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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... depreciation not the past depreciation is the relevant variable . " However , as noted by Laidler and Stadler ( 1995 , p . 22 ) classifying Bortkiewicz as a defender of the BP school might be misleading , since Bortkiewicz believed that ...
... depreciation . This was the root of German problems . For him ( Bresciani - Turroni , 1931 , p . 45 ) , Contrary to the widely held conception , not inflation but the depreciation of the mark was the beginning of this chain of cause and ...
... depreciation was endemic . Hence , depreciation was also seen as an essential part of the inflationary problem . In that sense , the structure of land ownership and the dependence on foreign exchange were seen as the main problems ...
Contents
Some Reflections on Endogenous Money | 11 |
Setting the Record Straight | 31 |
From the Horizontalist Revolution | 69 |
Copyright | |
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