Money, Financial Instability and Stabilization PolicyL. Randall Wray, Mathew Forstater Money, Financial Instability and Stabilization Policy consists of original articles by leading Post Keynesians, Kaleckians and other heterodox economists from the developed and developing world. Post Keynesian literature has long been associated with the |
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Page iv
... system or transmitted in any form or by any means, electronic, mechanical or photocopying, recording, or otherwise without the prior permission of the publisher. Published by Edward Elgar Publishing Limited Glensanda House Montpellier ...
... system or transmitted in any form or by any means, electronic, mechanical or photocopying, recording, or otherwise without the prior permission of the publisher. Published by Edward Elgar Publishing Limited Glensanda House Montpellier ...
Page v
... financial system 11 Jan A. Kregel 2 Monetary and social relationships 22 Charles A.E. Goodhart 3 System dynamics of interest rate effects on aggregate demand Linwood Tauheed and L. Randall Wray 37 4 Credibility versus confidence in ...
... financial system 11 Jan A. Kregel 2 Monetary and social relationships 22 Charles A.E. Goodhart 3 System dynamics of interest rate effects on aggregate demand Linwood Tauheed and L. Randall Wray 37 4 Credibility versus confidence in ...
Page 2
... system in the post - war world . While his ' bancor ' plan would not be adopted , the Bretton Woods system did help to bring a long period of relative international stability based on a dollar – gold standard . With the breakdown of that ...
... system in the post - war world . While his ' bancor ' plan would not be adopted , the Bretton Woods system did help to bring a long period of relative international stability based on a dollar – gold standard . With the breakdown of that ...
Page 3
... system. The US has become the market of 'last resort', but has perhaps also succumbed to Ponzi finance. Kregel suggests that analysts should return to Domar's stability conditions and to Keynes's Clearing Union to find a path out of ...
... system. The US has become the market of 'last resort', but has perhaps also succumbed to Ponzi finance. Kregel suggests that analysts should return to Domar's stability conditions and to Keynes's Clearing Union to find a path out of ...
Page 4
... system. Relatedly, Goodhart believes that economists have paid far too little attention to legal and governance systems and hence to the important role played by government in economic growth. The chapter by Tauheed and Wray explores ...
... system. Relatedly, Goodhart believes that economists have paid far too little attention to legal and governance systems and hence to the important role played by government in economic growth. The chapter by Tauheed and Wray explores ...
Contents
| 1 | |
| 11 | |
2 Monetary and social relationships | 22 |
3 System dynamics of interest rate effects on aggregate demand | 37 |
4 Credibility versus confidence in monetary policy | 58 |
towards a synthesis between Post Keynesian and Institutional Economics | 85 |
6 Saving assetprice inflation and debtinduced deflation | 104 |
a Post Keynesian interpretation | 125 |
the Mexican case | 141 |
9 The Washington Consensus and nondevelopment | 171 |
10 Competition low profit margin low inflation and economic stagnation | 192 |
11 Foundering after floating? Exchange rate management and the Mexican stock market 19952001 | 208 |
the development of the new member states of the European Union | 231 |
Index | 257 |
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Money, Financial Instability and Stabilization Policy L. Randall Wray,Mathew Forstater No preview available - 2006 |
Common terms and phrases
adjustment agents aggregate demand analysis asset-price inflation assets balance bank-based bankers banking evolution behaviour business cycle cent Central Bank changes cointegrating competition confidence strategy credibility credit supply crises current account deficits Davidson debt ratio debt service deposit rates devaluation developing countries dollarization domestic producers dynamic Edward Elgar effects endogenous equilibrium equity returns expectations external financial markets financial system firms fluctuations foreign currency framework funds important income increase inflation targeting Institutionalists institutions interbank rate interest rates investment investors Journal of Economic Journal of Post Keynes Keynes's lending loan rate long-run macro macroeconomic Mexican Minsky monetary policy negative Nelson and Plosser oligopsony payments peso portfolio Post Keynesian Economics price stability problems production profit margins real business cycle reduce role rule savings shocks short-term Slovenia structure Table theory tion transition countries Treasury bill rate uncertainty unit roots variable Washington Consensus
Popular passages
Page 80 - In the long run we are all dead. Economists set themselves too easy, too useless a task if in tempestuous seasons they can only tell us that when the storm is long past the ocean is flat again."22 Any attempt to provide policymakers with guidelines for solving real-world problems such as the energy crisis using assumptions of "a world of certainty...
Page 94 - Generally speaking, in making a decision we have before us a large number of alternatives, none of which is demonstrably more 'rational' than the others, in the sense that we can arrange in order of merit the sum aggregate of the benefits obtainable from the complete consequences of each. To avoid being in the position of Buridan's ass, we fall back, therefore, and necessarily do so, on motives of another kind, which are not 'rational...
Page 99 - Institutions are the rules of the game in a society or, more formally, are the humanly devised constraints that shape human interaction. In consequence they structure incentives in human exchange, whether political, social, or economic.
Page 34 - I've given my servants a holiday, and had Claret's people do the whole thing. It's as broad as it's long, and, as my husband says, you might as well be hung for a sheep as a lamb; and it saves bother.
Page 94 - Buridan's ass, we fall back, therefore, and necessarily do so, on motives of another kind, which are not "rational" in the sense of being concerned with the evaluation of consequences, but are decided by habit, instinct, preference, desire, will, etc.
Page 163 - At most 1 *(**) denotes rejection of the hypothesis at 5%(1%) significance level LR test indicates 1 cointegrating equation(s) at 5% significance level...
Page 167 - R-squared Adjusted R-squared SE of regression Sum squared resid. Log likelihood Durbin- Watson stat.
Page 125 - The remainder of the chapter is organized as follows. The next section discusses various methodologies and data used for measuring competition.
Page 93 - In chemistry and physics and other natural sciences the object of experiment is to fill in the actual values of the various quantities and factors appearing in an equation or a formula; and the work when done is once and for all. In economics that is not the case, and to convert a model into a quantitative formula is to destroy its usefulness as an instrument of thought.
Page 164 - Mean dependent var SD dependent var Akaike info criterion Schwarz criterion F-statistic Prob(F-statistic) 0.000761 0.022379 -4.860932 -4.839735 41.71890 0.000000 stock (around 10%).