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Debt, Inequality and CrisisSteve KeenKingston University LondonIDEAeconomicsMinsky Open Source System Dynamicswww.debtdeflation.com/blogs

When the economic history of our epoch is writtenThere will be at least 3 themes:Period of apparently increasing tranquillity (Great Moderation)Sudden transition crisis (Great Recession)Rising inequalityThere should be (at least) a 4th:Rising private debtBecause all three go together and explain each otherMainstream (Neoclassical) macro omits both inequality & debtAccording to its indicatorsPeriod of stable growth a permanent improvement in economyPrivate debt macroeconomically irrelevantInequality simply a product of relative productivityNo longer maintained post-Piketty But explanation limited to r>gStatistical rather than causal explanationGreat Moderation a sign of policy successMystery confluence: Great Moderation & Recessionthe past two decades has seen not only significant improvements in economic growth and productivity but also a marked reduction in economic volatility dubbed the Great Moderation. (Bernanke 2004)

UnemploymentDeflationThen without warningInflation & Unemployment FallingMystery confluence: Great Moderation & RecessionPost-crisis, see Moderation & Recession as 2 separate phenomena1st due to good economic policy, 2nd to exogenous shockStandard macroeconomic models, such as the workhorse new-Keynesian model, did not predict the crisis, nor did they incorporate very easily the effects of financial instability.Do these failures of standard macroeconomic models mean that they are irrelevant or at least significantly flawed?I think the answer is a qualified no. Economic models are useful only in the context for which they are designed. Most of the time, including during recessions, serious financial instability is not an issue.The standard models were designed for these non-crisis periods, and they have proven quite useful in that context.Notably, they were part of the intellectual framework that helped deliver low inflation and macroeconomic stability in most industrial countries during the two decades that began in the mid-1980s.Bernanke 2010 Implications of the Financial Crisis for EconomicsWhat utter, self-serving, bollocks!Behaviorism vs StructuralismNeoclassical DSGE models failed to anticipate crisisModels use behavior of rational agents as basis of modelingSince Lucas Critique, have asserted must capture deep parameters of individual behaviour for model to be validPost Keynesians have used structure of economy as basisBehaviour under fundamental uncertainty consideredBut behavioural concepts secondary to economic structureMy work combines this tradition with complex systems approachEssence of complex systems: simple system, complex behaviorSophisticated agent behaviour unnecessary to capture essential features of last 30 years of macroeconomics that Neoclassical models completely missedPeriod of apparent diminishing cycles in employment & inflationRising private debtRising inequality as wages share falls, bankers share risesEventual crisis

Simple rules, complex behaviourMy 1995 Minsky model can be stated as strict identities:The employment rate will rise if economic growth exceeds the sum of growth in labor productivity and population growth;The wages share of output will rise if wage demands exceed the growth in labor productivity; andThe private debt to GDP ratio will rise if private debt growth exceeds the rate of economic growthIn equations:

Simple rules, complex behaviourEquations are simply expansions of definitionsWhen put into simplest possible modelGenerates both Great Moderation & Great RecessionRising private debtRising inequalitySimplest possible model:Output YR a linear function of capital KRInvestment IR a linear function of profit rate pr & depreciationEmployment a linear function of outputWage change a linear function of employment rateChange in debt equal to investment minus profitsNo government sector, no Ponzi Finance, no bankruptcy

Simple rules, complex behaviourGenerates deceptively simple model:3 variables9 parameters (including r)But complex behaviourEquilibria not the same as variablesVariables employment rate, debt ratio, wages share of outputEquilibria employment rate, debt ratio, profit share of outputWages share a residual directly negatively related to debt service share (r.d)Workers pay for rising debt via lower income shareEven without borrowing by workers in the model

Simple rules, complex behaviourGood equilibrium is:

Two possible outcomes depending on parameter valuesEquilibrium stableCyclical convergence to positive employment rate, profit share, finite debt ratio over timeLower growth means higher equilibrium debt levelAnd makes equilibrium more unstableSimple rules, complex behaviourNot what we have experienced in the real world

Simple rules, complex behaviourEquilibrium unstable: rising debt, rising inequality, moderation then breakdown:Similar to what we have experienced in the real world

Falling then rising cycles

Cyclically Rising Private Debt Ratio

Simple rules, complex behaviourModel follows Pomeau-Manneville inverse-tangent route to chaosFirst seen in transition from laminar to turbulent flow in fluidsModeled as Poincare Map in y-coordinate of Lorenz system where system bounces between a curve and a line:

Dynamics of system determined by whether line intersects curveFor intersectionNo fluid turbulenceEconomic stabilityFor non-intersectionTurbulenceInstability preceded by diminishing cycles

Simple rules, complex behaviourDynamics of system determined by whether line intersects curveIf it does, stable equilibrium; cycles diminish to zero

If it doesnt,Unstable equilibriumCycles diminish at first and then increaseGreat Moderation followed by Great RecessionNot 2 separate events but two stages in the same process

Simple rules, complex behaviourWeakness of model: even-handed nature of crisisbooms & bustsReal world experience: apparent moderation then bust onlyGenerated by generalizing earlier identities to include inflation:The employment rate will rise if real economic growth exceeds the sum of population growth and growth in labor productivity;The wages share of output will rise if money wage demands exceed the sum of inflation and growth in labor productivity; andThe private debt to GDP ratio will rise if the rate of growth of private debt exceeds the sum of inflation plus the rate of economic growth.Additional equations needed forRate of inflationVariable nominal interest rateSimplest relationships used again:Lagged convergence to equilibrium prices in monetary economyLagged inflation premium to base interest rate if inflation > 0Simple rules, complex behaviourInflation formula derived from monetary flow logicDepends on wages share of output & firms markup

Inflation-adjusted nominal interest rate1st order time lag determines inflationInflation affects wages shareInflation affects debt growthLagged interest rate reaction to inflationSimple rules, complex behaviour4D model, so formal stability analysis much more challengingEmpirical appears to yield fundamental instability. Linear functions

Simple rules, complex behaviourNonlinear functions:

Without recent financial crisis, model could be dismissed as just a mathematical curiousityBut real world actually followed pattern in this stylized, simple modelApparent period of tranquillity Great ModerationThen sudden crisis Great RecessionSimple rules, complex behaviourIncome distribution dynamics of model:Profit share cycles around equilibrium level (before collapse)Declining workers share offsets rising bankers shareFalling workers share signals approaching crisis (& causes deflation)

