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Is There Room for Bulls, Bears, and States in the Circuit?
Wray, L. Randall - 2011
John Maynard Keynes’s liquidity preference theory, Kregel argued that such rejection leaves the relation between money and …
Persistent link: https://www.econbiz.de/10014174676
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Keyne's Approach to Money : An Assessment after 70 Years
Wray, L. Randall - 2006
This paper first examines two approaches to money adopted by Keynes in the General Theory (GT). The first is the more …. Indeed, even Post Keynesians utilizing Keynes's "finance motive" or the "horizontal" money supply curve adopt similar … methodology. The second approach of the GT is presented in Chapter 17, where Keynes drops "money supply and demand" in favor of a …
Persistent link: https://www.econbiz.de/10014059769
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When Does Heterogeneity Matter?
Wen, Yi - 2009
How do movements in the distribution of income affect the macroeconomy? Krusell and Smith (1998) analyzed this question in a neoclassical growth model, and their results show that the representative-agent assumption provides a good approximation for aggregate behaviors of heterogeneous agents....
Persistent link: https://www.econbiz.de/10014207876
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Lucas meets Baumol and Tobin
Wen, Yi - 2010
Many issues that were traditionally analyzed using the Baumol-Tobin model can also be analyzed, perhaps more easily, using the Lucas (1980) cash-in-advance model where money serves both as a medium of exchange and as a store of value. This is illustrated by three examples (implications) of the...
Persistent link: https://www.econbiz.de/10013142390
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A Contribution to the Theory of Financial Fragility and Crisis
Bhaduri, Amit - 2010
The paper examines three aspects of a financial crisis of domestic origin. The first section studies the evolution of a debt-financed consumption boom supported by rising asset prices, leading to a credit crunch and fluctuations in the real economy, and, ultimately, to debt deflation. The next...
Persistent link: https://www.econbiz.de/10013143561
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Post-keynesian approach to independence of central bank and function of commercial banks
Chytil, Zdeněk - In: Politická ekonomie 2003 (2003) 5
The post-Keynesian approach to the nature of money brings some other conclusion to the monetary policy, independence of a central bank and function of commercial banks. The source money is created by demand of businessmen especially. Loans create deposits, deposits create reserves. Central bank...
Persistent link: https://www.econbiz.de/10004963579
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Money and Production, and Liquidity Trap
Dubey, Pradeep; Geanakoplos, John - Cowles Foundation for Research in Economics, Yale University - 2006
We prove the existence of monetary equilibrium in a finite horizon economy with production. We also show that if agents expect the monetary authority to significantly decrease the supply of bank money available for short term loans in the future, then the economy will fall into a liquidity trap...
Persistent link: https://www.econbiz.de/10005762579
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Locked-in and Sticky Textbooks: Mainstream Teaching of the Money Supply Process
Boermans, Martijn Adriaan; Moore, Basil J - Volkswirtschaftliche Fakultät, … - 2008
Current macro-economic textbooks provide a fatally misleading description of the money supply process in modern economies. Over the past 20 years Post Keynesian authors have established conclusively that despite strictly-enforced cash reserve requirements, changes in the supply of bank deposits...
Persistent link: https://www.econbiz.de/10005070484
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"A Contribution to the Theory of Financial Fragility and Crisis"
Bhaduri, Amit - Levy Economics Institute - 2010
The paper examines three aspects of a financial crisis of domestic origin. The first section studies the evolution of a debt-financed consumption boom supported by rising asset prices, leading to a credit crunch and fluctuations in the real economy, and, ultimately, to debt deflation. The next...
Persistent link: https://www.econbiz.de/10008671829
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Confidence and financial crisis in a post-Keynesian stock flow consistent model
Heron, Edwin Le - In: European Journal of Economics and Economic Policies: … 8 (2011) 2, pp. 361-387
The paper aims at showing that one of the main channels by which the US 2007 financial crisis became a real and global economic crisis is the 'confidence channel', i.e. that the financial crisis affected firms, banks and households’ expectations and confidence, thus leading to what they...
Persistent link: https://www.econbiz.de/10011133327