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Alternative money theories: a G7 testing


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  • Yannis Panagopoulos
  • Aristotelis Spiliotis


The aim of this paper is to present the ways different schools of economic thought approach the money supply process—that is, the money-income relationship as well as the money multiplier model. First, we briefly discuss the arguments among the different Post Keynesian schools of thought, on these two issues as well as the different orthodox views. Then, using econometric causality techniques, we search which theoretical approach "better fits the data" in the G7 economies. The results favor the idea that in most of the G7 economies—with the possible exceptions of France and Japan—the "road" of nonorthodox money generation process (with some peculiarities for each country) seems to be followed.

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Bibliographic Info

Article provided by M.E. Sharpe, Inc. in its journal Journal of Post Keynesian Economics.

Volume (Year): 30 (2008)
Issue (Month): 4 (July)
Pages: 601-622

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Handle: RePEc:mes:postke:v:30:y:2008:i:4:p:601-622

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Keywords: cointegration; money theories; VARs;


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Cited by:
  1. Bedri Kamil Onur Tas & Selahattin Togay, 2010. "A direct test of the endogeneity of money: implications for Gulf Cooperation Council (GCC) countries," Working Papers 2010/5, Turkish Economic Association.
  2. Gancho Ganchev, 2010. "Equilibrium Model in a Monetary Economy," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 5, pages 24-45.
  3. Gancho Ganchev, 2010. "Equilibrium Model in a Monetary Economy," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 7, pages 97-115.


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