Average profit below equilibrium with nonlinear behaviourEquilibrium profit rateno significant macro-economic effectsSimple non-equilibrium, nonlinear model with simple behavioural modelling captures what mainstream failed to anticipateWhy did mainstream economists ignore debt (& not see crisis coming)?Conventional macro: private debt is macroeconomically irrelevant:The idea of debt-deflation goes back to Irving Fisher (1933).Fisher envisioned a dynamic process in which falling asset and commodity prices created pressure on nominal debtors, forcing them into distress sales of assets, which in turn led to further price declines and financial difficultiesFisher's idea was less influential in academic circles, though, because of the counterargument that debt-deflation represented no more than a redistribution from one group (debtors) to another (creditors).Absent implausibly large differences in marginal spending propensities among the groups, it was suggested,pure redistributions should have no significant macro-economic effects (Bernanke 2000, Essays on the Great Depression, p. 24)

Bernankes view versus realityIn the data

In my simulation of Minsky

Crisis only inexplicable if you ignore 3rd dimension of private debtPrivate debt conspicuously absent from mainstream macroWhat is the mainstream missing?Role of banking sector in creating new money, demand and incomebanking is where left and right meet.Both Austrians and Minskyites view banks as institutions that are somehow outside the rules that apply to the rest of the economy, as having unique powers for good and/or evilI guess I don't see it that way.Banks don't create demand out of thin air any more than anyone does by choosing to spend more; and banks are just one channel linking lenders to borrowers (Krugman, Banking Mysticism)Essence of opposition is Loanable Funds model of debt:Think of it this way: when debt is rising, its not the economy as a whole borrowing more money.It is, rather, a case of less patient peoplepeople who for whatever reason want to spend sooner rather than laterborrowing from more patient people. (Krugman 2012, End this Depression Now! , p 147)IF this model described reality, THEN debt would indeed not matterAnalyzing this with system dynamic modellingMost Neoclassical models ignore banks, debt and moneyThose that do treat banks as mere intermediaries that arrange loans between savers and borrowersBanks themselves dont lend in Neoclassical modelsE.g., Eggertsson & Krugman 2012:Patient Consumer agent lends to impatient Investment agentInvestment agent pays interest to consumer agentBank charges intermediation fee for arranging loanBoth hire workersBuy output from each otherSell to workers & bankInvesting agent changes borrowing and repayment ratesDoes debt matter? NoThe conventional Loanable Funds vision of lendingFull model: Bank arranges loan from Consumer sector (Patient) to investment (Impatient) sector & charges intermediation feeWorkers hired, output produced & sold, investmentBank Balance SheetAssetsLiabilitiesEquityFlows\StocksReservesIDCDWDBEInitial Conditions100-20-60-15-5Lending-LendLendDebt RepaymentRepay-RepayInterest Paymentsint-intBank FeeFee-FeeHire Workers (C)WC-WCHire Workers (I)WI-WIPurchases (I)IC-ICPurchases (C)-CICIWorkers Consumption-CWCWBankers Consumption-CBCBBankers Investment-IBIBDebt doesnt appear here: Asset of Consumer SectorThe conventional Loanable Funds vision of lendingConsumer Sector Godley TableAssetsEquityFlows\StocksCDDCNWInitial Conditions6010-70Lending-LendLendDebt RepaymentRepay-RepayInterest Paymentsint-intBank Fee-FeeFeeHire Workers (C)-WCWCBankers ConsumptionCB-CBPurchases (I)CI-CIWorkers ConsumptionCW-CWPurchases (C)-ICICLending reduces Consumer Sectors Asset of Cash at the BankIncreases Consumer Sectors Asset of Loan to Investment SectorConsumer Sectors does without Cash for duration of Loan

The conventional Loanable Funds vision of lendingSimulated, Krugman/Bernanke correct: debt doesnt matter

But a radical thought: what ifjust maybebanks lend money???Varying lending & repayment in Endogenous MoneyChanging debt matters: change in money supply causes change in GDP

Logic behind this: aggregate demand & income include change in debtLoanable Funds, aggregate demand & incomeConsider 3 sector model with sectors S1, S2, S3Expenditure not debt-financed shown by CAPITAL LETTERSDebt financed expenditure shown by lowercase letters3 situations consideredBorrowing not possibleBorrowing from other sectors possible (Loanable Funds)Borrowing from banks possible (Endogenous Money)First case Says Law (actually demand creates its own supply)

ActivityNet IncomeSectorSector 1Sector 2Sector 3Expenditure(Exp.)Sector 1-(A + B) ABSector 2C-(C+D)DSector 3EF-(E+F)Negative sum of diagonal elements is aggregate demandSum of off-diagonal elements is aggregate incomeLoanable Funds, aggregate demand & incomeClearly Expenditure Income:

Loanable Funds: Sector 1 borrows b from Sector 2 to spend on Sector 3Sector 1s funds for spending increase by bSector 2s funds fall by b (split 50:50 between S1 & S3 for simplicity)ActivityNet IncomeSectorSector 1Sector 2Sector 3Expenditure(Exp.)Sector 1-(A + B+b) AB+bSector 2C-b/2-(C+D-b)D-b/2Sector 3EF-(E+F)Aggregate outcome clearly the same as without borrowingBut what if a bank lends to Sector 1?Assets & liabilities of banking sector rise equally; andIncreased spending power for Sector 1 not offset by fall in Sector 2Endogenous money, aggregate demand & incomeRise in Sector 1s spending, and incomes of Sectors 2 & 3ActivityNet IncomeSectorSector 1Sector 2Sector 3ExpenditureSector 1-(A + B+b) AB+bSector 2C-(C+D)DSector 3EF-(E+F)

Aggregate outcome greater (if b>0) than without borrowingIncrease in debt causes equivalent increase in expenditure and incomeAggregate demand and income areDemandIncome from turnover of existing money;Plus DemandIncome from newly created moneyGeneralises to flow of new lending (dD/dt: change in debt per year)Consider flow of expenditure from existing money stocks S1S3 plus expenditure from flow of new debt-created money dD/dtBank Accounts

New DebtTurnover of existing moneyGross financeEndogenous money, aggregate demand & incomeS1 to S3 now represent deposit account of relevant sectorRate of spending per year by SA on SB shown as vAB Bank equity account BE added to record interest paymentsI.e., Both aggregate expenditure and aggregate income areNon-debt financed Expenditure (i.e. turnover of existing money)Plus the change in debt (creation of new money & demand-income)Plus gross financial transactionsNew DebtDebt change & accelerationGross financialEndogenous money, aggregate demand & incomeLeads to dynamic, non-equilibrium, endogenous money Monetarism versus Friedmans static, equilibrium, exogenous (Helicopter Money) Quantity TheorySo a monetary vision of capitalism is essential(with finance since most debt money created for asset purchases)Private debt a huge omitted variable error in mainstream economicsThis is why they didnt see the crisis comingNot because unpredictableBut because their models exclude the forces that caused the crisis:Rate of change and acceleration of private debt

