Endogenous Money Supply And Money Demand
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Endogenous Money Supply And Money Demand
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Author : Woon Gyu Choi
language : en
Publisher: INTERNATIONAL MONETARY FUND
Release Date : 2000-11-01
Endogenous Money Supply And Money Demand written by Woon Gyu Choi and has been published by INTERNATIONAL MONETARY FUND this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000-11-01 with Business & Economics categories.
This paper explores the behavior of money demand by explicitly accounting for the money supply endogeneity arising from endogenous monetary policy and financial innovations. Our theoretical analysis indicates that money supply factors matter in the money demand function when the money supply partially responds to money demand. Our empirical results with U.S. data provide strong evidence for the relevance of the policy stance to the demand for MI under a regime in which monetary policy is substantially endogenous. Specifically, we find that tighter monetary policy has substantial positive impacts on money demand under the recent Federal funds rate targeting.
Advances In Endogenous Money Analysis
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Author : Louis-Philippe Rochon
language : en
Publisher: Edward Elgar Publishing
Release Date : 2017-10-27
Advances In Endogenous Money Analysis written by Louis-Philippe Rochon and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-10-27 with Endogenous growth categories.
The endogenous nature of money is a fact that has been recognized rather late in monetary economics. Today, it is explained most comprehensively by the theory of money in post-Keynesian monetary theory. The expert contributors to this enlightening book revisit long-standing debates on the endogeneity of money from the position of both horizontalists and structuralists, and prescribe new areas of research and debate for post-Keynesian scholars to explore.
Endogenous Money Supply And Money Demand
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language : en
Publisher:
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Endogenous Money Supply And Money Demand written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
The International Monetary Fund (IMF) presents the full text of an article entitled "Endogenous Money Supply and Money Demand," by Woon Gyu Choi and Seonghwan Oh and published November 2000. The article discusses the behavior of money demand by explicitly accounting for the money supply endogeneity arising from endogenous monetary policy and financial innovations.
Endogenous Money Supply And Money Demand
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Author : Woon Gyu Choi
language : en
Publisher:
Release Date : 2006
Endogenous Money Supply And Money Demand written by Woon Gyu Choi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
This paper explores the behavior of money demand by explicitly accounting for the money supply endogeneity arising from endogenous monetary policy and financial innovations. Our theoretical analysis indicates that money supply factors matter in the money demand function when the money supply partially responds to money demand. Our empirical results with U.S. data provide strong evidence for the relevance of the policy stance to the demand for M1 under a regime in which monetary policy is substantially endogenous. Specifically, we find that tighter monetary policy has substantial positive impacts on money demand under the recent Federal funds rate targeting.
Money And Credit In Capitalist Economies
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Author : L. Randall Wray
language : en
Publisher: Edward Elgar Publishing
Release Date : 1990
Money And Credit In Capitalist Economies written by L. Randall Wray and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1990 with Business & Economics categories.
This widely acclaimed book argues that money is not the product of a simple deposit multiplier process. The impressive analysis includes discussions of the origins and nature of money and of the evolution of monetary institutions and theory. Unlike other recent works on 'endogenous money', this book incorporates liquidity preference theory within the analysis by carefully distinguishing money from liquidity and by showing how money, but not liquidity, is created on demand. This naturally leads to a role for liquidity preference in the determination of interest rates. Extensions then link money to financial instability, the expenditure multiplier, credit, saving, investment, development, deficits and growth. This controversial and provocative book will be essential reading for all economists and researchers concerned with monetary and macroeconomics. It will have particular appeal to post Keynesian economists.
Money And Employment
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Author : Peter Docherty
language : en
Publisher: Edward Elgar Publishing
Release Date : 2005-01-01
Money And Employment written by Peter Docherty and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2005-01-01 with Business & Economics categories.
'. . . this volume is a valuable collection that will provide much interest to both policy-makers and academics.' - Simon Sosvilla-Rivero, Economic Journal Money, Inflation and Employment examines issues of economic policy and theory through a series of original essays written in recognition of Sir James Ball's seminal contribution to macroeconomic modelling, forecasting and economic policy making. Contributions by leading policy makers focus primarily on the UK economy, with papers by Jeremy Bray, MP, on managing the economy, Alan Budd, Chief Economic Adviser to the Treasury, on exchange rate policy, Sir Terence Burns, Permanent Secretary to the Treasury, on the Treasury's responsibilities and character, and Bill Robinson on the effects of North Sea oil.
