Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and WealthThis 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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Page xvi
... income plus government debt service Disposable income of households Expected disposable income Haig-Simons nominal disposable income (including all capital gains) Regular disposable income Expected regular disposable income Nominal ...
... income plus government debt service Disposable income of households Expected disposable income Haig-Simons nominal disposable income (including all capital gains) Regular disposable income Expected regular disposable income Nominal ...
Page xx
... income Y and the steady state solution Y”, following a permanent increase in government expenditures (AG = 5) Disposable income and consumption starting from scratch (Table 3.4) Wealth change and wealth level, starting from scratch ...
... income Y and the steady state solution Y”, following a permanent increase in government expenditures (AG = 5) Disposable income and consumption starting from scratch (Table 3.4) Wealth change and wealth level, starting from scratch ...
Page xxi
... disposable income and household consumption following an increase of 100 points in the rate of interest On bills Rise and fall of national income (GDP) following an increase in the propensity to consume out of expected disposable income ...
... disposable income and household consumption following an increase of 100 points in the rate of interest On bills Rise and fall of national income (GDP) following an increase in the propensity to consume out of expected disposable income ...
Page xxiv
... disposable income and consumption, following an increase in the propensity to save out of disposable income, in Model BMW Evolution of the output to capital ratio (Y/K_1), following an increase in the propensity to save out of disposable ...
... disposable income and consumption, following an increase in the propensity to save out of disposable income, in Model BMW Evolution of the output to capital ratio (Y/K_1), following an increase in the propensity to save out of disposable ...
Page xxvii
... disposable income and of real consumption, following a decrease in the propensity to consume out of (expected) real regular disposable inCOme Evolution of the real government budget balance, following a decrease in the propensity to ...
... disposable income and of real consumption, following a decrease in the propensity to consume out of (expected) real regular disposable inCOme Evolution of the real government budget balance, following a decrease in the propensity to ...
Contents
Balance Sheets Transaction Matrices and the Monetary Circuit | 23 |
The Simplest Model with Government Money | 57 |
Equation list of Model SIM with expectations SIMEX | 92 |
Government Money with Portfolio Choice | 99 |
Equation list of Model PC | 126 |
Equations of Model LP | 165 |
A Simple Model with Private Bank Money | 217 |
Time Inventories Profits and Pricing | 250 |
A Model with Private Bank Money Inventories and Inflation | 284 |
Equation list of Model DIS | 308 |
A Model with both Inside and Outside Money | 314 |
A Growth Model Prototype | 378 |
A More Advanced Open Economy Model | 445 |
General Conclusion | 493 |
References | 501 |
Index | 514 |
Other editions - View all
Monetary Economics: An Integrated Approach to Credit, Money, Income ... Marc Lavoie,Wynne Godley No preview available - 2012 |
Common terms and phrases
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