Static Friedman:Dynamic monetary:Change in GDP:Level when I began to warn of crisis (2006)Level when Godley began to warn of crisis (1998)US Aggregate debt levelsIgnoring private debt has led us into biggest debt trap in history

Global aggregate debt levelsTrend to excessive private debt common across the globe

Dramatic fall in credit growth post-crisis

Credit growth dictates economic growth

Whole world has turned Japanese

Debt dynamics dominate asset marketsAccording to Modigliani-Miller, these should be uncorrelated

Correlation 0.96 (unexpected)Debt dynamics dominate asset marketsAccording to Modigliani-Miller, these should be uncorrelated

Correlation 0.69 (unexpected)Debt dynamics dominate asset marketsAccording to Modigliani-Miller, these should be uncorrelated

Correlation 0.53 (expected)Debt dynamics dominate asset marketsAccording to Modigliani-Miller, these should be uncorrelated

Correlation 0.77Turning JapaneseJapans past 18 years gives us best case scenario projection for OECD

China credit growth now collapsingDramatic fall in credit growth post-crisisDecades of anaemic credit growth lie ahead

The China CrisisChina has done in 6 years what took 17 in USA & Japan:

The China CrisisChina undergoing 2nd stock market crash, but first with high leverage

Margin debt 0.000014% of GDPMargin debt >2% of GDPThe China CrisisAcceleration of margin debt key driver/indicator of market

Correlation 0.69 since 2014; 0.87 since 2015Solution? Modern Debt JubileeOnly effective solution to debt-deflation is private debt reductionCould be done by Quantitative Easing for the PeopleCB direct injections into private bank accountsThose in debt must cancel debtThose not in debt get cash injectionRebase money system to more fiat, less credit-based moneyRestructure banking toReduce appeal of Ponzi lending (mortgages, margin loans)PILL: Property Income Limited LeverageMaximum loan factor (say 10 times) estimated income of property being boughtMeld venture capital with bankingEEL: Entrepreneurial Equity LoansBanks get equity stake in loans to entrepreneursAlternative is continuous stagnationas with Japan since 1990Main barrier? Misplaced moral perception of debtSolution? Modern Debt JubileeMoral responsibility of debtor product of interpersonal view of debtPerson to person loanlender has to do without what he lends

