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Horizontalism, Structuralism, Liquidity Preference and the Principle of Increasing Risk

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Author Info
Lavoie, Marc

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Abstract

It is shown that the horizontal post-Keynesian view of credit-money endogeneity is reasonable rather than extreme. One can argue in favor of a horizontal credit-money supply curve while still taking into account the nonaccommodating behavior of the central bank, financial innovations, portfolio adjustments, liquidity preference theory, and the principle of increasing risk. The differences between horizontalists and other post-Keynesian monetary theorists are matters of emphasis rather than substantial differences of opinion. The only real topic of contention is the ultimate determinant of the base rate of interest. Copyright 1996 by Scottish Economic Society.

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Publisher Info
Article provided by Scottish Economic Society in its journal Scottish Journal of Political Economy.

Volume (Year): 43 (1996)
Issue (Month): 3 (August)
Pages: 275-300
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Handle: RePEc:bla:scotjp:v:43:y:1996:i:3:p:275-300

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  1. Joerg Bibow, 2005. "Liquidity Preference Theory Revisited: To Ditch or to Build on It?," Economics Working Paper Archive wp_427, Levy Economics Institute, The. [Downloadable!]
  2. Peter Docherty, 2006. "Endogenous Money, Non-neutrality and Interest-sensitivity in the Theory of Long Period Unemployment," Working Paper Series 148, School of Finance and Economics, University of Technology, Sydney. [Downloadable!]
  3. Eckhard Hein, 2005. "Interest, debt and capital accumulation - a Kaleckian approach," Macroeconomics 0510007, EconWPA. [Downloadable!]
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  4. Giancarlo Bertocco, 2005. "The Role of credit in a Keynesian monetary economy," Review of Political Economy, Taylor and Francis Journals, vol. 17(4), pages 489-511, October. [Downloadable!] (restricted)
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  5. Marc Lavoie, 2001. "Endogenous Money in a Coherent Stock-Flow Framework," Macroeconomics 0103007, EconWPA. [Downloadable!]
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  6. Joerg Bibow, 2005. "Liquidity Preference Theory Revisited—To Ditch or to Build on It?," Method and Hist of Econ Thought 0508003, EconWPA. [Downloadable!]
  7. Jörg Bibow, 2000. "On exogenous money and bank behaviour: the Pandora's box kept shut in Keynes' theory of liquidity preference?," European Journal of the History of Economic Thought, Taylor and Francis Journals, vol. 7(4), pages 532-568, December. [Downloadable!] (restricted)
  8. Marc Lavoie & Wynne Godley, 2000. "Kaleckian Models of Growth in a Stock-Flow Monetary Framework: A Neo-Kaldorian Model," Macroeconomics 0004049, EconWPA. [Downloadable!]
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  9. Mark Setterfield, 2004. "Financial fragility, effective demand and the business cycle," Review of Political Economy, Taylor and Francis Journals, vol. 16(2), pages 207-223, April. [Downloadable!] (restricted)
  10. Eckhard Hein, 2005. "Money, Interest, and Capital Accumulation in Karl Marx’s," Method and Hist of Econ Thought 0501002, EconWPA. [Downloadable!]
  11. Alfonso Palacio-Vera, 2006. "On Lower-bound Traps: A Framework for the Analysis of Monetary Policy in the ÒAgeÓ of Central Banks," Economics Working Paper Archive wp_478, Levy Economics Institute, The. [Downloadable!]
  12. Eckhard Hein, 2006. "Money, interest and capital accumulationin Karl Marx's economics: a monetary interpretation and some similaritiesto post-Keynesian approaches ," European Journal of the History of Economic Thought, Taylor and Francis Journals, vol. 13(1), pages 113-140, March. [Downloadable!] (restricted)
  13. Malcolm Sawyer, 2001. "Kalecki on money and finance," European Journal of the History of Economic Thought, Taylor and Francis Journals, vol. 8(4), pages 487-508, December. [Downloadable!] (restricted)
  14. Eckhard Hein, 2009. "A (Post-) Keynesian perspective on "financialisation"," IMK Studies 01-2009, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute. [Downloadable!]
  15. Eckhard Hein & Till van Treeck, 2007. "'Financialisation' in Kaleckian/Post-Kaleckian models of distribution and growth," IMK Working Paper 07-2007, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute. [Downloadable!]
  16. Bertocco Giancarlo, 2006. "Some observations about the endogenous money theory," Economics and Quantitative Methods qf0602, Department of Economics, University of Insubria. [Downloadable!]
  17. Thomas I. Palley, 2008. "Macroeconomics without the LM: A Post-Keynesian Perspective," IMK Working Paper 13-2008, IMK at the Hans Boeckler Foundation, Macroeconomic Policy Institute. [Downloadable!]
  18. Eckhard Hein, 2008. "Shareholder value orientation, distribution and growth – short- and medium-run effects in a Kaleckian model," Department of Economics Working Papers wuwp120, Vienna University of Economics and B.A., Department of Economics. [Downloadable!]
  19. Eckhard Hein, 2005. "Die NAIRU – eine post-keynesianische Interpretation," Macroeconomics 0501009, EconWPA. [Downloadable!]
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  20. Eckhard Hein, 2004. "Interest rate, debt, distribution and capital accumulation in a post-Kaleckian model," Macroeconomics 0412005, EconWPA. [Downloadable!]
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  21. Alfonso Palacio Vera, 2008. "The "New consensus"and the Post-Keynesian approach to the analysis of liquidity traps," Documentos de trabajo de la Facultad de Ciencias Económicas y Empresariales 08-03, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales. [Downloadable!]
  22. Man-Seop Park, 2004. "Credit money and Kaldor's 'institutional' theory of income distribution," Review of Political Economy, Taylor and Francis Journals, vol. 16(1), pages 79-99, January. [Downloadable!] (restricted)
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