Is the supermultiplier stable?

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dc.contributor.authorThompson, Stephen
dc.date.accessioned2024-06-20T17:31:39Z
dc.date.available2024-06-20T17:31:39Z
dc.date.issued2024-05-17
dc.description.abstractSupermultiplier models, which show how autonomous demand can drive both business cycles and long-run GDP growth, are based on a stability assumption. In this paper I look at recent efforts to justify this assumption, and argue that they are not convincing. The supermultiplier literature generally assumes that business investment reacts very slowly to changes in the state of the economy, but faster adjustment speeds are consistent with US data and can generate instability.
dc.description.urihttps://onlinelibrary.wiley.com/doi/abs/10.1111/meca.12464
dc.format.extent26 pages
dc.genrejournal articles
dc.genrepreprints
dc.identifierdoi:10.13016/m27glr-idk4
dc.identifier.citationThompson, Stephen. “Is the Supermultiplier Stable?” Metroeconomica (17 May 2024):1-25. https://doi.org/10.1111/meca.12464.
dc.identifier.urihttps://doi.org/10.1111/meca.12464
dc.identifier.urihttp://hdl.handle.net/11603/34681
dc.language.isoen_US
dc.publisherWiley
dc.relation.isAvailableAtThe University of Maryland, Baltimore County (UMBC)
dc.relation.ispartofUMBC Faculty Collection
dc.relation.ispartofUMBC Mathematics and Statistics Department
dc.rightsThis is the pre-peer reviewed version of the following article: Thompson, Stephen. “Is the Supermultiplier Stable?” Metroeconomica (17 May 2024):1-25. https://doi.org/10.1111/meca.12464, which has been published in final form at https://doi.org/10.1111/meca.12464. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions.
dc.subjectautonomous demand
dc.subjectbusiness cycles
dc.subjectinstability
dc.subjectinvestment functions
dc.subjectRosa Luxemburg
dc.subjectSraffa
dc.titleIs the supermultiplier stable?
dc.typeText

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