Abstract
This paper deals with the following two issues in a post Keynesian system: the existence and uniqueness of a growth cycle and the effectiveness of a counter-cyclical monetary policy for stabilization. It is found that the unique growth cycle, represented by the unique limit cycle, can be observed if the rate of interest is set to a constant level while that the long-run equilibrium can be globally asymptotically stable if an appropriate counter-cyclical monetary policy is conducted.
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