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. |
From inside the book
Results 1-3 of 6
... propensity or disposition to save . But only partially . He should have gone further and explicitly acknowledged that no volitional " propensity " or " disposition " was in any way implied . When individuals save by not spending all ...
... propensity to save for income - earners , including banks . The theory of the monetary circuit supports a dynamic interpretation of Kalecki's profit equation . Assuming that the deficit accounts for the state - generated autonomous ...
... saving decisions in a continuously growing economy . Therefore , starting from a postulated full employment output , the ... propensity to save in conditions of full employment should become satisfied just at the point where the stock of ...
Contents
Some Reflections on Endogenous Money | 11 |
Setting the Record Straight | 31 |
From the Horizontalist Revolution | 69 |
Copyright | |
10 other sections not shown