Credit, Interest Rates and the Open Economy: Essays on Horizontalism

Front Cover
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.

From inside the book

What people are saying - Write a review

We haven't found any reviews in the usual places.

Contents

Some Reflections on Endogenous Money
11
Setting the Record Straight
31
From the Horizontalist Revolution
69
Copyright

11 other sections not shown

Other editions - View all

Common terms and phrases

Bibliographic information