Credit, Interest Rates and the Open Economy: Essays on HorizontalismLouis-Philippe Rochon, Matias Vernengo The horizontalist perspective is an extension of the post-Keynesian approach, that has hitherto focused on a theory of credit and money. This book extends horizontalism beyond its traditional boundaries and makes it consistent with the post-Keynesian theories of output and the open economy. The authors compare and contrast the horizontalist position with various orthodox and non-orthodox views on money. They argue that horizontalism is perfectly compatible with liquidity preference, credit constraints, and a flexible interest-rate mark-up, and address recent developments in banking that reinforce the validity of a horizontal schedule of credit-money. The overall intention is to place horizontalism within the current heterodox tradition as a general theory of the creation of money that is consistent with the post-Keynesian view on macroeconomic policy. Credit, Interest Rates and the Open Economy is essential reading for those who wish to expand their theoretical understanding of international financial issues and will be of great interest to those involved in macroeconomics, money and banking and radical economics. |
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... chapters : the first and the third basically reproduced the content of the first edition , while the second was completely new . The first chapter proposes an analysis of the banking function ; the second studies the activity of the ...
... chapter comes from Wicksell's Interest and Prices ( 1898 ) , that in many respects remains one of the most influential books in macroeconomics . The notion of a natural rate of interest discussed in that book is still dominant , and ...
... chapter shows that there is no natural exchange rate , and that the level of the exchange rate in the long run is a ... chapter draws heavily on chapter 4 from my Ph.D. dissertation . I would like to thank Wynne Godley , Will Milberg ...
Contents
Some Reflections on Endogenous Money | 11 |
Setting the Record Straight | 31 |
From the Horizontalist Revolution | 69 |
Copyright | |
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