Horizontalism, Structuralism, Liquidity Preference and the Principle of Increasing Risk
AbstractIt 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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Bibliographic InfoPaper provided by University of Ottawa, Department of Economics in its series Working Papers with number 9513e.
Length: 29 pages
Date of creation: 1995
Date of revision:
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CAPITAL MARKET; INTEREST RATE; ECONOMIC THEORY;
Other versions of this item:
- Lavoie, Marc, 1996. "Horizontalism, Structuralism, Liquidity Preference and the Principle of Increasing Risk," Scottish Journal of Political Economy, Scottish Economic Society, vol. 43(3), pages 275-300, August.
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
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