Download or read book Liquidity Preference and Monetary Economies written by Fernando J. Cardim de Carvalho and published by Routledge. This book was released on 2015-05-22 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2008 international crisis has revived the interest in Keynes’s theories and, in particular, on Minsky’s models of financial fragility. The core proposition of these theories is that money plays an essential role in modern economies, which is usually neglected in other approaches. This is Keynes’s liquidity preference theory, which is also the foundation for Minsky’s model, a theory that has been largely forgotten in recent years. This book looks at liquidity preference theory and its most important problems, showing how one should understand the role of money in modern monetary economies. It develops Keynes’s and Minsky’s financial view of money, relating it to the process of capital accumulation, the determination of effective demand and the theory of output, and employment as a whole. Building on the author’s significant body of work in the field, this book delves into a broad range of topics allowing the general reader to understand propositions that have been mistreated in the literature including Keynes and the concept of monetary production economy; uncertainty, expectations and money; short and long period; liquidity preference theory as a theory of asset pricing under uncertainty; asset prices and capital accumulation; Keynes’s version of the principle of effective demand; and the role of macroeconomic policy. It will be essential reading for all students and scholars of Post-Keynesian economics.
Download or read book Keynes on Monetary Policy Finance and Uncertainty written by Jorg Bibow and published by Routledge. This book was released on 2013-03-01 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a reassessment of Keynes’ theory of liquidity preference. It argues that the failure of the Keynesian revolution to be made in either theory or practice owes importantly to the fact that the role of liquidity preference theory as a pivotal element in Keynes’ General Theory has remained underexplored and indeed widely misunderstood even among Keynes’ followers and until today. The book elaborates on and extends Keynes’ conceptual framework, moving it from the closed economy to the global economy context, and applies liquidity preference theory to current events and prominent hypotheses in global finance. Jörg Bibow presents Keynes’ liquidity preference theory as a distinctive and highly relevant approach to monetary theory offering a conceptual framework of general applicability for explaining the role and functioning of the financial system. He argues that, in a dynamic context, liquidity preference theory may best be understood as a theory of financial intermediation. Through applications to current events and prominent hypotheses in global finance, this book underlines the richness, continued relevance, and superiority of Keynes’ theory of liquidity preference; with Hyman Minsky standing out for developing Keynes’ vision of financial capitalism.
Download or read book The General Theory of Employment Interest and Money written by John Maynard Keynes and published by Springer. This book was released on 2018-07-20 with total page 404 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book was originally published by Macmillan in 1936. It was voted the top Academic Book that Shaped Modern Britain by Academic Book Week (UK) in 2017, and in 2011 was placed on Time Magazine's top 100 non-fiction books written in English since 1923. Reissued with a fresh Introduction by the Nobel-prize winner Paul Krugman and a new Afterword by Keynes’ biographer Robert Skidelsky, this important work is made available to a new generation. The General Theory of Employment, Interest and Money transformed economics and changed the face of modern macroeconomics. Keynes’ argument is based on the idea that the level of employment is not determined by the price of labour, but by the spending of money. It gave way to an entirely new approach where employment, inflation and the market economy are concerned. Highly provocative at its time of publication, this book and Keynes’ theories continue to remain the subject of much support and praise, criticism and debate. Economists at any stage in their career will enjoy revisiting this treatise and observing the relevance of Keynes’ work in today’s contemporary climate.
Download or read book Keynes on Monetary Policy Finance and Uncertainty written by Jo ̈rg Bibow and published by . This book was released on 2014-05-14 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a reassessment of Keynes' theory of liquidity preference. It argues that the failure of the Keynesian revolution to be made in either theory or practice owes importantly to the fact that the role of liquidity preference theory as a pivotal element in Keynes' General Theory has remained underexplored and indeed widely misunderstood even among Keynes' followers and until today. The book elaborates on and extends Keynes' conceptual framework, moving it from the closed economy to the global economy context, and applies liquidity preference theory to current events and prominent hypotheses in global finance. Jorg Bibow presents Keynes' liquidity preference theory as a distinctive and highly relevant approach to monetary theory offering a conceptual framework of general applicability for explaining the role and functioning of the financial system. He argues that, in a dynamic context, liquidity preference theory may best be understood as a theory of financial intermediation. Through applications to current events and prominent hypotheses in global finance, this book underlines the richness, continued relevance, and superiority of Keynes' theory of liquidity preference; with Hyman Minsky standing out for developing Keynes' vision of financial capitalism.
