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 8
... Money and Production The objective of the present chapter is to develop a theory of endogenous money based on the circuit approach where bank credit takes center stage . Not only is money created ex nihilo , but endogenous money also ...
... Money and Production The objective of the present chapter is to develop a theory of endogenous money based on the circuit approach where bank credit takes center stage . Not only is money created ex nihilo , but endogenous money also ...
Page 9
... money is created and introduced into the market circuit . " 4 KEYNES'S FOST - GENERAL THEORY ARTICLES AND THE FATE OF THE GENERAL THEORY From the Treatise of Money to his articles in the Economic Journal ( 1937 -1939 ) , passing through ...
... money is created and introduced into the market circuit . " 4 KEYNES'S FOST - GENERAL THEORY ARTICLES AND THE FATE OF THE GENERAL THEORY From the Treatise of Money to his articles in the Economic Journal ( 1937 -1939 ) , passing through ...
Page 14
... money , the confines of the General Theory ought to be abandoned , in favor of Keynes's Economic Journal articles , written between 1937 and 1939 , on finance and interest rates . 9 CREDIT , MONEY , AND PRODUCTION : THE CIRCUIT APPROACH ...
... money , the confines of the General Theory ought to be abandoned , in favor of Keynes's Economic Journal articles , written between 1937 and 1939 , on finance and interest rates . 9 CREDIT , MONEY , AND PRODUCTION : THE CIRCUIT APPROACH ...
Page 15
... ( money ) is simultaneous ( Graziani , 1990b , p . 52 ) , credit and money are nonetheless seen as different entities , each playing a different , yet specific , role in the circuit . There is hence no need to extend the definition of money ...
... ( money ) is simultaneous ( Graziani , 1990b , p . 52 ) , credit and money are nonetheless seen as different entities , each playing a different , yet specific , role in the circuit . There is hence no need to extend the definition of money ...
Page 16
... monetary circuit . This is largely the result of various influences within the school . Though Keynes of the Treatise and the post - General Theory is certainly central to the circuitist arguments , others play an equally important role ...
... monetary circuit . This is largely the result of various influences within the school . Though Keynes of the Treatise and the post - General Theory is certainly central to the circuitist arguments , others play an equally important role ...
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