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Some Simple, Consistent Models of the Monetary Circuit

Gennaro Zezza

Economics Working Paper Archive from Levy Economics Institute

Abstract: We address the finance motive and the determination of profits in the Monetary Theory of Production associated with the Circuitist School. We show that the "profit paradox" puzzle addressed by many authors who adopt this approach can be solved by integrating a simple Circuit model with a consistent set of stock-flow accounts. We then discuss how to reconcile some crucial differences between the Circuit approach and other Keynesian and post-Keynesian models.

Date: 2004-04
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