Bank Balance SheetAssetsLiabilitiesEquityFlows\StocksReservesIDCDWDBEInitial Conditions100-20-60-15-5Lending-LendLendDebt RepaymentRepay-RepayInterest Paymentsint-intBut bank loans are creation of money & debt out of nothingBank Balance SheetAssetsLiabilitiesEquityFlows\StocksReservesLoansIDCDWDBEInitial Conditions100-20-60-15-5LendingLend-LendDebt Repayment-RepayRepayInterest Paymentsint-intBank doesnt lose pre-existing money if loan not repaidInstead bank over-produced money & debtshould write them offSolution? Modern Debt JubileeStop falsely thinking of banks as warehouses (Loanable Fund view)Start thinking of them as money factoriesCan over-produce money and debtWrite-off of excess production should be routineEspecially since recent production socially counterproductiveAsset bubbles caused by leverageMortgage acceleration drives house price changeMargin acceleration drives share price changeEffectively funding Ponzi SchemesConclusionTheoretical: getting structure of economy (including finance) right more important than accurately modelling agent behaviourRevised realistic view of banking essential to understand where the crisis came from & work out how to escape itMonetary complex systems macro needed in theory and policyPractical: current situation inevitably will give rise to political conflictModern politics dominated not by Eisenhowers military-industrial complex but Minskys politico-financial complexConventional Ordo-Liberal response to crisis (as in Greece) compounds basic weaknesses of capitalismModern Debt Jubilee needed to save capitalism from its own dynamicsFor a pluralist education in economicsCome to KingstonSchool of Economics, History & PoliticsKingstonUniversityLondon 1 0 false 1 false 2 true 3 false 4 true 5 false 6 true 7 false 8 true 9 false 10 true 11 false 12 true 13 false 14 true 15 false 16 true 17 false 18 true 19 false 20 true 21 false 22 true 23 false 24 true 25 false 26 true 27 false 28 true 29 false 30 true 31 false 32 true 33 false 34 true 35 false 36 true 37 false 38 true 39 false 40 true 41 false 42 true 43 false 44 true 45 false 46 true 47 false 48 true 49 false 50 false 51 false 52 true 53 false 54 true 55 false 56 true 57 false 58 true 59 false 60 true 61 false 62 true 63 false 64 true 65 false 66 false 67 true 68 false 69 true 70 false 71 true 72 false 73 false 74 true 75 false 76 true 77 false 78 true 79 false 80 true 81 false 82 true 83 false 84 true 85 false 86 true 87 false 88 true 89 false 90 true 91 false 92 true 93 false 94 true 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202 true 203 true 204 true 205 true 206 false 207 true 208 false 209 true 210 false 211 true 212 false 213 true 214 false 215 true 216 true 217 false 218 true 219 false 220 true 221 false 222 true 223 false 224 true 225 true 226 false 227 true 228 false 229 true 230 false 231 true 232 true 233 true 234 true 235 true 236 true 237 true 238 true 239 true 240 true 241 true 242 true 243 true 244 true 245 true 246 true 247 true 248 true 249 true 250 true 251 true 252 true 253 true 254 true 255 false 256 false 257 false 258 false 259 false 260 true 261 true 262 false 263 true 264 false 265 true 266 true 267 true 268 true 269 true 270 true 271 true 272 true 273 true 274 true 275 true 276 true 277 true 278 true 279 true 280 true 281 true 282 true 283 true 284 true 285 true 286 true 287 true 288 false 289 true 290 false 291 true 292 false 293 true 294 true 295 false 296 true 297 false 298 false 299 false 300 true 301 true 302 true 303 true 304 true 305 true 306 true 307 true 308 true 309 true 310 true 311 true 312 true 313 true 314 true 315 true 316 true 317 true 318 true 319 true 320 true 321 true 322 false 323 false 324 true 325 false 326 true 327 false 328 false 329 true 330 true 331 false 332 true 333 true 334 true 335 true 336 true 337 true 338 true 339 true 340 true 341 true 342 true 343 true 344 true 345 true 346 true 347 true 348 true 349 true 350 true 351 true 352 true 353 true 354 true 355 false 356 true 357 true 358 false 359 true 360 false 361 true 362 false 363 true 364 false 365 true 366 false 367 true 368 false 369 true 370 false 371 true 372 false 373 true 374 false 375 true 376 false 377 true 378 true 379 false 380 true 381 false 382 true 383 false 384 true 385 true 386 false 387 true 388 false 389 false 390 false 391 false 392 false 393 false 394 false 395 false 396 true 397 false 398 true 399 false 400 true 401 true 402 false 403 true 404 false 405 true 406 true 407 true 408 true 409 true 410 true 411 true 412 true 413 true 414 true 415 true 416 true 417 true 418 true 419 true 420 true 421 true 422 true 423 true 424 true 425 true 426 true 427 true 428 false 429 false 430 false 431 true 432 true 433 false 434 true 435 true 436 false 437 false 438 true 439 false 440 true 441 false 442 true 443 false 444 true 445 true 446 true 447 true 448 true 449 true 450 true 451 true 452 true 453 true 454 true 455 true 456 true 457 true 458 true 459 true 460 true 461 true 462 true 463 true 464 true 465 true 466 true 467 true 468 false 469 false 470 false 471 true 472 true 473 false 474 true 475 false 476 false 477 false 478 true 479 false 480 true 481 true 482 false 483 true 484 true 485 95 98 486 96 99 487 97 74 488 100 103 489 101 104 490 102 76 491 105 108 492 106 109 493 107 78 494 110 113 495 111 80 496 114 112 497 116 119 498 117 120 499 118 82 500 121 124 501 122 125 502 123 84 503 127 133 504 131 134 505 132 86 506 126 137 507 135 138 508 136 88 509 128 141 510 139 142 511 140 90 512 129 145 513 143 146 514 144 92 515 130 149 516 147 150 517 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729 divide 0 97 98 99 0 