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This paper features a stock-flow consistent (SFC) political business cycle model where the interplay between financial debt, income distribution and fiscal policy is politically mediated by the relative influence of workers and businesses over government policy and publicly provided goods. In countries where taxes are a politically costly alternative to generate fiscal revenue, debt finances fiscal expansionary activity to initially raise wages and increase output. However, institutional mechanisms keep such drivers in check, and prompt a stop-and-go cycle as Kalecki suggested in his landmark 1943 paper. We find that the push of labor interests against business stakeholders leads to non-linear dynamics over debt, deficits and long-term growth paths. UN CICLO ECONOMICO POLITICO CFC: REVISITANDO EL MODELO DE KALECKI DE 1943 RESUMEN Este articulo presenta un modelo de ciclo economico-politico consistente de flujo-cantidad (CFC) en el cual la interaccion entre la deuda financiera, la distribucion del ingreso y la politica fiscal esta mediada politicamente por la influencia relativa de los trabajadores y las empresas sobre la politica del gobierno y los bienes publicos. En los paises donde los impuestos representan una alternativa para generar ingresos politicamente costosa, la deuda financia la actividad fiscal expansionista para aumentar en primer termino los salarios y el producto. Sin embargo, existen mecanismos institucionales que detienen estos motores e inducen un ciclo de interrupcion y avance, tal como Kalecki sugirio en su innovador articulo de 1943. Encontramos que el impetu de los intereses de los trabajadores en contra de los empresarios conduce a una dinamica no lineal sobre las trayectorias de la deuda, los deficits y el crecimiento de largo plazo.

A SFC POLITICAL BUSINESS CYCLE: KALECKI’S 1943 MODEL REVISITED