A Growth Model Prototype

Wynne Godley and Marc Lavoie

Chapter 11 in Monetary Economics, 2007, pp 378-444 from Palgrave Macmillan

Abstract: Abstract This is by far the most ambitious chapter of the book. It sets out a rigorous basis for the integration of Keynesian-Kaleckian macroeconomics (with constant or increasing returns to labour, growth, mark-up pricing, etc.) with a model of the financial system comprising banks, loans, credit money and equities, together with a model of inflation. Central contentions of the chapter are that, with trivial exceptions, there are no equilibria outside financial markets and that the role of prices is to distribute the national income, with inflation sometimes playing a key role determining the outcome.

Keywords: Interest Rate; Central Bank; Capital Gain; Real Output; Government Debt (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-62654-6_11

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DOI: 10.1057/9780230626546_11

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