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Endogenous money and effective demand
Keen, Steve - In: Review of Keynesian Economics 2 (2014) 3, pp. 271-291
Endogenous money is a core component of post-Keynesian economics, but it has not been fully integrated into its macroeconomics. To do so requires replacing the accounting truism that ex post expenditure equals ex post income with the endogenous money insight that ex post expenditure equals ex...
Persistent link: https://www.econbiz.de/10010854920
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Stability problems in hyperinflation models
Zink, Helmut - Fachbereich Wirtschaftswissenschaften, Universität Konstanz - 1993
Traditional monetary models of hyperinflation suffer from severe stability problems: equilibria with realistic comparative-static properties are unstable while those with unrealistic comparative statics are stable. In the present paper I develop a model of hyperinflation which is based on an...
Persistent link: https://www.econbiz.de/10010956839
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"Endogenous Money and the Natural Rate of Interest: The Reemergence of Liquidity Preference and Animal Spirits in the Post-Keynesian Theory of Capital Markets"
Pilkington, Philip - Levy Economics Institute - 2014
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 the "natural rate of interest." By examining the hidden assumptions of the loanable … interest version of the loanable funds theory, it quickly becomes clear that Minsky does not fall into the loanable funds camp. …
Persistent link: https://www.econbiz.de/10010930555
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Romania; Selected Issues
International Monetary Fund (IMF); International … - 2007
This Selected Issues paper discusses Romania’s modeling monetary policy. A simple Forecasting and Policy Analysis System (FPAS) for Romania has been designed to help in the preparation of the IMF staff’s forecasts and policy assessments. A major advantage of this approach is that...
Persistent link: https://www.econbiz.de/10011245389
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Graph representation of balance sheets: from exogenous to endogenous money
Pitrou, Cyril - Volkswirtschaftliche Fakultät, … - 2015
A graph representation of the financial relations in a given monetary structure is proposed. It is argued that the graph of debt-liability relations is naturally organized and simplified into a tree structure, around banks and a central bank. Indeed, this optimal graph allows to perform payments...
Persistent link: https://www.econbiz.de/10011262872
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Imperfect Central Bank Communication; Information Versus Distraction.
Orphanides, Athanasios; Dale, Spencer; Österholm, Pär - International Monetary Fund (IMF) - 2008
Much of the information communicated by central banks is noisy or imperfect. This paper considers the potential benefits and limitations of central bank communications in a model of imperfect knowledge and learning. It is shown that the value of communicating imperfect information is ambiguous....
Persistent link: https://www.econbiz.de/10005248250
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A conference on liquidity, monetary policy, and financial intermediation
Altig, David; Carlstrom, Charles T. - In: Economic Review (1995) Q IV, pp. 2-9
A summary of the fifth in a series of symposiums sponsored by the Federal Reserve Bank of Cleveland. The September 1994 meeting was dedicated to monetary policy issues and included examinations of the macroeconomic effects of price rigidity and sluggish savings decisions by households, the...
Persistent link: https://www.econbiz.de/10005360759
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A dictum for monetary theory
Wallace, Neil - In: Quarterly Review (1998) Win, pp. 20-26
A dictum for monetary theory; This essay argues that monetary theories should not contain an undefined object labeled … endogenous. The essay briefly describes one such theory, a random matching model with assets that differ according to whether …
Persistent link: https://www.econbiz.de/10005360888
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Some monetary facts
George T. McCandless, Jr.; Weber, Warren E. - In: Quarterly Review (1995) Sum, pp. 2-11
This article describes three long-run monetary facts derived by examining data for 110 countries over a 30-year period, using three definitions of a country's money supply and two subsamples of countries: (1) Growth rates of the money supply and the general price level are highly correlated for...
Persistent link: https://www.econbiz.de/10005360896
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Vector autoregression evidence on monetarism: another look at the robustness debate
Todd, Richard M. - In: Quarterly Review (1990) Spr, pp. 19-37
inconsistent with those implied by a simple form of monetarist theory. The paper describes the work of researchers who criticized …
Persistent link: https://www.econbiz.de/10005360908