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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... instance , in Moore ( 1988 , p . 266 ) , the nominal rate of interest is made dependent on the techniques of monetary policy , the sensitivity of economic behavior to interest rate changes , the size of openness of the economy , the ...
... instance , Eichner ( 1987 , p . 858 ) accepts this approach , claiming that the mark - up depends on the type of borrower , the nature of the assets serving as collateral , and the duration of the loan . As such , " It is the ...
... instance of endogeneity of the money supply has nothing to do with the endogenous money supply process that is usually underlined by post- Keynesian authors . In this neoclassical instance of the endogenous money supply , the ...
Contents
Some Reflections on Endogenous Money | 11 |
Setting the Record Straight | 31 |
From the Horizontalist Revolution | 69 |
Copyright | |
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