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Reflections on the reconciliation problem
Lopušník, Ondřej - 2011
This paper deals with the so called problem of reconciliation, a contentious and puzzling issue in Post Keynesian monetary theory. The crux of the matter is the question of mechanisms that would reconcile the loan-created supply of deposits with the willingness of agents to hold these deposits....
Persistent link: https://www.econbiz.de/10010322213
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Různá pojetí endogenity peněz v postkeynesovské ekonomii: Reinterpretace do obecnější teorie
Lopušník, Ondřej - 2010
The theory of endogenous money supply forms one of the cornerstones of Post Keynesian economics. It has been developing rapidly during the last twenty years, but is still neglected as a theoretical background for practical central bank policy. This may be (among other reasons) due to the...
Persistent link: https://www.econbiz.de/10010322224
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Equilibrium interest rate and financial transactions in post-Keynesian models. Pointing out some overlooked features
Asensio, Angel - In: Intervention. European Journal of Economics and … 08 (2011) 2, pp. 389-404
The paper argues that beyond the deviations of the long-term interest rate the monetary authority may cause, it is the rate determined by the market conventional expectations that prevails eventually. Lasting influence requires the authority to be capable of changing the market conventional...
Persistent link: https://www.econbiz.de/10014363132
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A third era of credit theory? Endogenous money from Wolfgang Stützel's balance mechanics perspective
Ellermann, Christoph; Lindner, Fabian; Reissl, Severin; … - In: European Journal of Economics and Economic Policies: … 14 (2017) 1, pp. 13-22
We present an introduction to the translation of a part of the stock-flow consistent (SFC) framework published by the German economist Wolfgang Stützel in 1958, which follows in this issue. While not a quantitative model, Stützel's 'balance mechanics' has some features which still stand out...
Persistent link: https://www.econbiz.de/10014363282
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Post-Keynesian economics How to move forward
Stockhammer, Engelbert; Ramskogler, Paul - In: Intervention. European Journal of Economics and … 06 (2009) 2, pp. 227-246
Post-Keynesian Economics (PKE) is at the crossroads. Post-Keynesians (PKs) have become effectively marginalized; the academic climate at universities has become more hostile to survival and the mainstream has become more diverse internally. Moreover, a heterodox camp of diverse groups of...
Persistent link: https://www.econbiz.de/10014363070
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Postkeynesianismus: Ein heterodoxer Ansatz auf der Suche nach einer Fundierung
Heise, Arne - 2018
In diesem Beitrag geht es darum, den Postkeynesianismus als paradigmatische Alternative zum herrschenden neoklassischen … Mainstream etwas näher kennenzulernen. Es zeigt sich sehr schnell, dass der Postkeynesianismus keine einheitliche Denkschule … Nachvollzug dieser Postulate aus dem axiomatischen Kern des Postkeynesianismus wird dann darauf verzichtet, dass Kaleidoskop …
Persistent link: https://www.econbiz.de/10011904077
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Solving the paradox of monetary profits
Keen, Steve - 2010
Bruun and Heyn-Johnsen (2009) state the paradox that economics has failed to provide a satisfactory explanation of how monetary profits are generated, even though the generation of a physical surplus is an established aspect of non-neoclassical economics. They emphasise that our ability to...
Persistent link: https://www.econbiz.de/10010299739
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Solving the paradox of monetary profits
Keen, Steve - In: Economics: The Open-Access, Open-Assessment E-Journal 4 (2010) 2010-31, pp. 1-32
Bruun and Heyn-Johnsen (2009) state the paradox that economics has failed to provide a satisfactory explanation of how monetary profits are generated, even though the generation of a physical surplus is an established aspect of non-neoclassical economics. They emphasise that our ability to...
Persistent link: https://www.econbiz.de/10010302702
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Monetary economics after the global financial crisis: what has happened to the endogenous money theory?
Fontana, Giuseppe; Realfonzo, Riccardo; Passarella, … - In: European Journal of Economics and Economic Policies: … 17 (2020) 3, pp. 339-355
The 2010s have witnessed a new shift in central banking and, partially at least, in monetary economics and macroeconomic modelling. It is a fact that the endogenous money theory has been gradually clawing back popularity at the expense of the classical theory of interest rates, the financial...
Persistent link: https://www.econbiz.de/10014363396
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The return of black box economics: A critique of Keen on effective demand and changes in debt
Reissl, Severin - 2015
In a paper for the Review of Keynesian Economics, Steve Keen recently provided a restatement of his claim that "effective demand equals income plus the change in debt". The aim of the present article is to provide a detailed critique of Keen's argument using an analytical framework pioneered by...
Persistent link: https://www.econbiz.de/10010520611