Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth
This book challenges the mainstream paradigm, based on the inter-temporal optimisation of welfare by individual agents. It introduces a methodology for studying how institutions create flows of income, expenditure and production together with stocks of assets and liabilities, thereby determining how whole economies evolve through time.
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Balance Sheets Transaction Matrices and the Monetary Circuit
The Simplest Model with Government Money
Equation list of Model SIM with expectations SIMEX
Government Money with Portfolio Choice
Equation list of Model PC
Equations of Model LP
A Simple Model with Private Bank Money
Time Inventories Profits and Pricing
A Numerical example of inventory accounting
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assumed balance sheet bank liquidity ratio base line solution behaviour bill rate capital adequacy ratio capital gains cash money central bank Chapter column consumption function current account current period debt to GDP demand disposable income economy endogenous entrepreneurial profits equal equation equities Evolution exchange rate regime exogenous expected Figure financial assets fiscal fixed exchange rate following a one-step following an increase GDP ratio Godley government budget government debt government deficit Haig-Simons hence higher hold implies income ratio interest payments interest rates inventories to sales investment liabilities liquidity preference long-term bonds mark-up matrix monetary money balances money supply national income nominal parameter portfolio post-Keynesian previous period propensity to consume propensity to import pure government expenditures rate of interest rate of return real consumption real output real wage retained earnings sales ratio stationary steady steady-state stock-flow supply Table trade Treasury bills variables xrº