Money, Financial Institutions and Macroeconomics
Avi J. Cohen, Harald Hagemann, John Smithin
Springer Netherlands, May 31, 1997 - Business & Economics - 298 pages
Money, Financial Institutions and Macroeconomics presents a comparative and international perspective on the current state of research in monetary theory, and the application of monetary theory to important policy issues. The main emphasis is on views stressing the importance of credit creation in the monetary process, in a tradition which arguably encompasses Wicksell, the later Swedes and the Austrians, through the later Hicks, the circuit school and contemporary post-Keynesians. In addition, however, there are distinguished contributions from economists with a more `mainstream' approach to the issues.
The book is subdivided into four main parts: Part I reviews the theory of a monetary and credit economy; Part II explores alternative views on money and credit; Part III deals with monetary policy issues in North America; and Part IV discusses monetary policy issues in Europe.
`Taken together, the contributions to this volume certainly bear out Hick's famous adage about the much closer relationship between `monetary theory' and `monetary history' than is the case in other branches of economic thought.'
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The Uses of the Pure Credit Economy
Post Keynesian Monetary Theory and the Principle of Effective
Keynesians New Keynesians and the Loanable Funds Theory
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adjustment analysis argued assets bank credit Bundesbank central bank central bank independence changes classical commodity credit money curve debt deposits economists Edward Elgar effective demand efficiency of capital endogenous equilibrium exchange rate exogenous expected normal rate Federal Reserve Fisher effect Friedman Greenspan Hayek Hicks income increase inflation rate inflationary institutions investment John Maynard Keynes Keynes Keynes's LF theory liquidity preference loanable funds theory London long run Macleod Macmillan macroeconomic marginal efficiency Minsky Minsky's monetarist monetary aggregate monetary base Monetary Economics monetary policy monetary theory money demand money stock money supply natural rate neoclassical nominal output paper percent period Phillips curve Pigou effects Political Economy Post Keynesian price level principle of effective problem production quantity theory rate of interest ratio real interest rate real rate result rise savings Say's Law Smithin Soddy speculative target theory of money Tsiang unemployment variables velocity Wicksell Wicksellian