<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>0185-1667</journal-id>
<journal-title><![CDATA[Investigación económica]]></journal-title>
<abbrev-journal-title><![CDATA[Inv. Econ]]></abbrev-journal-title>
<issn>0185-1667</issn>
<publisher>
<publisher-name><![CDATA[Universidad Nacional Autónoma de México, Facultad de Economía]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S0185-16672018000400021</article-id>
<article-id pub-id-type="doi">10.22201/fe.01851667p.2018.306.67907</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[A SFC political business cycle: Kalecki&#8217;s 1943 model revisited]]></article-title>
<article-title xml:lang="es"><![CDATA[Un ciclo económico político CFC: revisitando el modelo de Kalecki de 1943]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Fisher]]></surname>
<given-names><![CDATA[Eloy]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Catholic University of Panama  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Panama</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>12</month>
<year>2018</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>12</month>
<year>2018</year>
</pub-date>
<volume>77</volume>
<numero>306</numero>
<fpage>21</fpage>
<lpage>43</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S0185-16672018000400021&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S0185-16672018000400021&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S0185-16672018000400021&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract This paper features a stock-flow consistent (SFC) political business cycle model where the interplay between financial debt, income distribution and fiscal policy is politically mediated by the relative influence of workers and businesses over government policy and publicly provided goods. In countries where taxes are a politically costly alternative to generate fiscal revenue, debt finances fiscal expansionary activity to initially raise wages and increase output. However, institutional mechanisms keep such drivers in check, and prompt a stop-and-go cycle as Kalecki suggested in his landmark 1943 paper. We find that the push of labor interests against business stakeholders leads to non-linear dynamics over debt, deficits and long-term growth paths.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen Este artículo presenta un modelo de ciclo económico-político consistente de flujo-cantidad (CFC) donde la interacción entre la deuda financiera, la distribución del ingreso y la política fiscal está mediada políticamente por la influencia relativa de los trabajadores y las empresas sobre la política fiscal respecto a los bienes públicos. En los países donde los impuestos representan una alternativa políticamente costosa para generar ingresos, se usa la deuda para financiar actividad fiscal expansionista, y con ello aumentar los salarios y la producción. Sin embargo, existen mecanismos institucionales que detienen estos motores e inducen un ciclo de interrupción y avance, tal como Kalecki sugirió en su innovador artículo de 1943. Encontramos que el ímpetu de los intereses de los trabajadores en contra de los empresarios conduce a una dinámica no lineal sobre las trayectorias de la deuda, los déficits y el crecimiento a largo plazo.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Political business cycles]]></kwd>
<kwd lng="en"><![CDATA[debt and public finance]]></kwd>
<kwd lng="en"><![CDATA[Michal Kalecki]]></kwd>
<kwd lng="en"><![CDATA[stabilization policy]]></kwd>
<kwd lng="es"><![CDATA[ciclos económico-políticos]]></kwd>
<kwd lng="es"><![CDATA[deuda y finanzas públicas]]></kwd>
<kwd lng="es"><![CDATA[Michal Kalecki]]></kwd>
<kwd lng="es"><![CDATA[política de estabilización]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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