Money and Credit in Capitalist Economies: The Endogenous Money ApproachThis widely acclaimed book argues that money is not the product of a simple deposit multiplier process. The impressive analysis includes discussions of the origins and nature of money and of the evolution of monetary institutions and theory. Unlike other recent works on 'endogenous money', this book incorporates liquidity preference theory within the analysis by carefully distinguishing money from liquidity and by showing how money, but not liquidity, is created on demand. This naturally leads to a role for liquidity preference in the determination of interest rates. Extensions then link money to financial instability, the expenditure multiplier, credit, saving, investment, development, deficits and growth. This controversial and provocative book will be essential reading for all economists and researchers concerned with monetary and macroeconomics. It will have particular appeal to post Keynesian economists. |
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Page 133
... Monetarists ( like Friedman ) argued that the failure of the ' Monetarist experiment ' in both countries should be attributed to the incompetence of the central banks , and not to Monetarist theory . If only the monetary authorities had ...
... Monetarists ( like Friedman ) argued that the failure of the ' Monetarist experiment ' in both countries should be attributed to the incompetence of the central banks , and not to Monetarist theory . If only the monetary authorities had ...
Page 141
... Monetarist hypotheses . Brunner argued that the new view could be reduced to the hypothesis that the money multiplier is variable and that it could ... Monetarist critique of ' Keynesian ' theory : Monetarists believed that if they 141.
... Monetarist hypotheses . Brunner argued that the new view could be reduced to the hypothesis that the money multiplier is variable and that it could ... Monetarist critique of ' Keynesian ' theory : Monetarists believed that if they 141.
Page 211
... monetarism . The fighting of inflation by constraining monetary growth opened opportunities for non - banking financing techniques . The monetarist way of fighting inflation , which preceeded the 1979 ' practical monetarism ' of Volcker ...
... monetarism . The fighting of inflation by constraining monetary growth opened opportunities for non - banking financing techniques . The monetarist way of fighting inflation , which preceeded the 1979 ' practical monetarism ' of Volcker ...
Contents
The Endogenous Approach to Money | 1 |
Money and Institutional Evolution | 24 |
Premodern financial institutions and the rise | 30 |
Copyright | |
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Common terms and phrases
balance sheets bank liabilities bank notes Bank of England banking system borrowers capitalist cash cent central bank certificates of deposit Chapter circulation Column commercial banks commercial paper commitments commodity money constrained consumption country banks created credit money currency debt demand deposits demand for money discount rate discount window economy endogenous approach endogenous money approach endogenously determined excess reserves exogenous expansion expenditures Fed funds market fiat money financial assets financial institutions financial system firms flows foreign function giro hoards ibid income increase innovations investment Kaldor Keynes's Keynesian leverage ratios liquid assets liquidity preference theory loanable funds long term bonds markup means of payment medium of exchange Minsky Monetarism Monetarist monetary aggregates money demand money supply curve Moore off-balance sheet open market purchases portfolios quantity constraints rate of growth rate of interest repurchase agreements required reserves reserve requirements rise saving sector securitization spending surplus units term interest rates velocity