Credit, Money, and Production: An Alternative Post-Keynesian Approach
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 econ
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analysis approach Arestis argues argument assets asymmetric information balance sheets 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 Hence horizontalism horizontalist position households increase instance interest rates investment Kalecki Keynes xiv Keynes's Keynesian economics Keynesian theory Lavoie liability management liquidity preference loanable funds macroeconomic mark-up Minsky's monetary circuit monetary policy monetary theory monetized economy money endogeneity money multiplier money supply curve Moore neoclassical notion orthodox Palley Parguez Pollin portfolio decisions 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