Download or read book Keynes on Monetary Policy Finance and Uncertainty written by and published by . This book was released on 2009 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, Jrg Bibow illustrates how Keynes' methodology inspired his economic theorizing and how this led to fundamental insights concerning the role of money that contrasted with orthodox closed-system modelling.
Download or read book Modern Theories of Money written by Louis-Philippe Rochon and published by Edward Elgar Publishing. This book was released on 2003-01-01 with total page 652 pages. Available in PDF, EPUB and Kindle. Book excerpt: '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.
Download or read book Money Financial Institutions and Macroeconomics written by Avi Cohen and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: Money, Financial Institutions and Macroeconomics presents a comparative and international perspective on the current state of research in monetary theory, and the application of monetary theory to important policy issues. The main emphasis is on views stressing the importance of credit creation in the monetary process, in a tradition which arguably encompasses Wicksell, the later Swedes and the Austrians, through the later Hicks, the circuit school and contemporary post-Keynesians. In addition, however, there are distinguished contributions from economists with a more `mainstream' approach to the issues. The book is subdivided into four main parts: Part I reviews the theory of a monetary and credit economy; Part II explores alternative views on money and credit; Part III deals with monetary policy issues in North America; and Part IV discusses monetary policy issues in Europe. `Taken together, the contributions to this volume certainly bear out Hick's famous adage about the much closer relationship between `monetary theory' and `monetary history' than is the case in other branches of economic thought.'
Download or read book Keynes on Monetary Policy Finance and Uncertainty written by Jörg Bibow and published by . This book was released on 2005 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Monetarism and the Demise of Keynesian Economics written by G.R. Steele and published by Springer. This book was released on 1989-06-26 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: An examination of the role of money in a dynamic economy within the context of theoretical developments both within and in opposition to, the Quantity Theory tradition. Emphasis is on the dangers of basing economic policy on macroeconomic analysis.
Download or read book Finance Constraints and the Theory of Money written by S. C. Tsiang and published by Academic Press. This book was released on 2014-05-10 with total page 417 pages. Available in PDF, EPUB and Kindle. Book excerpt: Finance Constraints and the Theory of Money: Selected Papers gathers together the work of S. C. Tsiang, one of the most cogent critics of the Keynesian stock approach to money in all its forms and one of the foremost champions of the flow approach. Tsiang's papers focus on finance constraints and the theory of money, tackling topics such as the role of money in trade-balance stability and the monetary theoretic foundation of the modern monetary approach to the balance of payments, as well as the diffusion of reserves and the money supply multiplier. Comprised of 17 chapters, this volume begins by providing a background to the development of Tsiang's thinking on monetary theory and why he objected to the Keynesian stock equilibrium approach to money. The reader is then introduced to speculation and income stability; misconceptions in monetary theory and their influences on financial and banking practices; and liquidity preference in general equilibrium analysis. Subsequent chapters deal with the optimum supply of money; the total inadequacy of "Keynesian" balance of payments theory; and the rationale of the mean-standard deviation analysis, skewness preference, and the demand for money. This book will be a useful resource for practitioners interested in economic theory, econometrics, and mathematical economics.
Download or read book Monetary Theory and Policy The Effects of Money in an Economy written by Inna Baier and published by GRIN Verlag. This book was released on 2015-01-30 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2013 in the subject Economics - Monetary theory and policy, grade: 1,8, Justus-Liebig-University Giessen, language: English, abstract: This Paper aims to explain the effects of money in an economy. The beginning of the Paper analyses the money supply, the money demand and which variables determinate it or how they influence them. Further the paper analyses how the money stock could be used by the central bank and the government as monetary instrument to invent into economy. At certain stages endnotes will refer to the interest rate theory and try to answer, how strong it influences the money amount.
