Since the beginning of the fall of monetarism in the mid-1980s, mainstream macroeconomics has incorporated many of the principles of post-Keynesian endogenous money theory. This paper argues that the most important critical component of post-Keynesian monetary theory today is its rejection of...

Purpose – The purpose of this paper is to review monetary policy options in countries assumed to be suffering from two common economic problems: deficient private demand and high and rising public debt. Design/methodology/approach – The analytical approach assumes that relevant authorities...

Purpose – The purpose of this paper is to evaluate threshold effects in the persistence of South African aggregate inflation data. Design/methodology/approach – The conventional approach for assessing the degree of persistence within an inflation process is via its integration properties....

The Strategic Market Game (SMG) is the general equilibrium mecha-nism of strategic reallocation of resources. It was suggested by Shapley and Shubik in a series of papers in the 70s and it is one of the fundamentals of contemporary monetary macroeconomics with endogenous demand for money. This...

In this paper the differences between the principle of effective demand of Keynes and Kalecki are analyzed, focusing on Kalecki's less well known version. The paper considers, in the first place, the theory of prices and the theory of distribution. Then it deals with the theory of investment,...

This book provides a comprehensive overview, in the form of eight long essays, of the evolution of monetary theory over the three-quarters of century, from the time of Keynes to the present day. The essays are originally based on lecture notes from a graduate course on Advanced Monetary...

We use exogenous variation in the degree of restrictions to bank competition across Italian provinces to study both the effects of bank regulation and the impact of deregulation. We find that where entry was more restricted the cost of credit was higher and - contrary to expectations- access to...

This paper, prepared for the forthcoming Elgar Companion to the Chicago School of Economics (Ross Emmett and Malcolm Rutherford eds.) describes monetary economics as it existed in four eras at the University of Chicago. It begins with analysis, based on the Real Bills Doctrine, developed by J....

This study highlights the relevance of monetary targeting in India by looking at the stability of money demand function. Employing the co-integration techniques the study concludes that despite financial liberalisation that has been taking place in India, the money demand function has been found...