The focus of this study is the treatment of monetary and credit ("monetary" for short) mechanisms within macro models of business-cycle fluctuations. The analysis is introduced in relation to Michal Kalecki's work in the broader context of Marxian and Keynesian economics. Kalecki's words on investment echo Marx's approach of accumulation in terms of financing out of previously garnered profits and borrowing. Independently of Keynes, Kalecki developed a framework of analysis hinging around the "principle of effective demand" (in Keynes's formulation) or, equivalently, a "short-term equilibrium by quantities", the pillar of Keynesian and postKeynesian ("(post)Keynesian" for short) economics. Kalecki's methodology is, however, thoroughly different from those of Marx and Keynes. In his analysis of the business cycle, Kalecki devoted considerable energy to the investigation of what he, himself, called "economic dynamics" (the mathematical study of "cyclical changes") to build a theory of business-cycle fluctuations. The study of such economic dynamics requires the definition of a framework in which disequilibrium around short-term equilibrium may prevail. Despite such promising inroads, however, the models presented by Kalecki do not actually lay the foundations of what could be seen as a "common ground" within heterodox economics. The ambition of this study is to bridge this gap.

G. Duménil, D. Lévy, "Modeling monetary macroeconomics: Kalecki reconsidered", 2012, Metroeconomica, Vol. 63(1), pp. 170-199.
Version préliminaire / Preliminary version: Bridging the Gap between Kalecki's Words and the Modeling of a Monetary Macroeconomy

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