Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth
This book challenges the mainstream paradigm, based on the inter-temporal optimisation of welfare by individual agents. It introduces a methodology for studying how it is institutions which create flows of income, expenditure and production together with stocks of assets and liabilities, thereby determining how whole economies evolve through time.
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2 Balance Sheets Transaction Matrices and the Monetary Circuit
3 The Simplest Model with Government Money
4 Government Money with Portfolio Choice
5 Longterm Bonds Capital Gains and Liquidity Preference
6 Introducing the Open Economy
7 A Simple Model with Private Bank Money
8 Time Inventories Profits and Pricing
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assumed balance sheet bank liquidity ratio base line solution behaviour bill rate capital adequacy ratio capital gains cash money central bank Chapter column consumption function current account current period debt to GDP demand disposable income economy endogenous entrepreneurial profits equal equation equities Evolution exchange rate regime exogenous expected Figure financial assets fixed exchange rate following an increase GDP ratio Godley government budget government debt government deficit Haig–Simons hence higher hold implies income ratio interest payments interest rates inventories to sales investment liabilities liquidity preference loans long-term bonds matrix monetary money balances money supply national income nominal parameters portfolio post-Keynesian previous period propensity to consume propensity to import pure government expenditures rate of interest rate of return real consumption real output real wage retained earnings sales ratio stationary steady steady-state stock-flow supply Table Tobin trade Treasury bills variables