|
All economists are well aware of the Keynesian macro-multiplier, but many are (much) less aware of its essential generalization to a multi-industry setting due to Japanese economist Ken'ichi Miyazawa (1925-2010). In this essay, jointly written with Geoffrey Hewings, we apply Miyazawa’s concepts of "interrelational income multiplier" and "matrix multiplier of income formation" within a global multi-regional input-output (IO) framework. In general, one of the notable features of Miyazawa's multiplier analysis is its usefulness in examining and understanding the (heterogenous) impacts of households' diverse socio-demographic characteristics, such as income, place of residence, age, education or activity status. One of the aims of IOpedia is explaining/building/popularizing a fully-fledged stock-flow consistent IO modeling approach, also ultimately accounting for e.g. environmental repercussions. This essay is the first in this series: one could consider Miyazawa model as a building block in better understanding the more complex IO systems for empirical impact evaluation purposes. Below the essay can be directly downloaded or read onscreen via the Scribd site. The supplementary material (see below) includes further detailed results and the underlying MATLAB code. 
Comments are closed.
|
|||||
RSS Feed
Proudly powered by Weebly