Lima, Gilberto Tadeu; Meirelles, Antonio J. A. - In: Metroeconomica 54 (2003) 2-3, pp. 366-384
We develop a post-Keynesian macrodynamic model of productive capacity utilization and income distribution in which the supply of credit-money is endogenous. Nominal interest rate is set by banks as a markup over the base rate, which is exogenously determined by the monetary authority. Over time,...