Tổng đầu tư không có thể được tiêu cực như vậy các đặc điểm kỹ thuật của chức năng đầu tư (2) nên được xem như là một xấp xỉ. Trong một trầm cảm thường trực *, tỷ lệ tích lũy sẽ hội tụ về một số hữu hạn thấp hơn bị ràng buộc. 2 - Quan điểm của phân tích này chủ yếu là dài hạn sẽ đề nghị một giá trị cao. 3 - đối số sẽ đi qua cơ bản không thay đổi với một tỷ lệ tiết kiệm của tổng thu nhập. 4. | P SKOTT 1 2 3 4 5 6 7 8 9 10 Notes Gross investment cannot be negative so the specification of the investment function 2 should be seen as an approximation. In a permanent depression with Ơ a the rate of accumulation will converge to some finite lower bound. The perspective of the present analysis is predominantly long term which would suggest a high value of jU. The argument would go through substantially unchanged with a single saving rate out of total income. Stability of the short-run equilibrium requires that the parameter r is chosen such that the denominator and hence the short-run multiplier is positive. Since gross output and consumption cannot be negative the expression in 15 also requires a nonnegative numerator that is the linear specification of the saving function only applies within a range of values that satisfy this non-negativity constraint. Harrod undoubtedly would have thought so. In Harrod 1973 172 he commented that the rate of interest and the MARC the minimum acceptable rale of return do not often have a big effect on the method chosen . This led him to conclude that an attempt to derive a rate of interest which brought the warranted growth rate into equality with the natural rate . really makes no sense . Imperfect competition and a cnstant mark-up on marginal labour cost leads to a trivial modification. In this case the real wage rate and the rate of profits become w 1 - a Y p m L 1 ữ - 1 - m where m 1 is the mark-up factor. A more elaborate model will contain both stabilizing and destabilizing effects of falling wages and prices and as argued in GT chapter 19 and MAK chapter 7 the net effects are uncertain. I shall use monetary policy as a shorthand for policies that have offered direct or indirect encouragement to investment. Tax concessions to retain earnings and capital gains investment allowances and grants and accelerated depreciation allowances have been used fairly continuously monetary policy aimed at lower interest rates and .