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.
This Memoir draws heavily on my book, Nicholas Kaldor (Brighton: Wheatsheaf Press, 1987). I am very grateful to Dr G. Harcourt for helpful comments on an early draft of the paper.
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© 1991 Edward J. Nell and Willi Semmler
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Franke, R., Semmler, W. (1991). A Dynamical Macroeconomic Growth Model With External Financing of Firms: A Numerical Stability Analysis. In: Nell, E.J., Semmler, W. (eds) Nicholas Kaldor and Mainstream Economics. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-10947-0_19
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