Chapter 8 Stock-Flow Consistent Kaleckian Models of Monetary Growth
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Chapter 8 argues that applicable macro is high frequency macro. Therefor the ongoing data generating process has to be modeled in continuous time. It exemplifies this with a misuse of a 2D period model of monetarist type which becomes extremely overshooting, allowing for routes to `chaos’ when iterated at low frequencies, using mathematically suitable nonlinearities to tame its low frequency explosiveness. In its first part, moreover, this critique of macro-period models is applied to the Godley-Lavoie stock - flow approach and reformulates their model in continuous time (where stocks and flows can no longer be added), in order to allow for its general analysis from the theoretical point of view. This analysis is of a preliminary nature and demands for future investigations of this continuous-time general Godley-Lavoie model.

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