  This paper presents a general solution for a recent model by Keen for
endogenous money creation. The solution provides an analytic framework that
explains all significant dynamical features of Keen's model and their
parametric dependence, including an exact result for both the period and
subsidence rate of the Great Moderation. It emerges that Keen's model has just
two possible long term solutions: stable growth or terminal collapse. While
collapse can come about immediately from economies that are nonviable by virtue
of unsuitable parameters or initial conditions, in general the collapse is
preceded by an interval of exponential growth. In first approximation, the
duration of that exponential growth is half a period of a sinusoidal
oscillation. The period is determined by reciprocal of the imaginary part of
one root of a certain quintic polynomial. The real part of the same root
determines the rate of growth of the economy. The coefficients of that
polynomial depend in a complicated way upon the numerous parameters in the
problem and so, therefore, the pattern of roots. For a favorable choice of
parameters, the salient root is purely real. This is the circumstance that
admits the second possible long term solution, that of indefinite stable
growth, i.e. an infinite period.
