@article{Cottin-Euziol2016,
abstract = {In this article, we show that the repayment of bank credits having financed investments can represent an outflow outside the economic circuit in the Keynesian multiplier theory, just like savings. We then consider the impact of these repayments on the dynamics of the Domar model (Domar, 1947), which aims to extend the Keynesian multiplier to the long-term. We obtain that the rate of capital accumulation has to gradually rise throughout a growth phase, in order to avoid an overproduction crisis. This result paves the way to a theory of cycles based on the repayment of past bank credits having financed investments.},
author = {Cottin-Euziol, Edouard},
journal = {Working Paper SSRN 2685907},
keywords = {DOLFINS{\_}T2.4,DOLFINS{\_}WP2,DOLFINS{\_}working{\_}paper},
mendeley-tags = {DOLFINS{\_}T2.4,DOLFINS{\_}WP2,DOLFINS{\_}working{\_}paper},
title = {{Refutations of Say's Law and Dynamics of a Monetary Economy of Production}},
url = {https://papers.ssrn.com/sol3/papers.cfm?abstract{\_}id=2685907},
year = {2016}
}

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