Money, Credit and Price Stability
Beginning with the development of credit-money theory in the twentieth century, Paul Dalziel derives a model that explains how interest rates are used by authorities to maintain price stability. His conclusions suggest ways in which the current policy framework can be improved to promote growth, without sacrificing that stability.
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aggregate Arestis argued assumed assumption balance sheet bank advances bank deposits bank loans bank’s banking system base interest rate budget deficit capital stock central bank changes Chapter created credit-money Dalziel Davidson decisions of firms denoted economy’s efficiency of capital endogenous money equal Equation equity prices example excess supply fiat-money Figure financial assets framework fund of investment funding decisions government’s growth rate households impact income increase inflation rate inflation tax inflationary investment expenditure investment finance Keynes Keynesian liabilities liquidity preference marginal debt–capital ratio marginal efficiency mechanism medium of exchange monetary authorities monetary policy money balances money supply money–wealth ratio multiplier process nominal interest rate nominal money period Phillips curve policymakers price level price of capital private sector process analysis produces quantity rate of interest real interest rate Reserve Bank result revolving fund Richard Kahn rise shareholders theory of money Tobin’s transmission mechanism unemployment voluntary saving wage wealth Zealand