This paper presents a small macroeconomic model describing the main mechanisms of the process of credit creation by the private banking system. The model is composed of a core unit - where the dynamics of income, credit, and aggregate demand are determined - and a set of sectoral accounts that...

COVID-19 constitutes a health crisis which has rapidly turned into a social and economic crisis. This paper briefl y explores some of the issues raised by the combination of a massive supply-side shock with a massive demand-side shock, and the interaction of these with the exponential dynamics...