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Some Simple, Consistent Models of the Monetary Circuit

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Author Info
Gennaro Zezza

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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.

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Paper provided by Levy Economics Institute, The in its series Economics Working Paper Archive with number 405.

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Date of creation: Apr 2004
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Handle: RePEc:lev:wrkpap:405

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Claudio Dos Santos & Gennaro Zezza, 2004. "A Post-Keynesian Stock-Flow Consistent Macroeconomic Growth," Macroeconomics 0402027, EconWPA. [Downloadable!]
  2. Marcello MESSORI & Alberto ZAZZARO, 2004. "Monetary profits within the circuit: Ponzi finance oer "mors tua, vita mea"?," Working Papers 200, Universita' Politecnica delle Marche (I), Dipartimento di Economia. [Downloadable!]
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Olivier Allain, 2007. "Monetary circulation, the paradox of profits, and the velocity of money," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00196485_v1, HAL. [Downloadable!]
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