730 divide 0 102 103 104 0 731 multiply 0 107 108 109 0 732 multiply 0 111 112 113 0 733 divide 0 118 119 120 0 734 divide 0 123 124 125 0 735 divide 0 132 133 134 0 736 divide 0 136 137 138 0 737 divide 0 140 141 142 0 738 divide 0 144 145 146 0 739 divide 0 148 149 150 0 740 add 0 181 182 183 0 741 add 0 214 215 216 0 742 add 0 223 224 225 0 743 add 0 230 231 232 0 744 add 0 259 260 261 0 745 divide 0 292 293 294 0 746 divide 0 328 329 330 0 747 subtract 0 355 356 357 0 748 subtract 0 376 377 378 0 749 add 0 383 384 385 0 750 differentiate 0 397 398 0 751 divide 0 399 400 401 0 752 subtract 0 430 431 432 0 753 multiply 0 433 434 435 0 754 differentiate 0 441 442 0 755 multiply 0 443 444 445 0 756 subtract 0 470 471 472 0 757 differentiate 0 477 478 0 758 multiply 0 479 480 481 0 759 add 0 482 483 484 0 593 stock 100 0 :Reserves 594 flow 0 1 2 :Buy_C 595 flow 0 3 4 :Inv_B 596 flow 0 5 6 :C_W 597 flow 0 7 8 :C_B 598 flow 0 9 10 :C_W 599 flow 0 11 12 :C_B 600 flow 0 13 14 :C_I 601 flow 0 15 16 :I_B 602 flow 0 17 18 :I_C 603 flow 0 19 20 :W_C 604 flow 0 21 22 :W_I 605 flow 0 23 24 :Lend 606 flow 0 25 26 :Fee 607 flow 0 27 28 :Repay 608 flow 0 29 30 :int 609 flow 0 31 32 :C_B 610 flow 0 33 34 :C_I 611 flow 0 35 36 :C_W 612 flow 0 37 38 :Fee 613 flow 0 39 40 :I_C 614 flow 0 41 42 :Lend 615 flow 0 43 44 :Repay 616 flow 0 45 46 :W_C 617 flow 0 47 48 :int 618 stock 10 49 :D 619 stock 70 50 :C_{NW} 620 flow 0 51 52 :C_I 621 flow 0 53 54 :I_B 622 flow 0 55 56 :I_C 623 flow 0 57 58 :Lend 624 flow 0 59 60 :Repay 625 flow 0 61 62 :W_I 626 flow 0 63 64 :int 627 stock 10 65 :I_{NW} 628 flow 0 66 67 :C_W 629 flow 0 68 69 :W_C 630 flow 0 70 71 :W_I 631 stock 15 72 :W_{NW} 632 flow 0 73 74 :Lend 633 flow 0 75 76 :Repay 634 flow 0 77 78 :int 635 flow 0 79 80 :Fee 636 flow 0 81 82 :W_C 637 flow 0 83 84 :W_I 638 flow 0 85 86 :C_I 639 flow 0 87 88 :I_C 640 flow 0 89 90 :C_W 641 flow 0 91 92 :C_B 642 flow 0 93 94 :I_B 643 stock 60 95 :C_D 644 parameter 7 96 :\tau_L 645 stock 10 100 :D 646 parameter 9 101 :\tau_R 647 stock 10 105 :D 648 parameter 0.04 106 :r_L 649 parameter 0.25 110 :b_f 650 flow 0 114 115 :int 651 stock 60 116 :C_D 652 parameter 0.5 117 :\tau_{WC} 653 stock 20 121 :I_D 654 parameter 0.9 122 :\tau_{WI} 655 stock 60 126 :C_D 656 stock 20 127 :I_D 657 stock 15 128 :W_D 658 stock 5 129 :B_E 659 stock 5 130 :B_E 660 parameter 5 131 :\tau_{CI} 661 parameter 2 135 :\tau_{IC} 662 parameter 0.04 139 :\tau_{CW} 663 parameter 2 143 :\tau_{CB} 664 parameter 4 147 :\tau_{IB} 665 stock 60 151 :C_D 666 stock 20 152 :I_D 667 stock 15 153 :W_D 668 stock 5 154 :B_E 669 flow 0 177 178 :W_C 670 flow 0 179 180 :W_I 671 flow 0 206 207 :W 672 flow 0 208 209 :C_W 673 flow 0 210 211 :C_B 674 flow 0 212 213 :C_I 675 flow 0 217 218 :C 676 flow 0 219 220 :I_C 677 flow 0 221 222 :I_B 678 flow 0 226 227 :I 679 flow 0 228 229 :Y 680 stock 60 255 :C_D 681 stock 20 256 :I_D 682 stock 15 257 :W_D 683 stock 5 258 :B_E 684 flow 0 262 263 :M 685 flow 0 264 265 :M 686 flow 0 288 289 :Y 687 flow 0 290 291 :M 688 flow 0 295 296 :V 689 parameter 7 297 :\tau_L 690 parameter 9 298 :\tau_R 691 stock 10 299 :D 692 stock 10 322 :D 693 flow 0 323 324 :M 694 flow 0 325 326 :Y 695 stock 10 327 :D 696 flow 0 331 332 :d_r 697 flow 0 358 359 :\Pi_C 698 flow 0 360 361 :Fee 699 flow 0 362 363 :W_C 700 flow 0 364 365 :int 701 flow 0 366 367 :Fee 702 flow 0 368 369 :C 703 flow 0 370 371 :I 704 flow 0 372 373 :W_I 705 flow 0 374 375 :int 706 flow 0 379 380 :\Pi_I 707 flow 0 381 382 :\Pi 708 flow 0 386 387 :Fee 709 stock 60 388 :C_D 710 stock 20 389 :I_D 711 stock 15 390 :W_D 712 stock 5 391 :B_E 713 stock 60 392 :C_D 714 stock 20 393 :I_D 715 stock 15 394 :W_D 716 flow 0 395 396 :Y 717 flow 402 403 :g_r 718 flow 404 405 :g_r 719 constant 10 428 10 720 constant 10 429 10 721 constant 100 436 100 722 flow 0 437 438 :M 723 flow 0 439 440 :V 724 constant 10 468 10 725 constant 10 469 10 726 flow 473 474 :g_r 727 stock 10 475 :D 728 parameter 0.04 476 :r_L 765 155 156 157 158 159 160 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 Money and Bank Accounts Years $ 766 184 185 186 187 188 189 190 191 192 193 194 195 196 197 198 199 200 201 202 203 204 205 Incomes Years $/Year 767 233 234 235 236 237 238 239 240 241 242 243 244 245 246 247 248 249 250 251 252 253 254 GDP Years $/Year 768 266 267 268 269 270 271 272 273 274 275 276 277 278 279 280 281 282 283 284 285 286 287 Velocity of Money Years Times/Year 769 300 301 302 303 304 305 306 307 308 309 310 311 312 313 314 315 316 317 318 319 320 321 D and Money Stock Years $ 770 333 334 335 336 337 338 339 340 341 342 343 344 345 346 347 348 349 350 351 352 353 354 Debt to GDP Ratio Years Ratio 771 406 407 408 409 410 411 412 413 414 415 416 417 418 419 420 421 422 423 424 425 426 427 Growth Rate Years Percent per year 772 446 447 448 449 450 451 452 453 454 455 456 457 458 459 460 461 462 463 464 465 466 467 760 23 24 27 28 29 30 25 26 19 20 21 22 13 14 17 18 9 10 11 12 15 16 0 388 389 390 391 true Banking Sector Flows V / Stock Variables -> Reserves C_D I_D W_D B_E Initial Conditions 100 -60 -20 -15 -5 Lending Lend -Lend Debt Repayment -Repay Repay Interest Payment -int int Bank Fee Fee -Fee Hire workers (C) W_C -W_C Hire workers (I) W_I -W_I Purchases (I) -C_I C_I Purchases (C) I_C -I_C Workers Consumption -C_W C_W Bankers Consumption -C_B C_B Bankers Investment -I_B I_B noAssetClass asset liability liability liability equity 0.337089 761 41 42 43 44 47 48 37 38 45 46 31 32 33 34 35 36 39 40 392 49 50 true Consumer Goods Sector Flows V / Stock Variables -> C_D D C_{NW} Initial Conditions 60 10 -70 Lending -Lend Lend Debt Repayment Repay -Repay Interest