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Liquidity preference theory revisited : to ditch or to build on it?
Bibow, Jörg (contributor) - 2005
This paper revisits Keynes's liquidity preference theory as it evolved from the Treatise on Money to The General Theory and after, with a view of assessing the theory's ongoing relevance and applicability to issues of both monetary theory and policy. Contrary to the neoclassical "special case"...
Persistent link: https://www.econbiz.de/10003229836
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Secular stagnation or stagnation policy? : Steindl after summers
Hein, Eckhard - 2015
The current debate on secular stagnation is suffering from some vagueness and several shortcomings. The same is true … for the economic policy implications. Therefore, we provide an alternative view on stagnation tendencies based on Josef … Steindl’s contributions. In particular, Steindl (1952) can be viewed as a pioneering work in the area of stagnation in modern …
Persistent link: https://www.econbiz.de/10011349456
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Fisher's theory of interest rates and the notion of "real" : a critique
Tymoigne, Éric (contributor) - 2006
By providing five different criticisms of the notion of real rate, the paper argues that this concept, as Fisher defined it or as a definition, is not relevant to economic analysis. Following Keynes and other post-Keynesians, the article shows that the notion of real rate is microeconomically...
Persistent link: https://www.econbiz.de/10003720950
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A nonbehavioral theory of saving
Nikiforos, Michalis - 2015
that led to the Great Recession and the dilemma of a repeat of this kind of unsustainable process or secular stagnation …
Persistent link: https://www.econbiz.de/10011309510
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A note concerning government bond yields
Akram, Tanweer - 2020
This paper relates Keynes's discussions of money, the state theory of money, financial markets, investors' expectations, uncertainty, and liquidity preference to the dynamics of government bond yields for countries with monetary sovereignty. Keynes argued that the central bank can influence the...
Persistent link: https://www.econbiz.de/10012317613
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Keynes after 75 years : rethinking money as a public monopoly
Wray, L. Randall - 2011
In this paper I first provide an overview of alternative approaches to money, contrasting the orthodox approach, in which money is neutral, at least in the long run; and the Marx-Veblen-Keynes approach, or the monetary theory of production. I then focus in more detail on two main categories: the...
Persistent link: https://www.econbiz.de/10008906545
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Money in finance
Wray, L. Randall - 2011
This paper begins by defining, and distinguishing between, money and finance, and addresses alternative ways of financing spending. We next examine the role played by financial institutions (e.g., banks) in the provision of finance. The role of government as both regulator of private...
Persistent link: https://www.econbiz.de/10008906555
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From the state theory of money to modern money theory : an alternative to economic orthodoxy
Wray, L. Randall - 2014
This paper explores the intellectual history of the state, or chartalist, approach to money, from the early developers (Georg Friedrich Knapp and A. Mitchell Innes) through Joseph Schumpeter, John Maynard Keynes, and Abba Lerner, and on to modern exponents Hyman Minsky, Charles Goodhart, and...
Persistent link: https://www.econbiz.de/10010252186
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The financial crisis viewed from the perspective of the "social costs" theory
Wray, L. Randall - 2011
This paper examines the causes and consequences of the current global financial crisis. It largely relies on the work of Hyman Minsky, although analyses by John Kenneth Galbraith and Thorstein Veblen of the causes of the 1930s collapse are used to show similarities between the two crises. K.W....
Persistent link: https://www.econbiz.de/10008933474
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Japan's liquidity trap
Akram, Tanweer - 2016
Japan has experienced stagnation, deflation, and low interest rates for decades. It is caught in a liquidity trap. This … stagnation. It also analyzes the country’s liquidity trap in terms of the different strands in the theoretical literature. It is …
Persistent link: https://www.econbiz.de/10011453035