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 73
... debt to equity ratios and hence higher interest rates , even when the monetary authorities are fully accommodating . " 2 Most of the evidence can be found in another paper published in 1957 , in the American Economic Review - a paper ...
... debt to equity ratios and hence higher interest rates , even when the monetary authorities are fully accommodating . " 2 Most of the evidence can be found in another paper published in 1957 , in the American Economic Review - a paper ...
Page 112
... debt . " But it would be " laborious and tedious " for the issuer to issue numerous pieces of paper acknowledging a fraction of the debt ; " so the next improvement would be to have the currency made of a substance which might be ...
... debt . " But it would be " laborious and tedious " for the issuer to issue numerous pieces of paper acknowledging a fraction of the debt ; " so the next improvement would be to have the currency made of a substance which might be ...
Page 146
... debt to finance investment . An endogenous element to the theory is introduced by identifying three sources of funds from which to service this debt : current income , revenue from the sale of assets and the issue of new debt . The ...
... debt to finance investment . An endogenous element to the theory is introduced by identifying three sources of funds from which to service this debt : current income , revenue from the sale of assets and the issue of new debt . The ...
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