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Public Investment and Economic Growth in a Three Sector Open Economy With an Infrastructure Constraint 基础设施约束下三部门开放经济中的公共投资与经济增长
IF 0.9 3区 经济学
Metroeconomica Pub Date : 2025-06-12 DOI: 10.1111/meca.12504
Raul Zelada-Aprili
{"title":"Public Investment and Economic Growth in a Three Sector Open Economy With an Infrastructure Constraint","authors":"Raul Zelada-Aprili","doi":"10.1111/meca.12504","DOIUrl":"https://doi.org/10.1111/meca.12504","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper presents a structuralist economic model of growth and distribution in an open, three sector economy with an infrastructure constraint and deficient aggregate demand where the government sector captures the rents (in the Ricardian sense) originated in an enclave sector such as an oil/gas or mineral sector. The model seeks to explore the ways by which these constraints determine the growth rate and the distribution of income. The model shows that once the fiscal constraint is overcome - which translates itself into an increase in public investment in infrastructure - and the sectoral supply bottlenecks gradually eased, simultaneous increases in employment, real wages and growth become attainable.</p>\u0000 </div>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"76 4","pages":"557-570"},"PeriodicalIF":0.9,"publicationDate":"2025-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145224090","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Kaldor, Hicks and Goodwin Meet the Supermultiplier: On Growth Cycles and Autonomous Demand 卡尔多、希克斯和古德温满足超级乘数：关于增长周期和自主需求
IF 0.9 3区 经济学
Metroeconomica Pub Date : 2025-06-02 DOI: 10.1111/meca.12503
Ettore Gallo
{"title":"Kaldor, Hicks and Goodwin Meet the Supermultiplier: On Growth Cycles and Autonomous Demand","authors":"Ettore Gallo","doi":"10.1111/meca.12503","DOIUrl":"https://doi.org/10.1111/meca.12503","url":null,"abstract":"<p>This paper presents an approach to reconciling short-run business cycles with long-run growth in macroeconomic models. It addresses recent criticisms of supermultiplier models by developing a framework that combines investment-driven cycles with autonomous demand-led growth in the long run. The model builds on endogenous business cycle theories, incorporating a nonlinear accelerator mechanism and a dynamic multiplier to generate persistent cycles. By extending this canonical model to include growing autonomous demand, the paper demonstrates how persistent cyclical fluctuations in the rate of capacity utilization can coexist with a long-run growth trend in output determined by autonomous demand. This integration of short-run dynamics and long-run growth aims to bridge the gap between traditional business cycle theories and modern growth models, providing a unified trend-cum-cycle framework. The paper contributes to the ongoing debate on the role of autonomous components of aggregate demand in shaping economic outcomes and offers a framework for further research on the interplay between cyclical fluctuations and trend growth.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"76 4","pages":"545-556"},"PeriodicalIF":0.9,"publicationDate":"2025-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/meca.12503","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145223814","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Automation, Economic Growth, and the Income Distribution in a Two-Class Economy 自动化、经济增长和两阶级经济中的收入分配
IF 0.9 3区 经济学
Metroeconomica Pub Date : 2025-05-30 DOI: 10.1111/meca.12502
Shogo Ogawa, Takefumi Hagiwara, Thu Giang Huong Pham, Noriki Fukatani, Naoto Okahara, Hiroaki Sasaki
{"title":"Automation, Economic Growth, and the Income Distribution in a Two-Class Economy","authors":"Shogo Ogawa,&nbsp;Takefumi Hagiwara,&nbsp;Thu Giang Huong Pham,&nbsp;Noriki Fukatani,&nbsp;Naoto Okahara,&nbsp;Hiroaki Sasaki","doi":"10.1111/meca.12502","DOIUrl":"https://doi.org/10.1111/meca.12502","url":null,"abstract":"<div>\u0000 \u0000 <p>This study presents a growth model with automation technology to consider two classes, workers and capitalists, and investigates how the existence of automation capital affects economic growth and the income distribution. In addition to the two production factors, labor and traditional capital, we consider automation capital as a third production factor. We also introduce Pasinetti-type saving functions into the model to investigate how the difference between the savings rates of capitalists and workers affects economic growth and the income distribution. We find that when the savings rate of capitalists is above a threshold level, per capita output exhibits endogenous growth irrespective of the savings rate of workers. In this case, the income gap between workers and capitalists widens over time. By contrast, when the savings rate of capitalists is below the threshold level, two long-run states occur depending on the savings rate of workers: the share of automation capital of capitalists approaches either a constant or zero. In both cases, per capita output growth is zero and the income gap between the two classes becomes constant over time. We additionally show that the introduction of a redistribution policy that imposes a robot tax on capitalists can narrow the income gap between workers and capitalists. However, this income redistribution policy lowers per capita output growth. Therefore, there is a trade-off between equality and growth.</p>\u0000 </div>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"76 4","pages":"527-544"},"PeriodicalIF":0.9,"publicationDate":"2025-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145224269","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Contribution of the Social and Solidarity Economy to Economic Growth 社会和团结经济对经济增长的贡献
