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Disequilibrium, reproduction and money: a Classical approach

Carlo Benetti, Christian Bidard (), Edith Klimovsky and Antoine Rebeyrol

No 2014-10, EconomiX Working Papers from University of Paris Nanterre, EconomiX

Abstract: We consider a bisector reproduction model in which money is introduced as a pure means of exchange issued by a bank at the producers' requests. Each capitalist aims at maximising accumulation in his own sector. Their plans are based on available quantities and expected prices. Effective prices are determined by a market-clearing mechanism. Temporary disequilibria occur in both physical and monetary terms. The settlement of the monetary balances is operated by means of a transfer of capital goods. Final allocations and effective productions are thus determined. The dynamics of the economy are those of a sequence of temporary disequilibria and let appear several possibilities (local or global stability, cycles) depending on the values of the parameters.

Keywords: Classical Reproduction; Monetary prices; Disequilibrium; Growth; Cycle (search for similar items in EconPapers)
JEL-codes: E11 E30 E32 O41 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mac and nep-mon
Date: 2014
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