By Philip Arestis
Ebook DescriptionThis significant new guide contains over 30 contributions that discover the whole diversity of interesting and engaging paintings on funds and finance, presently occurring inside of heterodox economics.There are many topics and aspects of other financial and fiscal economics yet significant ones might be pointed out. the 1st issues the character of cash: cash is credits created during the economic system within the means of mortgage construction. the second one subject is that cash is endogenous and never exogenous. Contributions to the instruction manual hide the origins and nature of cash, exact analyses of endogenous funds, surveys of empirical paintings on endogenous funds and the character of economic coverage whilst cash is endogenous. the second one subject matter specializes in the economic system, and the notion that it truly is as a rule topic to volatility, instability and drawback. This instruction manual will unquestionably function the final word advisor to the entire spectrum of other financial economics.Philip Arestis and Malcolm Sawyer have played a useful activity in compiling a finished instruction manual, written by way of prime experts, that may be required analyzing by way of higher point undergraduate and postgraduate scholars learning funds, finance and macroeconomics in addition to heterodox and financial economists extra as a rule.
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Additional resources for A handbook of alternative monetary economics
It is therefore now increasingly (though by no means universally) accepted that the money supply should be treated as an endogenous variable in monetary theory. This is the case across a wide spectrum of modern theoretical approaches, including the neoclassical theory of monetary policy (as in Goodhart, 1984) and new classical business cycle theory (as in McCallum, 1986), as well as, more traditionally, in the post-Keynesian approach. The view that the money supply is endogenous has a long pedigree,2 which, contrary to popular belief, includes Keynes (Moore, 1988; Dow, 1997a).
1991), ‘Bank of Canada cash management: the main technique for implementing monetary policy’, Bank of Canada Review, January, 3–32. Clinton, K. (1997), ‘Implementation of monetary policy in a regime with zero reserve requirements’, Working Paper 97-8, Bank of Canada. Coghlan, R. (1978), ‘A new view of money’, Lloyds Bank Review, July, 12–27. Cottrell, A. (1994), ‘Post-Keynesian monetary theory’, Cambridge Journal of Economics, 18(6), 587–605. Davidson, P. (1989), ‘On the endogeneity of money once more’, Journal of Post Keynesian Economics, 11(3), 488–90.
H. (1996), ‘A Post Keynesian theory of credit rationing’, Journal of Post Keynesian Economics, 18(3), 443–70. H. (2003), ‘Credit rationing’, in J. ), The Elgar Companion to Post Keynesian Economics, Cheltenham, UK and Northampton, MA, USA: Edward Elgar, pp. 77–82. Woodford, M. (2002a), ‘Financial market eﬃciency and the eﬀectiveness of monetary policy’, FRBNY Economic Policy Review, May, 85–94. Woodford, M. (2002b), Interest and Prices: Foundations of a Theory of Monetary Policy, Princeton, NJ: Princeton University Press.
A handbook of alternative monetary economics by Philip Arestis