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A Dynamical Macroeconomic Growth Model With External Financing of Firms: A Numerical Stability Analysis

R. Franke and Willi Semmler

Chapter 19 in Nicholas Kaldor and Mainstream Economics, 1991, pp 335-359 from Palgrave Macmillan

Abstract: Abstract In recent times nonlinear macrodynamic models with cyclical behavior have been revived, continuing a tradition starting with Kalecki (1937a, 1937b), Kaldor (1940), Hicks (1950), and Goodwin (1948, 1951). Most of these approaches, including Kaldor’s seminal contribution of 1940, have predominantly focused on real economic activities and have neglected the role of money and financial markets. Recently, there have been several papers which, partly arising from Keynesian theory and influenced by Minsky’s writings (Minsky, 1975; 1982), have attempted to integrate monetary and financial variables in macrodynamic models (cf. Taylor and O’Connell, 1985; Foley, 1987; Day and Shafer, 1985; Woodford, 1988). Our paper seeks to contribute to this line of research.

Keywords: Capital Stock; Commercial Bank; Equity Financing; Behavioral Function; Debt Financing (search for similar items in EconPapers)
Date: 1991
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-10947-0_19

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DOI: 10.1007/978-1-349-10947-0_19

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