The Post Keynesian Endogenous Money Supply
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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.
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.
Post Keynesian Monetary Economics
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Author : Rousseas
language : en
Publisher: Routledge
Release Date : 2016-06-16
Post Keynesian Monetary Economics written by Rousseas and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-06-16 with Business & Economics categories.
During the past five years, crises in the US savings and loan industry, commercial banks, and other financial institutions have borne out the ideas that Rousseas expressed in the first edition. His main theme stresses the role of innovation in the financial sector of the economy and its implications for control of the money supply and credit, as well as the larger issue of macroeconomic policy. He holds a Post-Keynesian view of an elastic and endogenous money supply that is largely founded on the "general liquidity thesis" of the Radcliffe Committee. Indeed, the elasticity of the credit structure is even greater than the Radcliffe Committee originally claimed. Tables and charts are revised through 1990, and the text has been revised accordingly. An expanded preface to the revised edition makes this book very relevant to contemporary problems and 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.
Post Keynesian Monetary Economics
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Author : Stephen Rousseas
language : en
Publisher: Springer
Release Date : 1986-05-30
Post Keynesian Monetary Economics written by Stephen Rousseas and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1986-05-30 with Business & Economics categories.
In this book Stephen Rousseas presents a critical overview of some of the central themes of Post Keynesian monetary economics. As Rousseas sees it, Post Keynesian monetary economics rejects the neoclassical and monetarist apporaches. The money supply is seen as a function of nominal income rather than the other way around.
Post Keynesian Economics
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Author : T. Palley
language : en
Publisher: Springer
Release Date : 1996-06-19
Post Keynesian Economics written by T. Palley and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996-06-19 with Business & Economics categories.
This book provides an important and original statement of Post Keynesian macroeconomic theory, focusing on the significance of privately created inside debts and income distribution for the determination of economic activity. The material is presented in a clear and accessible format
Money In Motion
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Author : Ghislain Deleplace
language : en
Publisher: Springer
Release Date : 2016-07-27
Money In Motion written by Ghislain Deleplace and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-07-27 with Business & Economics categories.
In analyzing money, contemporary economics has focused its attention on money's function as a store of value, neglecting its role as medium of circulation. When circulation is put center stage, it becomes apparent that the supply of money does indeed adapt to the needs of trade - and does so in many different ways, often ways that are difficult for a central bank to control, because they reflect the responses of banks and other financial institutions to market incentives. But money's role in circulation must be coordinated with its store of value function, and both with finance. Failure here can lead to instability. The essays in this volume by internationally renowned economists cover these issues in original and contrasting analyses, presenting the American post-Keynesian perspective, on the one hand, and the point of view of the French Circulation School, on the other.
Post Keynesian Monetary Theory
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Author : Marc Lavoie
language : en
Publisher: Edward Elgar Publishing
Release Date : 2020-09-25
Post Keynesian Monetary Theory written by Marc Lavoie 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 2020-09-25 with Business & Economics categories.
Post-Keynesian Monetary Theory recaps the views of Marc Lavoie on monetary theory, seen from a post-Keynesian perspective over a 35-year period. The book contains a collection of twenty previously published papers, as well as an introduction which explains how these papers came about and how they were received. All of the selected articles avoid mathematical formalism.
The Money Supply In The Economic Process
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Author : Marco Musella
language : en
Publisher: Edward Elgar Publishing
Release Date : 1995
The Money Supply In The Economic Process written by Marco Musella 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 1995 with Business & Economics categories.
This collection brings together a selection of previously published articles which outline the role of the money supply in the economic process from a post-Keynesian perspective, paying particular attention to the writings of N. Kaldor. The 32 articles date from 1957 to 1992.
The Role Of Credit In The Theory Of Endogenous Money A Post Keynesian Analysis Of Credit Institutions
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Author : Marc Pilkington
language : en
Publisher:
Release Date : 2014
The Role Of Credit In The Theory Of Endogenous Money A Post Keynesian Analysis Of Credit Institutions written by Marc Pilkington and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
The theory of endogenous money is the cornerstone of Post-Keynesian economics, which dates back to the pioneering writings of authors such as J. Robinson, Kaldor and Kalecki. Second generation Post-Keynesians such as Paul Davidson and Basil Moore have clearly drawn the boundaries of Post-Keynesian theory in accordance with Keynes' intellectual legacy and economic thought. Post-Keynesian monetary theory was openly critical of classical economics and also proved to be a constructive attempt to provide an alternative theoretical framework to the unsatisfactory IS/LM model, which assumed an exogenous money supply as well as an endogenous rate of interest.Firstly, we will study the genesis, the epistemology and the recent developments of the endogenous money theory through its opposition to the quantity theory of money, the still prevailing paradigm in contemporary monetary theory. Secondly, we will establish the complete reversal of the quantity theory of money by the endogenous theory of money in the recent history of economic thought. Finally, once this reversal has been established, a Post-Keynesian analysis of credit institutions will help us determine new solutions for economic policy aiming at full employment. Following Keynes' ideas, Post-Keynesians are concerned with the means to reach the full employment objective and therefore with economic policy. Post-Keynesianism is not an esoterical attempt to debate, once more, the ontological nature of money but is rather a practical reflection on the optimal economic policies resting on an in-depth understanding of money and credit.