Payments int -int Bank Fee -Fee Fee Hire workers (C) -W_C W_C Bankers Consumption C_B -C_B Purchases (I) C_I -C_I Workers Consumption C_W -C_W Purchases (C) -I_C I_C noAssetClass asset asset equity 0.386199 762 57 58 59 60 63 64 61 62 51 52 53 54 55 56 393 299 65 true Investment Goods Sector Flows V / Stock Variables -> I_D D I_{NW} Initial Conditions 20 -10 -10 Lending Lend -Lend Debt Repayment -Repay Repay Interest Payments -int int Hire workers (I) -W_I W_I Purchases (I) -C_I C_I Bankers Investment I_B -I_B Purchases (C) I_C -I_C noAssetClass asset liability equity 0.465698 763 68 69 70 71 66 67 394 72 true Workers Flows V / Stock Variables -> W_D W_{NW} Initial Conditions 15 -15 Hire workers (C) W_C -W_C Hire workers (I) W_I -W_I Workers Consumption -C_W C_W noAssetClass asset equity 1 0 0.01 1 0.01 0.001 4 false 0 0 391.199 477.337 1 38 289.823 2 0 289.823 3 38 382.472 4 3 382.472 5 38 320.706 6 13 320.706 7 38 351.589 8 18 351.589 9 395.291 383.882 10 370.291 383.882 11 393.634 394.292 12 373.634 394.292 13 392.971 363.061 14 374.971 363.061 15 392.639 404.702 16 375.639 404.702 17 392.639 373.471 18 375.639 373.471 19 395.291 342.241 20 370.291 342.241 21 394.628 352.651 22 371.628 352.651 23 399.269 307.183 24 362.269 307.183 25 396.285 333.476 26 368.285 333.476 27 402.915 315.948 28 354.915 315.948 29 393.965 324.712 30 372.965 324.712 31 819.956 366.164 32 799.956 366.164 33 819.342 378.091 34 801.342 378.091 35 821.49 390.018 36 796.49 390.018 37 822.411 344.196 38 794.411 344.196 39 819.035 401.945 40 802.035 401.945 41 825.173 314.072 42 788.173 314.072 43 828.549 324.113 44 780.549 324.113 45 821.49 354.237 46 796.49 354.237 47 820.263 334.155 48 799.263 334.155 49 829.622 442.685 50 839.663 457.933 51 615.43 357.92 52 597.43 357.92 53 615.163 372.302 54 598.163 372.302 55 615.163 386.684 56 598.163 386.684 57 620.506 307.213 58 583.506 307.213 59 623.445 319.321 60 575.445 319.321 61 616.766 343.537 62 593.766 343.537 63 616.232 331.429 64 595.232 331.429 65 640.801 442.002 66 1021.45 384.66 67 996.455 384.66 68 1021.45 322.895 69 996.455 322.895 70 1021.45 353.777 71 998.455 353.777 72 1056.51 459.632 73 1335.5 113.175 74 1298.5 113.175 75 1346 175.175 76 1298 175.175 77 1321.5 251.175 78 1300.5 251.175 79 1328 325.175 80 1300 325.175 81 1325.5 406.175 82 1300.5 406.175 83 1319.5 474.175 84 1296.5 474.175 85 1312 549.175 86 1294 549.175 87 1308.03 640.415 88 1291.03 640.415 89 1306.03 719.415 90 1281.03 719.415 91 1305.53 795.415 92 1285.53 795.415 93 1305.03 867.415 94 1288.03 867.415 95 1206.03 95.4154 96 1202.53 125.415 97 1244.53 113.415 98 1226.53 104.415 99 1226.53 122.415 100 1192.03 163.415 101 1203.53 192.415 102 1240.53 173.415 103 1222.53 164.415 104 1222.53 182.415 105 1199.03 232.415 106 1211.03 262.415 107 1252.53 248.415 108 1234.53 239.415 109 1234.53 257.415 110 1215.03 332.415 111 1255.53 320.415 112 1237.53 311.415 113 1237.53 329.415 114 1215.03 301.415 115 1194.03 301.415 116 1226.03 384.415 117 1224.03 414.415 118 1260.53 400.415 119 1242.53 391.415 120 1242.53 409.415 121 1225 461.175 122 1222.5 496.175 123 1260 475.175 124 1242 466.175 125 1242 484.175 126 1232.5 626.175 127 1232 536.175 128 1237 699.175 129 1240 777.175 130 1219 860.175 131 1230 564.175 132 1269 550.175 133 1251 541.175 134 1251 559.175 135 1229 658.175 136 1266 638.175 137 1248 629.175 138 1248 647.175 139 1234.5 736.175 140 1262 721.175 141 1244 712.175 142 1244 730.175 143 1232 815.175 144 1271 799.175 145 1253 790.175 146 1253 808.175 147 1218 901.175 148 1262 877.175 149 1244 868.175 150 1244 886.175 151 1500.5 103.175 152 1506 146.175 153 1521 181.175 154 1517 241.175 155 1551.12 260.935 156 1849.6 260.935 157 1541.28 256.455 158 1541.28 71.1155 159 1859.44 256.455 160 1859.44 71.1155 161 1538 93.4255 162 1538 141.175 163 1538 189.975 164 1538 238.775 165 1866 93.4255 166 1866 141.175 167 1866 189.975 168 1866 238.775 169 1574.44 263.175 170 1610.89 263.175 171 1647.33 263.175 172 1683.78 263.175 173 1720.22 263.175 174 1756.67 263.175 175 1793.11 263.175 176 1829.56 263.175 177 1447.5 324.175 178 1422.5 324.175 179 1445.5 355.175 180 1422.5 355.175 181 1498 343.175 182 1480 334.175 183 1480 352.175 184 1689.68 509.975 185 2000.9 509.975 186 1679.42 505.575 187 1679.42 324.075 188 2011.16 505.575 189 2011.16 324.075 190 1676 345.925 191 1676 392.675 192 1676 440.475 193 1676 488.275 194 2018 345.925 195 2018 392.675 196 2018 440.475 197 2018 488.275 198 1714 512.175 199 1752 512.175 200 1790 512.175 201 1828 512.175 202 1866 512.175 203 1904 512.175 204 1942 512.175 205 1980 512.175 206 1556.5 341.927 207 1539.5 341.927 208 1367.5 575.927 209 1342.5 575.927 210 1369 607.927 211 1349 607.927 212 1369 642.927 213 1351 642.927 214 1419 610.175 215 1401 601.175 216 1401 619.175 217 1451 612.175 218 1439 612.175 219 1370.5 678.927 220 1353.5 678.927 221 1367.5 715.175 222 1350.5 715.175 223 1406 693.927 224 1388 684.927 225 1388 702.927 226 1434.5 693.927 227 1425.5 693.927 228 1507.5 594.175 229 1494.5 594.175 230 1484 647.927 231 1466 638.927 232 1466 656.927 233 1540.14 773.827 234 1941.45 773.827 235 1526.91 769.627 236 1526.91 570.403 237 1954.68 769.627 238 1954.68 570.403 239 1522.5 594.277 240 1522.5 646.177 241 1522.5 697.177 242 1522.5 749.677 243 1963.5 594.277 244 1963.5 646.177 245 1963.5 697.177 246 1963.5 749.677 247 1571.5 775.927 248 1620.5 775.927 249 1669.5 775.927 250 1718.5 775.927 251 1767.5 775.927 252 1816.5 775.927 253 1865.5 775.927 254 1914.5 775.927 255 1949.5 130.175 256 1953 156.175 257 1945 183.175 258 1951 212.175 259 1902 170.175 260 1920 161.175 261 1920 179.175 262 1863.5 172.175 263 1880.5 172.175 264 