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 10
... endogenous credit - money . In Keynes's post - General Theory articles , therefore , we find the necessary ingredients for developing a proper theory of money endogeneity , minus the more ambiguous arguments of the General Theory , such ...
... endogenous credit - money . In Keynes's post - General Theory articles , therefore , we find the necessary ingredients for developing a proper theory of money endogeneity , minus the more ambiguous arguments of the General Theory , such ...
Page 25
... money at the beginning of the circuit , " otherwise investment - goods firms ... money revenues that the amount that economic agents are willing to borrow ... endogeneity , the assets of the banks determine the liabilities : loans ...
... money at the beginning of the circuit , " otherwise investment - goods firms ... money revenues that the amount that economic agents are willing to borrow ... endogeneity , the assets of the banks determine the liabilities : loans ...
Page 30
... endogeneity of money , and the role of banks in determining and influencing the supply of money . Keynes ( xiv , p . 210 ) , writes about the " power of the banks through their control over the supply of money . " Since banks appear to ...
... endogeneity of money , and the role of banks in determining and influencing the supply of money . Keynes ( xiv , p . 210 ) , writes about the " power of the banks through their control over the supply of money . " Since banks appear to ...
Page 33
... money . Hence , both at the beginning of the circuit as at the end of the circuit , the demand for " money " - both in terms of credit and money proper will create the necessary supply : the endogeneity principle operates in each case ...
... money . Hence , both at the beginning of the circuit as at the end of the circuit , the demand for " money " - both in terms of credit and money proper will create the necessary supply : the endogeneity principle operates in each case ...
Page 43
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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