Credit, Interest Rates and the Open Economy: Essays on Horizontalism
Louis-Philippe Rochon, Matias Vernengo
Edward Elgar, Jan 1, 2001 - Business & Economics - 280 pages
'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 historical perspective through the writings of Cassel, Wicksell, Sraffa and Hicks, as well as Keynes and Kaldor, and extend the theory of money endogeneity (or "horizontalism") to the open economy and economic growth. Interested readers have a feast before them.' - A.P. Thirlwall, University of Kent at Canterbury, UK 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.
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Some Reflections on Endogenous Money
Setting the Record Straight
From the Horizontalist Revolution
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aggregate demand analysis argued argument assets balance of payments balance sheet bank credit borrowers capital causality central bank changes claims commodities compensation principle credit-money creditworthy debt deficit demand for credit demand for money depreciation determined developed domestic Edward Elgar effective demand endogenous money equilibrium exogenous firms foreign reserves full employment government deposits growth Hicks horizontalism horizontalists hyperinflation income increase inflation interest rates investment issue Kaldor Keynes Keynes's Lavoie lending liquidity preference loans long-run Macmillan macroeconomic mainstream mark-up market rate monetary base monetary circuit monetary economy monetary policy monetary theory money supply Moore natural exchange rate natural rate neoclassical open economy output Parguez parity post-Keynesian price level private banks production purchasing power parity quantity of money rate of interest rate of profit reflux result rise Rochon role saving Seccareccia Smithin structuralists supply of money theory of money variable velocity of money Viti de Marco Wicksell Wicksellian