Download or read book New Approaches to Monetary Economics written by International Symposium in Economic Theory and Econometrics (2, 1985, Austin, Tex.) and published by Cambridge University Press. This book was released on 1987-07-31 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: New Approaches to Monetary Economics brings together presentations of innovative research in the field of monetary economics. Much of this research develops and applies approaches to modelling financial intermediation, aggregate fluctuations, monetary aggregation and transactions-motivated monetary equilibrium. The contents of this volume comprise the proceedings of the second in a conference series entitled International Symposia in Economic Theory and Econometrics. This conference was held in 1985 at the IC2 Institute at the University of Texas at Austin. The symposia in this series are sponsored by the IC2 Institute and the RGK Foundation. New Approaches to Monetary Economics, edited by Professors William A. Barnett and Kenneth J. Singleton, consists of five parts. Part I examines transactions-motivated monetary holding in general equilibrium; Part II, financial intermediation; Part III, monetary aggregation theory, Part IV, issues in aggregate fluctuation; and Part V, theoretical issues in the foundations of monetary economics and macroeconomics.
Download or read book Monetary Economics written by W. Godley and published by Springer. This book was released on 2006-12-01 with total page 574 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book challenges the mainstream paradigm, based on the inter-temporal optimisation of welfare by individual agents. It introduces a methodology for studying how it is institutions which create flows of income, expenditure and production together with stocks of assets and liabilities, thereby determining how whole economies evolve through time.
Download or read book Keynes General Theory of Interest written by Fiona MacLachlan and published by Routledge. This book was released on 2005-07-25 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Keynes' General Theory of Interest Fiona Maclachlan rehabilitates the largely discredited liquidity preference theory of interest, providing an original and rigorously reasoned restatement of the theory. Her provocative book draws on the methodological tenets of the Austrian school and is grounded firmly both in the history of economic thought and in real world economic institutions.
Download or read book A Handbook of Alternative Monetary Economics written by Philip Arestis and published by Edward Elgar Publishing. This book was released on 2006 with total page 535 pages. Available in PDF, EPUB and Kindle. Book excerpt: Consists of over 30 major contributions that explore a range of work on money and finance. The contributions in this handbook cover the origins and nature of money, detailed analyses of endogenous money, surveys of empirical work on endogenous money and the nature of monetary policy when money is endogenous.
Download or read book A Reinterpretation and Remedy of Keynes s Liquidity Preference Theory written by Wenge Huang and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The dissension on the mechanism of determination of interest rate is always in the center of much confusion and many controversies of monetary economics. Keynes's liquidity preference theory remains at the core of the center. This paper starts off with analyzing the inherent logic of liquidity preference theory and presents a new interpretation of the theory in a more logical and clear manner. The reinterpretation clearly indicates the necessity of introducing liquidity preference analysis into determination of interest rate, arguing that it is the liquidity preference analysis based on finance motive, rather than on transactions motive, that plays a more fundamental role in determining interest rate. The paper then points out a crucial and unsolved mistake in Keynes's liquidity preference theory, i.e. interest rate is indeterminate, which is revealed by introducing finance motive into the theory. Further, the paper develops a logically consistent and integrated model of determination of interest rate on the basis of the liquidity preference analysis centered on finance motive. In this model, interest rate is not determined by the demand for and supply of money, but determined by the demand for and supply of idle money.
Download or read book Money Uncertainty and Time written by Giuseppe Fontana and published by Routledge. This book was released on 2008-09-11 with total page 161 pages. Available in PDF, EPUB and Kindle. Book excerpt: This excellent new book from one of the brightest young economists, Giuseppe Fontana, involves a compendium of issues surrounding uncertainty, money and time. Fontana shines a post Keynesian light onto statements and claims made by well-known neo-classical authors and as such leaves readers with an interesting and informative book to be read and re-read by all those scholars and students involved with monetary economics.