1499.5 72.1757 265 1482.5 72.1757 266 872.24 904.292 267 1150.7 904.292 268 863.06 900.876 269 863.06 736.908 270 1159.88 900.876 271 1159.88 736.908 272 860 756.55 273 860 799.25 274 860 841.95 275 860 884.65 276 1166 756.55 277 1166 799.25 278 1166 841.95 279 1166 884.65 280 894 906 281 928 906 282 962 906 283 996 906 284 1030 906 285 1064 906 286 1098 906 287 1132 906 288 769.5 749 289 756.5 749 290 771.496 781.248 291 754.496 781.248 292 808 757 293 790 748 294 790 766 295 835.5 758 296 822.5 758 297 380.996 123.927 298 487.496 123.927 299 628.693 428.078 300 892.36 699.06 301 1150.8 699.06 302 883.84 695.18 303 883.84 508.94 304 1159.32 695.18 305 1159.32 508.94 306 881 531.25 307 881 579.75 308 881 628.25 309 881 676.75 310 1165 531.25 311 1165 579.75 312 1165 628.25 313 1165 676.75 314 912.556 701 315 944.111 701 316 975.667 701 317 1007.22 701 318 1038.78 701 319 1070.33 701 320 1101.89 701 321 1133.44 701 322 854.5 529 323 857.5 582 324 840.5 582 325 1338.5 847.927 326 1325.5 847.927 327 1344.5 819.927 328 1380 829.927 329 1362 820.927 330 1362 838.927 331 1404.5 831.927 332 1387.5 831.927 333 1444.04 996.143 334 2013.7 996.143 335 1425.26 992.575 336 1425.26 821.311 337 2032.48 992.575 338 2032.48 821.311 339 1419 841.827 340 1419 886.427 341 1419 931.027 342 1419 975.627 343 2045 841.827 344 2045 886.427 345 2045 931.027 346 2045 975.627 347 1488.56 997.927 348 1558.11 997.927 349 1627.67 997.927 350 1697.22 997.927 351 1766.78 997.927 352 1836.33 997.927 353 1905.89 997.927 354 1975.44 997.927 355 1463 410.175 356 1445 401.175 357 1445 419.175 358 1512 401.175 359 1490 401.175 360 1466 538.175 361 1438 538.175 362 1426.5 447.175 363 1401.5 447.175 364 1419.5 416.175 365 1398.5 416.175 366 1427 475.175 367 1399 475.175 368 1406 390.175 369 1394 390.175 370 1490.5 450.175 371 1481.5 450.175 372 1496.5 485.175 373 1473.5 485.175 374 1500.5 514.175 375 1479.5 514.175 376 1538 456.175 377 1520 447.175 378 1520 465.175 379 1568 452.175 380 1548 452.175 381 1628 425.175 382 1614 425.175 383 1600 423.175 384 1582 414.175 385 1582 432.175 386 1606 480.175 387 1578 480.175 388 399.963 446.584 389 410.373 444.578 390 420.784 449.927 391 431.194 445.915 392 817.695 448.23 393 614.311 431.742 394 1025.62 445.384 395 1202.5 33 396 1189.5 33 397 1289 30 398 1271 30 399 1329 50 400 1311 41 401 1311 59 402 1425.5 55 403 1408.5 55 404 568.5 59 405 551.5 59 406 627.12 254.64 407 1107.6 254.64 408 611.28 249.92 409 611.28 23.36 410 1123.44 249.92 411 1123.44 23.36 412 606 50.5 413 606 109.5 414 606 168.5 415 606 227.5 416 1134 50.5 417 1134 109.5 418 1134 168.5 419 1134 227.5 420 664.667 257 421 723.333 257 422 782 257 423 840.667 257 424 899.333 257 425 958 257 426 1016.67 257 427 1075.33 257 428 564 23 429 499 224 430 581 224 431 563 215 432 563 233 433 1382 45 434 1364 36 435 1364 54 436 1351 15 437 364.5 563 438 347.5 563 439 377.5 596 440 364.5 596 441 414 589 442 396 589 443 448 569 444 430 560 445 430 578 446 476.8 708.7 447 813.5 708.7 448 465.7 704.1 449 465.7 483.3 450 824.6 704.1 451 824.6 483.3 452 462 509.75 453 462 567.25 454 462 624.75 455 462 682.25 456 832 509.75 457 832 567.25 458 832 624.75 459 832 682.25 460 503.111 711 461 544.222 711 462 585.333 711 463 626.444 711 464 667.556 711 465 708.667 711 466 749.778 711 467 790.889 711 468 441 496 469 401 724 470 444 705 471 426 696 472 426 714 473 447.5 527 474 430.5 527 475 370.5 636 476 390.5 673 477 406 639 478 388 639 479 436 658 480 418 649 481 418 667 482 447 621 483 429 612 484 429 630 485 true 1206.03 95.4154 1226.53 104.415 486 true 1202.53 125.415 1226.53 122.415 487 true 1244.53 113.415 1298.5 113.175 488 true 1192.03 163.415 1222.53 164.415 489 true 1203.53 192.415 1222.53 182.415 490 true 1240.53 173.415 1298 175.175 491 true 1199.03 232.415 1234.53 239.415 492 true 1211.03 262.415 1234.53 257.415 493 true 1252.53 248.415 1300.5 251.175 494 true 1215.03 332.415 1237.53 329.415 495 true 1255.53 320.415 1300 325.175 496 true 1215.03 301.415 1237.53 311.415 497 true 1226.03 384.415 1242.53 391.415 498 true 1224.03 414.415 1242.53 409.415 499 true 1260.53 400.415 1300.5 406.175 500 true 1225 461.175 1242 466.175 501 true 1222.5 496.175 1242 484.175 502 true 1260 475.175 1296.5 474.175 503 true 1232 536.175 1251 541.175 504 true 1230 564.175 1251 559.175 505 true 1269 550.175 1294 549.175 506 true 1232.5 626.175 1248 629.175 507 true 1229 658.175 1248 647.175 508 true 1266 638.175 1291.03 640.415 509 true 1237 699.175 1244 712.175 510 true 1234.5 736.175 1244 730.175 511 true 1262 721.175 1281.03 719.415 512 true 1240 777.175 1253 790.175 513 true 1232 815.175 1253 808.175 514 true 1271 799.175 1285.53 795.415 515 true 1219 860.175 1244 868.175 516 true 1218 901.175 1244 886.175 517 true 1262 877.175 1288.03 867.415 518 true 1500.5 103.175 1538 93.4255 519 true 1506 146.175 1538 141.175 520 true 1447.5 324.175 1480 334.175 521 true 1445.5 355.175 1480 352.175 522 true 1498 343.175 1539.5 341.927 523 true 1556.5 341.927 1676 345.925 524 true 1367.5 575.927 1401 601.175 525 true 1369 607.927 1401 601.175 526 true 1369 642.927 1401 619.175 527 true 1419 610.175 1439 612.175 528 true 1370.5 678.927 1388 684.927 529 true 1367.5 715.175 1388 702.927 530 true 1406 693.927 1425.5 693.927 531 true 1484 647.927 1494.5 594.175 532 true 1451 612.175 1466 638.927 533 true 1434.5 693.927 1466 656.927 534 true 1507.5 594.175 1522.5 594.277 535 true 1521 181.175 1538 189.975 536 true 1517 241.175 1538 238.775 537 true 1949.5 130.175 1920 161.175 538 true 1953 156.175 1920 161.175 539 true 1945 183.175 1920 179.175 540 true 1951 212.175 1920 179.175 541 true 1902 170.175 1880.5 172.175 542 