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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... Growth and Distribution " , in G. Mongiovi and C. Rühl ( eds ) Macroeconomic Theory : Diversity and Convergence , Aldershot : Edward Elgar . Lavoie , M. ( 1995 ) , " Interest Rates in Post - Keynesian Models of Growth and Distribution ...
... theory . Since they assumed that deficits could only exist in a growing economy , the need for credit was a prerequisite for growth . In a stationary economy , there would be neither credit nor deficit . According to Schumpeter's ...
... theory of inflation based on the premise that economic policy decisions are made based on a set of specific economic objectives . This general approach for developing an inflationary model ... growth of output . An alternative money theory ...
Contents
Some Reflections on Endogenous Money | 11 |
Setting the Record Straight | 31 |
From the Horizontalist Revolution | 69 |
Copyright | |
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