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Kalecki-Minsky-monetary circuit complexity

Author

Listed:
  • Romar Correa

    (Former Reserve Bank of India Professor of Monetary Economics, University of Mumbai)

Abstract

We work through a connection between commodity production and money. The former is drawn from the theories of investment of Michal Kalecki and Hyman Minsky. The latter is motivated by the theory of the monetary circuit translated in the framework of Wynne Godley and Francis Cripps (1983). We set up and solve a mixed differential-difference equation in the manner of Giancarlo Gandolfo (1971). Complexity is defined as the potential emergence of surprise in the combination of two parameters in the solutions of the equation, one for money and one for the real economy

Suggested Citation

  • Romar Correa, 2023. "Kalecki-Minsky-monetary circuit complexity," Bulletin of Political Economy, Bulletin of Political Economy, vol. 17(2), pages 177-194, December.
    • Handle: RePEc:awu:journl:v:17:y:2023:i:2:p:177-194
    as

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    References listed on IDEAS

    as
    1. Éric Berr & Virginie Monvoisin, 2023. "Modern post-Keynesian approaches: continuities and ruptures with monetary circuit theory," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 46(2), pages 359-377, April.
    2. Pablo Paniagua, 2023. "Complexity defying macroeconomics," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 47(3), pages 575-592.
    3. James K. Galbraith, 2023. "The quasi-inflation of 2021–2022: a case of bad analysis and worse response," Review of Keynesian Economics, Edward Elgar Publishing, vol. 11(2), pages 172-182, April.
    4. Francisco Serranito & Philipp RODERWEIS & Jamel Saadaoui, 2023. "Is Quantitative Easing Productive? The Role of Bank Lending in the Monetary Transmission Process," EconomiX Working Papers 2023-17, University of Paris Nanterre, EconomiX.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    bank money; investment lags; bifurcations;
    All these keywords.

    JEL classification:

    • E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Kaleckian
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • C62 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Existence and Stability Conditions of Equilibrium

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