Money and Credit in Capitalist Economies: The Endogenous Money Approach
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.
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The Endogenous Approach to Money
Money and Institutional Evolution
Endogenous Money versus Exogenous Money
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accepted accumulation aggregate allow analysis argues assets attempt balance sheets Bank of England base become bills bonds borrowers capital capitalist cash cause cent central bank changes Chapter circulation Column commercial banks commitments commodity constrained consumption costs created currency debt demand deposits determined discount discussed economy effects endogenous money approach example excess exchange exist exogenous expansion expectations fall Finally firms flows forced foreign function funds future growth held hoards hold important income increase innovation interest rates investment issued Keynes liabilities liquidity preference loans long term means meet Minsky monetary money demand money supply Moore normally notes obtain operations payment period position present production profit purchase quantity raise ratios reduce relation reserves result retire rise saving securities short term spending theory trade units