The paper discusses the dynamic properties of a macro model with an investment function based upon both real and financial aspects and a labor market ruled by imperfect competition. The model is then enriched by a monetary policy rule and by agents who forecast according to a time series strategy based upon a Markov process. Simulations show the persistence of oscillations even in the presence of the Taylor rule. The relevance of such financial aspects as cash flows and debts can create a trade-off between the control of inflation and the cyclicality of the economy. Furthermore, instability and debt-deflation phenomena can arise.