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On Keynesian Theories of Liquidity Preference

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  • Bibow, Jorg

Abstract

This essay offers a macroeconomic perspective on the interaction between the financial system and the level of economic activity, focusing on the relationship between liquidity preference, investment, and the role of confidence. The analysis builds on the distinction between portfolio decisions on the one hand, and production and spending decisions on the other. Two prominent Keynesian theories of liquidity preference, those of J. Tobin and J. R. Hicks, are assessed. It is argued that while both of these theories offer illuminating insights into particular aspects of Keynes's monetary thought, they must be qualified in respect of their bearing on the theory of liquidity preference. Copyright 1998 by Blackwell Publishers Ltd and The Victoria University of Manchester

Suggested Citation

  • Bibow, Jorg, 1998. "On Keynesian Theories of Liquidity Preference," The Manchester School of Economic & Social Studies, University of Manchester, vol. 66(2), pages 238-273, March.
    • Handle: RePEc:bla:manch2:v:66:y:1998:i:2:p:238-73
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    Cited by:

    1. Yulia Vymyatnina, 2013. "Money Supply and Monetary Policy in Russia: A Post-Keynesian Approach Revisited," EUSP Department of Economics Working Paper Series 2013/04, European University at St. Petersburg, Department of Economics.
    2. Joerg Bibow, 2005. "Liquidity Preference Theory Revisited—To Ditch or to Build on It?," Method and Hist of Econ Thought 0508003, University Library of Munich, Germany.
    3. Jorg Bibow, 2000. "On exogenous money and bank behaviour: the Pandora's box kept shut in Keynes' theory of liquidity preference?," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 7(4), pages 532-568.
    4. Giuseppe Fontana & Ezio Venturino, 2003. "Endogenous Money: An Analytical Approach," Scottish Journal of Political Economy, Scottish Economic Society, vol. 50(4), pages 398-416, September.
    5. Jorg Bibow, 2002. "The Monetary Policies of the European Central Bank and the Euro's (Mal-)Performance: A stability-oriented assessment," International Review of Applied Economics, Taylor & Francis Journals, vol. 16(1), pages 31-50.
    6. Yulia Vymyatnina, 2013. "Money Supply and Monetary Policy in Russia: A Post-Keynesian Approach Revisited," EUSP Department of Economics Working Paper Series Ec-04/13, European University at St. Petersburg, Department of Economics.
    7. Stracca, Livio, 2005. "Liquidity and real equilibrium interest rates: a framework of analysis," Working Paper Series 542, European Central Bank.

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