Modern Theories Of Money
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Author : Louis-Philippe Rochon
language : en
Publisher: Edward Elgar Publishing
Release Date : 2003-01-01
Modern Theories Of Money written by Louis-Philippe Rochon and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2003-01-01 with Business & Economics categories.
'This is a timely book. Being on modern theories of money - essentially the study of traditions of endogenous money - it is a welcome contribution to current thinking on monetary policy. The modern central bank view on money is that the rate of interest should be manipulated by central banks to achieve an inflation target with the money supply being the "residual". Although money is in effect endogenous, there is no theory that explains its behaviour. Modern Theories of Money is a serious attempt to sharpen existing views on the issue and fill gaps in an admirable manner.' - Philip Arestis, University of Cambridge, UK and Levy Economics Institute, US This book unites diverse heterodox traditions in the study of endogenous money - which until now have been confined to their own academic quarters - and explores their similarities and differences from both sides of the Atlantic. Bringing together perspectives from post-Keynesians, Circuitists and the Dijon School, the book continues the tradition of Keynes's and Kalecki's analysis of a monetary production economy, emphasising the similarities between the various approaches, and expanding the analytical breadth of the theory of endogenous money. The authors open new avenues for monetary research in order to fuel a renewed interest in the nature and role of money in capitalist economies, which is, the authors argue, one of the most controversial, and therefore fascinating, areas of economics.
Complexity Endogenous Money And Macroeconomic Theory
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Author : Mark Setterfield
language : en
Publisher: Edward Elgar Publishing
Release Date : 2006-01-01
Complexity Endogenous Money And Macroeconomic Theory written by Mark Setterfield and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006-01-01 with Business & Economics categories.
That the chapters in the volume cover such a wide range of important, often fundamental, topics is a proper tribute to Basil Moore s influence and contributions over his working life. From the foreword by G.C. Harcourt, Jesus College, Cambridge, UK During a distinguished career, Basil Moore has made numerous important contributions to macroeconomics and monetary economics, and is renowned as the progenitor of the horizontalist analysis of endogenous money. More recently, he has embraced complexity theory as part of an ongoing effort to understand macroeconomics as an evolving, path-dependent process. This book celebrates and explores Basil Moore s interests in and contributions to monetary and macroeconomic theory. Complexity, Endogenous Money and Macroeconomic Theory features original essays by internationally acclaimed and expert authors. It comprises a selection of papers on five distinct but interrelated themes: economic concepts, tools and methodology; complexity, uncertainty and path dependence; the macroeconomics of endogenous money; the macroeconomics of exogenous interest rates; and unemployment, inflation and the determination of aggregate income. These papers combine to provide a comprehensive methodological and theoretical discussion of the macroeconomics of a monetary production economy. The book will be of interest to professionals and research students in the fields of macroeconomics and monetary economics especially those with an interest in the Post Keynesian approach to analyzing these fields, including the wide audience that has been reached by the contributions of Basil Moore himself.
The Post Keynesian Endogenous Money Supply
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Author : Gracjan Bachurewicz
language : en
Publisher:
Release Date : 2018
The Post Keynesian Endogenous Money Supply written by Gracjan Bachurewicz and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
The paper examines the endogenous money supply theory for a representative emerging market economy, namely Poland. The Post-Keynesian theory is tested against the fractional reserve theory of money creation that assumes money supply to be exogenously determined and controlled by the monetary authority. Granger causality tests, the estimates from a vector error-correction model and the analysis of impulse-response functions from a general VAR support the post-Keynesian proposition of money supply endogeneity in Poland during the 2001-16 period. The demand for bank credit, represented by bank lending, causes changes in both bank deposits and the M3 money supply. Bank loans also Granger-cause the monetary base, as Post-Keynesian theory asserts. In short, loans make deposits, instead of the reverse. The M3 money multiplier does not Granger-cause broad money supply in Poland - a finding which further undermines the popular 'money multiplier' view. The above conclusions provide important insights for the Polish central bank regarding how it should understand monetary policy.
Credit Money And Production
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Author : Louis-Philippe Rochon
language : en
Publisher: Edward Elgar Publishing
Release Date : 1999-11-25
Credit Money And Production written by Louis-Philippe Rochon and has been published by Edward Elgar Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999-11-25 with Business & Economics categories.
Rochon (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 economics. He argues that rather than emphasizing the early writings of Minsky, Kaldor, and Tobin in the 1950s and of Davidson and Rousseas later, post Keynesians ought to have followed the writings of Joan Robinson and Richard Kahn who offered better theories of credit-money.