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

In: Nicholas Kaldor and Mainstream Economics

Author

Listed:
  • R. Franke
  • W. Semmler

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.

Suggested Citation

  • R. Franke & W. Semmler, 1991. "A Dynamical Macroeconomic Growth Model With External Financing of Firms: A Numerical Stability Analysis," Palgrave Macmillan Books, in: Edward J. Nell & Willi Semmler (ed.), Nicholas Kaldor and Mainstream Economics, chapter 19, pages 335-359, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-10947-0_19
    DOI: 10.1007/978-1-349-10947-0_19
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    Cited by:

    1. Marc Lavoie, 2001. "Endogenous Money in a Coherent Stock-Flow Framework," Economics Working Paper Archive wp_325, Levy Economics Institute.
    2. Eckhard Hein, 2017. "Post-Keynesian macroeconomics since the mid 1990s: main developments," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 14(2), pages 131-172, September.
    3. LE HERON Edwin & MAROUANE Amine, 2015. "A history of contemporary post Keynesian SFC model," Cahiers du GREThA (2007-2019) 2015-15, Groupe de Recherche en Economie Théorique et Appliquée (GREThA).
    4. Marc Lavoie & Wynne Godley, 2000. "Kaleckian Models of Growth in a Stock-Flow Monetary Framework: A Neo-Kaldorian Model," Macroeconomics 0004049, University Library of Munich, Germany.
    5. Toshio Watanabe, 2021. "Reconsideration of the IS–LM model and limitations of monetary policy: a Tobin–Minsky model," Evolutionary and Institutional Economics Review, Springer, vol. 18(1), pages 103-129, April.

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