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The Endogeneity of Money

In: Nicholas Kaldor and Mainstream Economics

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  • H. P. Minsky

Abstract

It was uncharacteristic of Nicholas Kaldor to take an ambiguous stand on any issue, but in the above it is not clear where he stood on the question of the endogeneity or the exogeneity of money, or whether he believed it to be of importance. In his later writings on money he viewed the attempt to control the path of nominal aggregate demand by controlling the path of an arbitrarily defined money supply — the fundamental policy posture of monetarism — as a ‘scourge’.2 If monetarism was a ‘scourge’ then the authorities by operating on interest rates could determine the supply of money (money supply is exogenous), but the overall impact of such policies was so adverse that it was not wise to do so. Once the price of monetarism became evident the authorities would have to accomodate the markets (money supply is endogenous).

Suggested Citation

  • H. P. Minsky, 1991. "The Endogeneity of Money," Palgrave Macmillan Books, in: Edward J. Nell & Willi Semmler (ed.), Nicholas Kaldor and Mainstream Economics, chapter 11, pages 207-220, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-10947-0_11
    DOI: 10.1007/978-1-349-10947-0_11
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    Cited by:

    1. Robert Pollin, 2008. "Considerations on Interest Rate Exogeneity," Working Papers wp177, Political Economy Research Institute, University of Massachusetts at Amherst.
    2. Hein, Eckhard & Ochsen, Carsten, 2000. "Monetary interest rates, income shares, and investment: Theory and empirical evidence for France, Germany, the UK, and the USA," Violette Reihe: Schriftenreihe des Promotionsschwerpunkts "Globalisierung und Beschäftigung" 11/2000, University of Hohenheim, Carl von Ossietzky University Oldenburg, Evangelisches Studienwerk.
    3. Matias Vernengo & Louis-Philippe Rochon, 2001. "Kaldor and Robinson on money and growth," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 8(1), pages 75-103.
    4. Léo MALHERBE, 2017. "Endogenous money: an heterodox synthesis (In French)," Cahiers du GREThA 2017-08, Groupe de Recherche en Economie Théorique et Appliquée.

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