Credit, Money, and Production: An Alternative Post-Keynesian ApproachRochon (economics and banking, Kalamazoo College) uses a horizontalist perspective to offer a historical overview of the post-Keynesian and circuit approaches to endogenous money, and provides an informed critique of the development of post-Keynesian econ |
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Page 22
... Keynes's finance motive.21 What is important to note is that the financing of production is not tied to prior saving on behalf of firms or households . On this point , Keynes ( xiv ... Keynes ( xiv , p . 209 ) adds the following : “ Finance ...
... Keynes's finance motive.21 What is important to note is that the financing of production is not tied to prior saving on behalf of firms or households . On this point , Keynes ( xiv ... Keynes ( xiv , p . 209 ) adds the following : “ Finance ...
Page 23
... ( Keynes , vii , p . 46 ) , it is also made early on in A Tract on Monetary ... ( xiv , p . 219 ) , who argued that there exists an " interregnum between the ... ( xiv , p . 207 ) . Keynes recognizes the clear distinction between investment ...
... ( Keynes , vii , p . 46 ) , it is also made early on in A Tract on Monetary ... ( xiv , p . 219 ) , who argued that there exists an " interregnum between the ... ( xiv , p . 207 ) . Keynes recognizes the clear distinction between investment ...
Page 28
... Keynes virtually ignores commercial banks in his analysis , despite having put them at the center of his analysis in ... ( xiv , p . 208 ) . Keynes therefore seems to be initially suggesting that finance is most probably made available ...
... Keynes virtually ignores commercial banks in his analysis , despite having put them at the center of his analysis in ... ( xiv , p . 208 ) . Keynes therefore seems to be initially suggesting that finance is most probably made available ...
Page 29
... Keynes has in mind commercial banks as the primary source of finance . Moreover , with respect to this finance , the ... ( xiv , p . 210 ; emphasis added ) writes " the banking system chooses to make the finance available . " Also Keynes ...
... Keynes has in mind commercial banks as the primary source of finance . Moreover , with respect to this finance , the ... ( xiv , p . 210 ; emphasis added ) writes " the banking system chooses to make the finance available . " Also Keynes ...
Page 30
... Keynes ( xiv , p . 210 ) , writes about the " power of the banks through their control over the supply of money ... Keynes's analysis is closer to the post - Keynesian , circulationist tradition than to the New Keynesian views.32 As for ...
... Keynes ( xiv , p . 210 ) , writes about the " power of the banks through their control over the supply of money ... Keynes's analysis is closer to the post - Keynesian , circulationist tradition than to the New Keynesian views.32 As for ...
Contents
8 | |
42 | |
The Early Views of Endogenous Money Minsky Kaldor and Tobin | 82 |
The Early Views of Endogenous Money Revisited Davidson and Rousseas versus Robinson and Kahn | 132 |
Horizontalists and Structuralists Credit and Endogenous Money | 155 |
PostKeynesians and Orthodoxy Neo PostKeynesians? | 202 |
New Keynesian Monetary Theory and the Transmission Mechanism A Comparison with PostKeynesian Theory | 232 |
A PostKeynesianCircuitist Theory of Banks Uncertainty Creditworthiness and the Supply of Credit | 278 |
Bibliography | 301 |
Index | 331 |
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Common terms and phrases
analysis approach Arestis argues argument assets asymmetric information bank credit behavior borrowers causality central bank changes chapter circuitists circulation claims commercial banks credit and money credit rationing credit-money creditworthiness criticism Davidson debt demand for credit demand for money deposits determined Dymski Eichner endogenous money ex ante exogenous finance motive financial innovations firms Graziani Hence horizontalism horizontalist position households increase instance interest rates investment Journal of Post Kalecki Keynesian theory Lavoie liability management liquidity preference loanable funds Macroeconomics mark-up Minsky's monetary circuit monetary policy monetary theory money endogeneity money multiplier money supply curve Moore multiplier model neoclassical Nicholas Kaldor notion orthodox Palley Parguez Pollin portfolio decisions Post Keynesian Economics post-Keynesian theory production profits quantity of money rate of interest Robinson role Rousseas saving Seccareccia structuralists supply of credit supply of money theory of endogenous theory of money Tobin transmission mechanism uncertainty upward sloping velocity of money views Wray