Credit, Interest Rates and the Open Economy: Essays on HorizontalismLouis-Philippe Rochon, Matias Vernengo 'This book should be on the reading list of every graduate course in monetary economics. The distinguished contributors not only examine and discuss the nature of money and the conduct of monetary policy in a modern credit economy, but also take an hi |
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Page 4
... demand . Following Keynes , Amadeo ( 1989 , p . 1 ) defined the principle of effective demand as follows : Given a change in investment demand ( or any autonomous component of aggregate demand ) , the level of income ( that is , the ...
... demand . Following Keynes , Amadeo ( 1989 , p . 1 ) defined the principle of effective demand as follows : Given a change in investment demand ( or any autonomous component of aggregate demand ) , the level of income ( that is , the ...
Page 19
... aggregate flow supply and demand for money for current transactions . When money was a commodity , such as gold , with an inelastic supply , the total quantity of money in existence could realistically be viewed as exogenous ...
... aggregate flow supply and demand for money for current transactions . When money was a commodity , such as gold , with an inelastic supply , the total quantity of money in existence could realistically be viewed as exogenous ...
Page 24
... aggregate of the amounts of money which individuals chose to hold at the new ... demand for money , like between saving and investment , is an accounting ... demand for money . In the case of money , the supply of deposits is not ...
... aggregate of the amounts of money which individuals chose to hold at the new ... demand for money , like between saving and investment , is an accounting ... demand for money . In the case of money , the supply of deposits is not ...
Page 26
... aggregate demand is reduced . Such transactions do not finance additional investment expenditure , and so are not an act of saving . But they do constitute " temporary resting places for purchasing power " , and they do reduce aggregate ...
... aggregate demand is reduced . Such transactions do not finance additional investment expenditure , and so are not an act of saving . But they do constitute " temporary resting places for purchasing power " , and they do reduce aggregate ...
Page 27
... aggregate demand will fall . As a result , although investment always involves saving , saving without investment always implies a reduction in aggregate demand . Now consider a world where exogenous money exists . The situation is now ...
... aggregate demand will fall . As a result , although investment always involves saving , saving without investment always implies a reduction in aggregate demand . Now consider a world where exogenous money exists . The situation is now ...
Contents
11 | |
31 | |
Money without Scarcity From the Horizontalist Revolution to the Theory of the Monetary Circuit | 69 |
Money Endogeneity and Monetary NonNeutrality A Sraffian Perspective | 104 |
Horizontalism and New Keynesian Economics The Role of Scarcity Savings and Sticky Prices | 120 |
The German Balance of Payment School and the Latin American NeoStructuralists | 143 |
Horizontalism and Inflation Accommodation | 160 |
Notes on Hicks on Money and Monetary Theory | 177 |
Bank Creation of Money and Endogenous Money Supply as the Outcome of the Evolution of the Banking System Antonio de Viti de Marcos Contri... | 193 |
The Reflux Mechanism and the Open Economy | 215 |
Monetary Autonomy and Financial Integration | 243 |
Foreign Exchange Interest and Prices The Conventional Exchange Rate | 256 |
Index | 271 |
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Common terms and phrases
aggregate demand analysis argued argument assets balance of payments balance sheet bank credit banking system behaviour borrowers capital causality central bank changes circulation claims commodities compensation principle costs credit-money creditworthiness currency debt deficit demand for credit demand for money deposits determined developed domestic Edward Elgar effective demand endogenous money equilibrium exchange rate exogenous firms fiscal full employment growth Hicks horizontalism horizontalists hyperinflation income increase inflation inflationary interest rates investment issue Kaldor Keynes Keynes's Lavoie lending liquidity preference long-run Macmillan macroeconomic mark-up monetary base monetary circuit monetary economy monetary policy monetary theory money supply Moore natural rate neo-structuralists neoclassical open economy output Parguez post-Keynesians price level private banks production quantity of money rate of interest rate of profit Realfonzo reflux rise Rochon role saving Seccareccia Smithin structuralists supply curve supply of money theory of money variable velocity of money Viti de Marco wealth Wicksell Wicksellian