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
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... money could not be neutral , which should have encapsulated the core of the General Theory . The Horizontalist ... quantity of money . The prerequisite for the existence of two independent equilibrium conditions is that there cannot be ...
... money rate of interest to the normal rate of profit - the aspect thanks to which any variation in money interest ... quantity of money in active circulation - a quantity that adapts itself to the needs of trade - via its influence on the ...
... money ” includes not only coins and paper money ( bank notes ) , but also cheques , bills of exchange ... quantity of money - not the absolute quantity of money , but the quantity of money as a proportion of nominal income ) . The more ...
Contents
Some Reflections on Endogenous Money | 11 |
Setting the Record Straight | 31 |
From the Horizontalist Revolution | 69 |
Copyright | |
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