Debt and demand regimes in simplified growth models: a comparison of neo-Kaleckian and Supermultiplier models
比较了新卡莱茨基和超级乘数两种增长模型在家庭和企业债务积累上的差异，发现短期两者相似，但长期超级乘数模型中企业债务体制更受限制，而家庭债务悖论仅出现在超级乘数模型中。
Abstract The paper compares stock-flow consistent (SFC) versions of extended canonical neo-Kaleckian and Supermultiplier models that deal with either households’ or firms’ debt accumulation. This comparison aim is twofold: (i) to evaluate the differences of a debt accumulation process in these models due to their specific closures; (ii) to provide a pedagogical tool for understanding the basic features of each model when dealing with similar issues. In the short run, we find that the relation of debt ratios, demand and growth is similar for both models. In the long run of the Supemultiplier model, only the Minskyan debt regime is economically viable for the firms’ sector. As for the household sector, the paradox of debt is indeed a feature of the canonical Supermultiplier model, yet there may be episodes of rising debt-toincome ratios. As for the neo-Kaleckian model, firms’ leverage ratio can be either pro- or anti-cyclical; in the household sector, the absence of the paradox of debt seems to be the most likely scenario.