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 66
... role of credit is to bridge the time gap between outlays and revenues.2 This definition is very close to Keynes's explanation of the role of cash provided by banks to bridge the " interregnum between outlays and revenue " ( Keynes ...
... role in the explanation of output levels . The process of gravitation of the money rate towards the normal rate of profit is significant for explaining changes in the price level and / or fluctuations of output around its potential ...
... role 129–35 role of in asset - based economy 230-31 role of in controlling interest rates 3 , 7 , 12 , 13 , 15 , 25 , 28-9 , 33 , 38–9 , 44 , 46 , 49-51 , 78 , 89 , 92 , 128 , 190 , 215 , 236 role of in creation of credit money 79-84 ...
Contents
Some Reflections on Endogenous Money | 11 |
Setting the Record Straight | 31 |
From the Horizontalist Revolution | 69 |
Copyright | |
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