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 33
... demand for credit to start production at the following period . This is , however , not an automatic mechanism : banks may decide for a number of reasons not to renew their financial commitment to the firms ( see chapter 8 ) . Once ...
... demand for credit to start production at the following period . This is , however , not an automatic mechanism : banks may decide for a number of reasons not to renew their financial commitment to the firms ( see chapter 8 ) . Once ...
Page 36
... demand is a residual of the system . The stock of money which is held by households makes up the increase in the stock of money . What is clear is that households ' demand for money , the debt of firms , and the final increase in the ...
... demand is a residual of the system . The stock of money which is held by households makes up the increase in the stock of money . What is clear is that households ' demand for money , the debt of firms , and the final increase in the ...
Page 39
... credit as money , it is perhaps because , at this time , Keynes prefers staying as close as possible to the terminology of the General Theory . 23. Dividend payments on past debt are also included in credit demand . According to Lavoie ...
... credit as money , it is perhaps because , at this time , Keynes prefers staying as close as possible to the terminology of the General Theory . 23. Dividend payments on past debt are also included in credit demand . According to Lavoie ...
Page 40
... credit firms cannot pay back by their sales - generated gross income . " As a result , " the outstanding stock of bank advances and the demand for bank deposits cannot be considered to be independent variables ( Lavoie , 1995 , p . 4 ) ...
... credit firms cannot pay back by their sales - generated gross income . " As a result , " the outstanding stock of bank advances and the demand for bank deposits cannot be considered to be independent variables ( Lavoie , 1995 , p . 4 ) ...
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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