Money, Financial Institutions and MacroeconomicsAvi J. Cohen, Harald Hagemann, John Smithin 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.' |
From inside the book
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Page 169
... central bank cannot affect the equilibrium level of output . However , the critical message is that political ... independence would improve macroeconomic performance cannot be substantiated . Despite this , many mainstream economists have ...
... central bank cannot affect the equilibrium level of output . However , the critical message is that political ... independence would improve macroeconomic performance cannot be substantiated . Despite this , many mainstream economists have ...
Page 229
... central bank independence employed are not satisfactory . This is not merely for LDCs , but also for the developed economies . For example , in discussing the Grilli et al . ( 1993 ) paper , Edmund Malinvaud questions the degree of central ...
... central bank independence employed are not satisfactory . This is not merely for LDCs , but also for the developed economies . For example , in discussing the Grilli et al . ( 1993 ) paper , Edmund Malinvaud questions the degree of central ...
Page 228
... central bank independence which , in their view , is ultimately an empirical question . They adopt an ' extremely simple ' empirical procedure whereby plots of measures of economic performance are set against measures of central bank ...
... central bank independence which , in their view , is ultimately an empirical question . They adopt an ' extremely simple ' empirical procedure whereby plots of measures of economic performance are set against measures of central bank ...
Contents
Post Keynesian Monetary Theory and the Principle of Effective | 17 |
Keynesians New Keynesians and the Loanable Funds Theory 333 | 33 |
Phenomenology Theory and Policy | 55 |
Copyright | |
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Money, Financial Institutions and Macroeconomics Avi Cohen,Harald Hagemann,John Smithin Limited preview - 2012 |
Money, Financial Institutions and Macroeconomics Avi J. Cohen,Harald Hagemann,John Smithin No preview available - 2012 |
Common terms and phrases
adjustment analysis argued assets Bundesbank C. D. Howe Institute central bank independence classical Column commodity costs credit economy credit money Cukierman 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 Hicks income increase inflation rate inflationary institutions investment Keynes Keynes's Keynesian Economics LF theory liquidity preference long run low inflation Macleod macroeconomic marginal efficiency Minsky monetarist monetary aggregate monetary base Monetary Economics monetary policy monetary theory money demand money stock money supply natural rate nominal output paper percent period Phillips curve Post Keynesian price level price stability principle of effective problem production pure credit quantity theory rate of interest ratio real interest rate real rate rise Say's Law sector speculative stock of money target theory of money Tsiang unemployment variables velocity Wicksell Wicksellian