Money, Financial Institutions and Macroeconomics

Front Cover
Avi Cohen, Harald Hagemann, John Smithin
Springer Science & Business Media, Dec 6, 2012 - Business & Economics - 298 pages
Money, Financial Institutions and Macroeconomics presents a comparative and international perspective on the current state of research in monetary theory, and the application of monetary theory to important policy issues. The main emphasis is on views stressing the importance of credit creation in the monetary process, in a tradition which arguably encompasses Wicksell, the later Swedes and the Austrians, through the later Hicks, the circuit school and contemporary post-Keynesians. In addition, however, there are distinguished contributions from economists with a more `mainstream' approach to the issues.
The book is subdivided into four main parts: Part I reviews the theory of a monetary and credit economy; Part II explores alternative views on money and credit; Part III deals with monetary policy issues in North America; and Part IV discusses monetary policy issues in Europe.
`Taken together, the contributions to this volume certainly bear out Hick's famous adage about the much closer relationship between `monetary theory' and `monetary history' than is the case in other branches of economic thought.'
 

Contents

Post Keynesian Monetary Theory and the Principle of Effective
17
Keynesians New Keynesians and the Loanable Funds Theory 33
32
Phenomenology Theory and Policy
55
Keynes and Friedman on Money
85
The Role of Credit in Fishers Monetary Economics
101
Early TwentiethCentury Heterodox Monetary Thought 125
124
The Role of Credit in the ManiaCrisis Process
141
The Institutionalization of Deflationary Monetary Policy
157
Monetarism and the United States Economy 175
174
A FiscalMonetary MixUp
191
The Problematic Nature of Independent Central Banks
221
Credibility Reputation and the Instability of the EMS
235
Competition and the Future of the European Banking
252
The Monetary Shock of German Unification
271
Index
291
Copyright

Other editions - View all

Common terms and phrases

Bibliographic information