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  Working Paper No. 31

  The Changing Role of Debt in Bankruptcy

  The changing economic environment of the late 1980s has been dominated by the financial I innovations brought about by the growing demand for credit by U.S. corporations. When looking at this phenomena from a very long perspective of 50 to 60 years as some researchers have done [Taggart, 1985; Ciccolo and Baum, 1985], he rise […]
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  Working Paper No. 30

  Growth Cycles in a Discrete, Nonlinear Model

  This paper develops a discrete, nonlinear growth cycle model for a macroeconomy. The nonlinearities, which correspond to empirical relationships between profitability and capacity utilization in the postwar U.S. economy, can produce stable, periodic and chaotic behavior. These behaviors are established analytically, and further investigated through simulation. Data from the simulations are used to show that […]
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  Working Paper No. 29

  Unionization and the Incidence of Performance-based Compensation in Canada

  No further information available.
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  Working Paper No. 28

  The Covariance Transformation and the Instrumental Variables Estimator of the Fixed Effects Model

  The covariance transformation is a useful and often necessary procedure to estimate the fixed effects model. When some explanatory variables are contemporaneously correlated with the disturbance term, the covariance transformation can be used in conjunction with an instrumental variables procedure to obtain a consistent estimator. This paper describes how to correctly compute the IV estimator […]
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  Working Paper No. 27

  Money and Equilibrium

  Economic theory has undergone a very deep transformation during the last forty years. Its method and its tools of analysis have evolved dramatically. The standards by which theoretical statements are now appreciated are far more demanding, especially from a formal point of view, than was the case before World War II. Precision and logical validity […]
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  Working Paper No. 26

  Marx’s Value, Exchange, and Surplus Value Theory

  The concept of commodity society based on a specific division of labour (opposition between private and social labor) and that of surplus-value are the most prominent achievements of Marx’s intellectual efforts in dealing with the economy of capitalism. This paper attempts to evaluate the consistency of the theoretical propositions inherent in these concepts. The main […]
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  Working Paper No. 25

  Kaleckianism vs. “New” Keynesianism

  The economics of Kalecki and of the New Keynesianism exhibit remarkable parallels. The major doctrine they have in common is that of business net worth, or equity, as the major determinant of business expansion. The New Keynesians arrive at their understanding of this point by reasoning from rational behavior in the face of informational imperfections. […]
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  Working Paper No. 24

  Financial Instability

  This study is a continuation of the empirical research on the impacts of debt; it argues that debt-usage is not neutral and that the currency of its cost is bankruptcy. A financially fragile economy is feared because of its potential harm. In the public sector the large and lingering deficit is not a problem in […]
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  Working Paper No. 23

  Viability and Equilibrium

  More than fifty years after the publication of Keynes’ General Theory and of the review article by Hicks, ISLM remains the basic model for teaching Keynesian macroeconomics. Some Keynesians have rightly insisted on the inadequacies of ISLM in capturing Keynes’ thought but have not converted the profession to their views. The same fate may befall […]
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  Working Paper No. 22

  Debt and Macro Stability

  There has been much recent interest in the problem of financial instability in the macro economy. Some researchers have looked for cyclical and secular co-movements between debt accumulation, financial crises, and problems in the real economy. Others have tried to rationalize, in formal models the apparent connections between finance, changes in expectations, and macro instability. […]
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  Working Paper No. 21

  The Structure of Class Conflict in a Kaleckian-Keynesian Model

  This paper seeks to explore this issue of the existence and nature of class conflict within a picture of the economy that could be called Kaleckian-Keynesian. Though the particular model we will use owes somewhat more to Kalecki than Keynes, it hopefully does not violate the spirit of Keynes very much, and in fact it […]
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  Working Paper No. 20

  Profits, Cycles, and Chaos

  Some time ago, Goodwin (1967) offered an elegant and influential model to represent part of Marx’s thinking on business cycles. In that model he was able to show how the interaction of the reserve army of labor and the process of capital accumulation could produce self-sustaining oscillatory behavior. Increases in the real wage cause decreases […]