IF 0.9 3区 经济学
Metroeconomica Pub Date : 2025-05-23 DOI: 10.1111/meca.12501
Andrea Salustri, Sara Caria, Silvia Sacchetti, Eugenio Montefusco, Francesco De Pretis
{"title":"The Contribution of the Social and Solidarity Economy to Economic Growth","authors":"Andrea Salustri,&nbsp;Sara Caria,&nbsp;Silvia Sacchetti,&nbsp;Eugenio Montefusco,&nbsp;Francesco De Pretis","doi":"10.1111/meca.12501","DOIUrl":"https://doi.org/10.1111/meca.12501","url":null,"abstract":"<p>This work extends the basic analytical framework of macroeconomic growth to encompass the notion of social inclusion and to reduce the inconsistencies between growth and development. Specifically, we introduce the social and solidarity economy (SSE) into the macroeconomic debate on economic growth to acknowledge and making visible its contribution to total output increase, while working towards greater inclusion. Our analytical strategy relies on the discussion of four theoretical models. First, we illustrate a modified version of the Solow model; second, we introduce social inclusion as a labour-augmenting factor, and we illustrate how it triggers endogenous growth. Third, we modify a simplified model of endogenous growth by introducing among the arguments of the production function social inclusion as a labour-augmenting factor and by replacing the R&amp;D with the SSE production function. Fourth, we introduce an encompassing growth model to identify the optimal mix of social inclusion and technological progress that may support endogenous growth. The added value of our research is twofold: (1) we lay the foundations for an alternative pattern of development that may fit well the initial conditions of a low resource economy lacking endogenous technological progress, and (2) we propose a logical framework to identify a continuum of trajectories of development, that is coherent with the diversity of initial conditions observed at country level.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"76 4","pages":"513-526"},"PeriodicalIF":0.9,"publicationDate":"2025-05-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/meca.12501","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145224128","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Biased Managers and Endogenous Delegation 有偏见的管理者与内生授权
IF 0.9 3区 经济学
Metroeconomica Pub Date : 2025-05-16 DOI: 10.1111/meca.12500
Kangsik Choi
{"title":"Biased Managers and Endogenous Delegation","authors":"Kangsik Choi","doi":"10.1111/meca.12500","DOIUrl":"https://doi.org/10.1111/meca.12500","url":null,"abstract":"<div>\u0000 \u0000 <p>We analyze the endogenous choice of hiring managers who have biased market demand under Bertrand competition. Contrary to previous findings, asymmetric equilibria emerge in which only one firm chooses to delegate. By introducing customary beliefs into model—where the owner correctly anticipates the intercept of the rival manager of firm's market demand—firms gain incentives to hire overconfident managers to restrict output. As a result, not all firms are simultaneously motivated to delegate for strategic reasons. In equilibrium, overconfident managers are more likely to lead their firms in ways that reduce consumer and total welfare.</p>\u0000 </div>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"76 4","pages":"503-512"},"PeriodicalIF":0.9,"publicationDate":"2025-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145224285","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Heterodox Economics Journals: A Network Analysis 非正统经济学期刊：网络分析
IF 0.9 3区 经济学
Metroeconomica Pub Date : 2025-04-18 DOI: 10.1111/meca.12498
José Alejandro Coronado, Roberto Veneziani
{"title":"Heterodox Economics Journals: A Network Analysis","authors":"José Alejandro Coronado,&nbsp;Roberto Veneziani","doi":"10.1111/meca.12498","DOIUrl":"https://doi.org/10.1111/meca.12498","url":null,"abstract":"<div>\u0000 \u0000 <p>We provide a comprehensive examination of heterodox economics journals based on bibliometric data and social network analysis. We provide an updated ranking of the journals considered in a seminal contribution by Fred Lee and Bruce Cronin. We raise doubts on all rankings based on extensive definitions of heterodox (or heterodox-friendly) journals by identifying internally cohesive subcommunities of journals that hardly communicate with each other. In contrast, there exists a group of 14 core heterodox economics journals that form an internally cohesive group. We derive a ranking of these journals and analyse its dynamics over the last decade and a half.</p>\u0000 </div>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"76 4","pages":"484-502"},"PeriodicalIF":0.9,"publicationDate":"2025-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145224286","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Testing the Theory of the Firm Under Price and Background Risk: A Comment 价格与背景风险下企业理论检验述评
IF 0.9 3区 经济学
Metroeconomica Pub Date : 2025-03-19 DOI: 10.1111/meca.12496
Marco M. Sorge
