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Macro Micro Model with a Post-keynesian Perspective in the banking industry

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  • cho, hyejin

Abstract

This article introduces the cascaded individual model of Post-keynesian economics. This differs from the representative agent model of the old-keynesian model mathematically and methodologically. The model builds from five assumptions containing original concepts: cascaded individuals, a social planner vs a regulator, aggregate deposits (stock) vs pyroclastic deposits (flow). Mainly, this Macro-Micro approach of Post-keynesian concepts suggests the regulation of the money flow. Then, this paper articulates fundamental concepts to solve problems of a sudden "micro" financial shock in the short run with the long run "macro" stabilization with a balanced perspective between macroeconomics and microeconomics.

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File URL: http://mpra.ub.uni-muenchen.de/56119/
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 56119.

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Date of creation: 22 May 2014
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Handle: RePEc:pra:mprapa:56119

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Keywords: macro micro model; Post-keynesian; banking industy; general equilibrium; endogenous money creation; representative agents; cascaded individuals; aggregate deposits; pyroclastic deposits; social planner; regulator; moral hazard problem;

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  1. Gary Gorton & Andrew Winton, . "Bank Capital Regulation in General Equilibrium," Rodney L. White Center for Financial Research Working Papers 17-95, Wharton School Rodney L. White Center for Financial Research.
  2. Friedman, Milton, 1970. "A Theoretical Framework for Monetary Analysis," Journal of Political Economy, University of Chicago Press, vol. 78(2), pages 193-238, March-Apr.
  3. William A. Barnett & Robert Solow, 2004. "An Interview with Franco Modigliani," Macroeconomics 0409002, EconWPA.
  4. Ayres, Robert U. & Warr, Benjamin, 2005. "Accounting for growth: the role of physical work," Structural Change and Economic Dynamics, Elsevier, vol. 16(2), pages 181-209, June.
  5. Knapp, Georg Friedrich, 1924. "The State Theory of Money," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number knapp1924.
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