Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and WealthThis 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. |
Contents
1 Introduction | 1 |
2 Balance Sheets Transaction Matrices and the Monetary Circuit | 23 |
3 The Simplest Model with Government Money | 57 |
4 Government Money with Portfolio Choice | 99 |
5 Longterm Bonds Capital Gains and Liquidity Preference | 131 |
6 Introducing the Open Economy | 170 |
7 A Simple Model with Private Bank Money | 217 |
8 Time Inventories Profits and Pricing | 250 |
9 A Model with Private Bank Money Inventories and Inflation | 284 |
10 A Model with both Inside and Outside Money | 314 |
11 A Growth Model Prototype | 378 |
12 A More Advanced Open Economy Model | 445 |
13 General Conclusion | 493 |
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514 | |
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Monetary Economics: An Integrated Approach to Credit, Money, Income ... W. Godley,M. Lavoie No preview available - 2007 |
Common terms and phrases
accumulation actual addition amount assets assumed balance sheet base behaviour bills bonds budget capital cash central bank Chapter column constant consume consumption costs debt decisions deficit defined demand deposits described determined disposable income economy effect equal equation Evolution exchange rate expected fall Figure firms fixed flow following an increase function funds given government expenditures growth held hence higher hold households implies import increase inflation initial interest rates inventories investment issued liabilities liquidity loans matrix monetary nominal output parameters period present production profits propensity proportion rate of interest ratio realized region relative remain reserves result rise saving sector share shown shows solution South stationary steady supply Table target trade transactions Treasury unit costs variables wage wealth zero