{"title":"Testing the Theory of the Firm Under Price and Background Risk: A Comment","authors":"Marco M. Sorge","doi":"10.1111/meca.12496","DOIUrl":"https://doi.org/10.1111/meca.12496","url":null,"abstract":"<p>This comment revisits the theoretical analysis of firm behavior under price and background risk conducted by Bonilla, Sabat and Vergara (BSV) in a recent article in this journal. It is shown that (i) additive background risk alone does not affect optimal production decisions relative to the certainty scenario, that (ii) output price risk alone entails a contraction in optimal production even for prudent entrepreneurs, and that (iii) BSV's characterization of positive precautionary output under multiple risks fails to hold in the presence of non-negatively correlated price and background risk.</p>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"76 4","pages":"481-483"},"PeriodicalIF":0.9,"publicationDate":"2025-03-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/meca.12496","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145224237","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Delay Solow Model Revisited 对延迟索洛模型的重新审视
IF 0.9 3区 经济学
Metroeconomica Pub Date : 2025-02-20 DOI: 10.1111/meca.12494
Akio Matsumoto, Ferenc Szidarovszky
{"title":"Delay Solow Model Revisited","authors":"Akio Matsumoto,&nbsp;Ferenc Szidarovszky","doi":"10.1111/meca.12494","DOIUrl":"https://doi.org/10.1111/meca.12494","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper shows how cyclic behavior can emerge in a simple Solow capital accumulation model. For this purpose, it introduces a production delay (i.e., time-to-build) and a depreciation delay, and the resultant capital accumulation equation is a delay differential equation having delay-dependent coefficients. Then, it constructs a condition under which the interaction of the delays and the population growth rate can lead to growth cycles that are not unlike those observed in reality. In particular, it is demonstrated that (i) the production delay alone is always harmless; (ii) with a lower population growth rate, the depreciation delay alone has a destabilizing effect if it is larger than a threshold value; (iii) with a larger population growth rate, the stable steady state arises regardless of the delay length. It is further demonstrated that multiple stability switchings can occur in the case of two distinct delays.</p>\u0000 </div>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"76 4","pages":"467-480"},"PeriodicalIF":0.9,"publicationDate":"2025-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145224244","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
A Structural Decomposition of Imports in Argentina: The Role of Autonomous Demand, Income Distribution, and Productive Integration (1953–2018) 阿根廷进口的结构性分解：自主需求、收入分配和生产一体化的作用（1953-2018）
IF 0.9 3区 经济学
Metroeconomica Pub Date : 2025-01-18 DOI: 10.1111/meca.12493
Matías Torchinsky Landau
{"title":"A Structural Decomposition of Imports in Argentina: The Role of Autonomous Demand, Income Distribution, and Productive Integration (1953–2018)","authors":"Matías Torchinsky Landau","doi":"10.1111/meca.12493","DOIUrl":"https://doi.org/10.1111/meca.12493","url":null,"abstract":"<div>\u0000 \u0000 <p>Foreign currency scarcity stands as one of the most significant constraints on growth for small open economies. This article investigates the determinants of import growth, the main source of demand for foreign currency, by introducing a novel adaptation of structural decomposition analysis, rooted in a Sraffian supermultiplier growth model. The decomposition is applied to Argentina's input-output matrices spanning 1953–2018. Findings reveal that autonomous demand is the primary long run determinant of imports, through its influence on output. While the role of income distribution in the long run is neglectable, it holds significance in the short term. The process of deindustrialization, initiated in the mid-70s, has amplified the influence of autonomous demand on imports. This further reduced the external space to boost demand and output through increased government spending and/or higher real wages.</p>\u0000 </div>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"76 4","pages":"454-466"},"PeriodicalIF":0.9,"publicationDate":"2025-01-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145224250","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Consumer Environmental Awareness in a Green Managerial Delegation Contract Under Common Ownership 共同所有权下绿色管理委托合同中的消费者环境意识
IF 1 3区 经济学
Metroeconomica Pub Date : 2025-01-08 DOI: 10.1111/meca.12492
Mingqing Xing, Sang-Ho Lee
{"title":"Consumer Environmental Awareness in a Green Managerial Delegation Contract Under Common Ownership","authors":"Mingqing Xing,&nbsp;Sang-Ho Lee","doi":"10.1111/meca.12492","DOIUrl":"https://doi.org/10.1111/meca.12492","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines consumers' environmental awareness (CEA) in a green managerial delegation contract with environmental incentives under common ownership. We find that higher CEA increases environmental incentives, while an increase of common ownership may reduce environmental incentives if CEA is high enough. We also demonstrate that an increase of common ownership is profitable to the industry through environmental incentives only when both CEA and common ownership are small enough, but a higher CEA can reduce the industry-wide profitable level of common ownership. Our analysis reveals that the government should monitor the higher level of common ownership and induce higher environmental incentives as CEA increases.</p>\u0000 </div>","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"76 3","pages":"439-452"},"PeriodicalIF":1.0,"publicationDate":"2025-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144206803","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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