Los invitamos al Seminario Interno FEN que dictará el académico Alejandro González.

 

Título: On the empirical content of the convergence debate: Cross country evidence on growth and capacity utilisation

 

Autores: Santiago José Gahn (Roma Tre University), Alejandro González (University of Chile).

 

Resumen: A key feature of the baseline Neo-Kaleckian model is that actual capacity utilisation does not converge to the desired or normal capacity utilisation. This feature contrasts with many other heterodox macroeconomic models employed in the profession, including the Sraffian Supermultiplier. We revisit this debate by clarifying the empirical implications of this absence of convergence in some widely used Neo-Kaleckian models. We then take this empirical predictions to a set of 24 advanced and underdeveloped countries. The results overwhelmingly support the Supermultiplier model and reject the predictions of the Neo-Kaleckian models: Capacity utilisation is stationary, its short-run correlation with accumulation rate is positive, and its long-run correlation with the accumulation rate is not statistically different from 0. We conclude by suggesting that future model building should be disciplined by these stylised facts.

 

El seminario se realizará este viernes 2 de agosto a las 13:00hrs. en la sala T-1002 de la Facultad.

 

Se solicita confirmar asistencia con Juanita Castillo (jcastillo@fen.uchile.cl) hasta el jueves 1 de agosto a las 13:00hrs., pues el seminario contempla almuerzo.

 

Saludos cordiales,