The endogenous money theory and the characteristics of a monetary economy
AbstractThe aim of the paper is to evaluate the importance of the endogenous money theory, and the criterion used is whether this theory enables us to elaborate on and to broaden the explanation of the non-neutrality of money formulated by Keynes in The General Theory. The thesis upheld in this paper is that the endogenous money theory allows us to put forward a sounder and more convincing explanation of the key characteristics of a monetary economy than the one based on the liquidity preference theory. In particular it allows us to explain in a more satisfactory way the two fundamental characteristics of a monetary economy: 1) a monetary economy is characterized by the presence of uncertainty; 2) in a monetary economy Say's law does not apply.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by SIE - Societa' Italiana degli Economisti (I) in its journal Rivista Italiana degli Economisti.
Volume (Year): 15 (2010)
Issue (Month): 3 (December)
Other versions of this item:
- Bertocco Giancarlo, 2010. "The Endogenous Money Theory and the Characteristics of a Monetary Economy," Rivista italiana degli economisti, Società editrice il Mulino, issue 3, pages 365-402.
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
- E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
- G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statistics
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (SIE).
If references are entirely missing, you can add them using this form.