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Keen Behavioural Finance 2011 Lecture 09 Extending Endogenous Money Model Part 1

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Uploaded on Oct 19, 2011

I continue the development of the QED model of a pure credit economy began in the last lecture, including modelling production and developing a pricing equation to produce a combined monetary-physical model.

The initial model has a fixed wage, population and labor productivity. To prepare the way for making these variables, I explain what Bill Phillips of "The Phillips Curve" was really trying to do: to drag economists into the modern era by teaching them how to model the economy dynamically.

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