Money and Credit in Capitalist Economies: The Endogenous Money Approach
I strongly recommend Wray's book to every monetary theorist. . . . Wray s book should be excellent supplementary reading. Sheila C. Dow, Scottish Journal of Political Economy This is an ambitious and altogether excellent book. It should be read by all monetary economists, especially by those interested in the endogeneity debates. Christopher J. Niggle, Journal of Economic Issues . . . perhaps the most significant contribution to the post Keynesian monetary literature since Paul Davidson s Money and the Real World. Adrian Winnett, The Manchester School of Economic and Social Studies Professor Wray has written a wonderful book. He is one of the most promising young scholars in the post Keynesian movement. I look forward to his future contributions to the fields of monetary theory and policy. Charles J. Wilson, Review of Political Economy This widely acclaimed book argues that money is not the product of a simple deposit multiplier process. The impressive analysis includes discussions of the origins and nature of money and of the evolution of monetary institutions and theory. Unlike other recent works on endogenous money , this book incorporates liquidity preference theory within the analysis by carefully distinguishing money from liquidity and by showing how money, but not liquidity, is created on demand. This naturally leads to a role for liquidity preference in the determination of interest rates. Extensions then link money to financial instability, the expenditure multiplier, credit, saving, investment, development, deficits and growth. This controversial and provocative book will be essential reading for all economists and researchers concerned with monetary and macroeconomics. It will have particular appeal to post Keynesian economists.
16 pages matching Currency School in this book
Results 1-3 of 16
What people are saying - Write a review
We haven't found any reviews in the usual places.
Money and Institutional Evolution
Premodern financial institutions and the rise
11 other sections not shown
accumulation balance sheets bank liabilities bank notes Bank of England bankers banking system billion bills of exchange borrowers capital cash cent central bank certificates of deposit Chapter circulation Column commercial banks commercial paper commitments commodity money constrained country banks created credit money Currency School demand deposits discount rate discount window discussed endogenous approach endogenous money approach endogenously determined excess reserves exogenous expansion expectations expenditures Fed's fiat money financial institutions financial system firms function giro hoards ibid income increase innovation investment Keynes's Keynesian leverage ratios liquid assets liquidity preference theory loans long term bonds means of payment medium of exchange Minsky Monetarism Monetarist monetary aggregates money demand money policy money stock money supply curve Moore note issue production profit purchasing power quantity constraints quantity of money rate of growth rate of interest repurchase agreements required reserves reserve requirements rise saving spending term interest rates