Alternative post-keynesian models of money supply determination
AbstractThis article presents three competing models of money supply determination as derived in Palley (1996). Two of the models can be considered post-keynesian in nature and identified with accommodationist and structuralist approach to money endogeneity. Post-keynesian models are contrasted with orthodox money multiplier model. Presentation of the models enables not only to derive hypothesis for empirical testing but also to compare the two post-keynesian models. The accommodationist and structuralist models are not viewed as mutually inconsistent but rather as complements. Scope for potential synthesis and future research is indicated.
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Bibliographic InfoArticle provided by University of Economics, Prague in its journal Politická ekonomie.
Volume (Year): 2003 (2003)
Issue (Month): 2 ()
Postal: Redakce Politické ekonomie, Vysoká škola ekonomická, nám. W. Churchilla 4, 130 67 Praha 3
Find related papers by JEL classification:
- B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
- E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
- E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
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