true 1499.5 72.1757 1541.28 71.1155 543 true 769.5 749 790 748 544 true 771.496 781.248 790 766 545 true 808 757 822.5 758 546 true 835.5 758 860 756.55 547 true 854.5 529 881 531.25 548 true 857.5 582 881 579.75 549 true 1344.5 819.927 1362 820.927 550 true 1338.5 847.927 1362 838.927 551 true 1380 829.927 1387.5 831.927 552 true 1404.5 831.927 1419 841.827 553 true 1463 410.175 1490 401.175 554 true 1512 401.175 1676 392.675 555 true 1426.5 447.175 1445 419.175 556 true 1419.5 416.175 1445 401.175 557 true 1427 475.175 1445 419.175 558 true 1406 390.175 1445 401.175 559 true 1490.5 450.175 1520 447.175 560 true 1496.5 485.175 1520 465.175 561 true 1500.5 514.175 1520 465.175 562 true 1538 456.175 1548 452.175 563 true 1600 423.175 1614 425.175 564 true 1512 401.175 1582 414.175 565 true 1568 452.175 1582 432.175 566 true 1568 452.175 1676 440.475 567 true 1606 480.175 1676 488.275 568 true 1202.5 33 1271 30 569 true 1289 30 1311 41 570 true 1202.5 33 1311 59 571 true 568.5 59 606 50.5 572 true 564 23 611.28 23.36 573 true 499 224 563 233 574 true 581 224 611.28 249.92 575 true 1351 15 1364 36 576 true 1329 50 1364 54 577 true 1382 45 1408.5 55 578 true 377.5 596 396 589 579 true 414 589 430 578 580 true 364.5 563 430 560 581 true 441 496 465.7 483.3 582 true 401 724 426 714 583 true 444 705 465.7 704.1 584 true 448 569 462 567.25 585 true 447.5 527 462 509.75 586 true 370.5 636 388 639 587 true 406 639 418 649 588 true 390.5 673 418 667 589 true 436 658 462 682.25 590 true 447 621 462 624.75 591 true 448 569 429 612 592 true 436 658 429 630 593 593 391.199 443.799 false 90 false false false 8.08635e-174 1.63857e+248 7.70373e+228 594 594 18 289.823 false 0 false false false 3.55107e-285 3.55119e-285 3.55127e-285 595 595 19.5 382.472 false 0 false false false 6.32404e-321 8.34403e-309 0 596 596 24.5 320.706 false 0 false false false 1.49601e-311 1.7464e-311 2.01802e-311 597 597 27 351.589 false 0 false false false 6.32404e-321 8.34403e-309 0 598 598 381.791 384.844 false 0 false false false 6.32404e-321 8.34403e-309 0 599 599 382.634 395.254 false 0 false false false 6.32404e-321 8.34403e-309 0 600 600 382.971 364.023 false 0 false false false 6.32404e-321 8.34403e-309 0 601 601 383.139 405.664 false 0 false false false 6.32404e-321 8.34403e-309 0 602 602 383.139 374.434 false 0 false false false 2.48486e-311 3.03658e-311 9.76118e-313 603 603 381.791 343.203 false 0 false false false 6.32404e-321 8.34403e-309 0 604 604 382.128 353.613 false 0 false false false 6.32404e-321 8.34403e-309 0 605 605 379.769 308.146 false 0 false false false 2.47849e-311 2.48486e-311 3.03658e-311 606 606 381.285 334.438 false 0 false false false 6.32404e-321 8.34403e-309 0 607 607 377.915 316.91 false 0 false false false 6.32404e-321 8.34403e-309 0 608 608 382.465 325.674 false 0 false false false 6.32404e-321 8.34403e-309 0 609 609 808.956 366.164 false 0 false false false 6.32404e-321 8.34403e-309 0 610 610 809.342 378.091 false 0 false false false 0 0 0 611 611 807.99 390.018 false 0 false false false 6.32404e-321 8.34403e-309 0 612 612 807.411 344.196 false 0 false false false 0 0 0 613 613 809.535 401.945 false 0 false false false 6.32404e-321 8.34403e-309 0 614 614 805.673 314.072 false 0 false false false 0 0 0 615 615 803.549 324.113 false 0 false false false 6.32404e-321 8.34403e-309 0 616 616 807.99 354.237 false 0 false false false 6.32404e-321 8.34403e-309 0 617 617 808.763 334.155 false 0 false false false 0 0 0 618 618 829.622 435.185 false 90 false false false 6.32404e-321 8.34403e-309 0 619 619 839.663 439.433 false 90 false false false 6.32404e-321 8.34403e-309 0 620 620 605.43 357.92 false 0 false false false 6.32404e-321 8.34403e-309 0 621 621 605.663 372.302 false 0 false false false 0 0 0 622 622 605.663 386.684 false 0 false false false 0 0 0 623 623 601.006 307.213 false 0 false false false 6.32404e-321 8.34403e-309 0 624 624 598.445 319.321 false 0 false false false 6.32404e-321 8.34403e-309 0 625 625 604.266 343.537 false 0 false false false 6.32404e-321 8.34403e-309 0 626 626 604.732 331.429 false 0 false false false 0 0 0 627 627 640.801 425.002 false 90 false false false 6.32404e-321 8.34403e-309 0 628 628 1007.95 384.412 false 0 false false false 2.47849e-311 2.48486e-311 3.03658e-311 629 629 1007.95 322.647 false 0 false false false 6.32404e-321 8.34403e-309 0 630 630 1008.95 353.529 false 0 false false false 2.47849e-311 2.48486e-311 3.03658e-311 631 631 1056.51 438.384 false 90 false false false 6.32404e-321 8.34403e-309 0 632 632 1316 113.175 true 0 false false false 0 0 0 633 633 1321 175.175 true 0 false false false 6.32404e-321 8.34403e-309 0 634 634 1310 251.175 true 0 false false false 0 0 0 635 635 1313 325.175 true 0 false false false 6.32404e-321 8.34403e-309 0 636 636 1312 406.175 true 0 false false false 6.32404e-321 8.34403e-309 0 637 637 1307 474.175 true 0 false false false 6.32404e-321 8.34403e-309 0 638 638 1302 549.175 true 0 false false false 6.32404e-321 8.34403e-309 0 639 639 1298.53 640.415 true 0 false false false 2.48486e-311 3.03658e-311 9.76118e-313 640 640 1292.53 719.415 true 0 false false false 6.32404e-321 8.34403e-309 0 641 641 1294.53 795.415 true 0 false false false 6.32404e-321 8.34403e-309 0 642 642 1295.53 867.415 true 0 false false false 6.32404e-321 8.34403e-309 0 643 643 1194.53 95.4154 true 0 false false false 1.72633e-306 7.29112e-304 1.65781e-316 644 644 1192.53 125.415 true 0 false false false 7.01349e-015 7.01349e-015 7.01349e-015 645 645 1184.53 163.415 true 0 false false false 6.32404e-321 8.34403e-309 0 646 646 1193.53 192.415 true 0 false false false 2.47849e-311 2.48486e-311 3.03658e-311