Real and Financial Crises in the Keynes-Kalecki Structuralist Model
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This paper shows how Keynes-Kalecki Structuralist models might benefit from agent-based microfoundations without sacrificing traditional macroeconomic themes.
As a by-product of the integration of these two popular approaches, there emerges a cogent analysis of the network structure necessary to bind real and financial agents into a integrated whole. It is seen, contrary to much of the existing literature, that a highly connected financial system does not necessarily lead to more crashes of the integrated system.