Advanced Search
MyIDEAS: Login

On Some Equilibrium and Disequilibrium Theories of Endogenous Money: A Structuralist View

Contents:

Author Info

  • Cavalieri, Duccio

Abstract

This paper is intended to be a contribution to a historico-critical analysis of some recent theories of endogenous money supply. Not a systematic survey of the literature on the subject. It is mainly concerned with the internal consistency of the „circuit. theories developed in the 1980.s and early 1990.s and their later reappraisals and adjournments. It deals, inter alia, with some theoretical and practical problems concerning the monetary equilibrium framework of some of such theories, the endogenous or exogenous nature of the supply of money and of its single components, the relative importance of the different functions of money, the distinction between money and bank credit, the „closure. of a monetary circuit and the institutional role of a central bank as a lender of last resort. The author is a non-fundamentalist post-Keynesian monetary theorist. He regards money demand and supply as two strictly connected variables, whose structural interdependence precludes a causal approach to an analysis of the way money enters the circular income flow.

Download Info

If 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.
File URL: http://mpra.ub.uni-muenchen.de/43738/
File Function: original version
Download Restriction: no

File URL: http://mpra.ub.uni-muenchen.de/43769/
File Function: revised version
Download Restriction: no

Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 43738.

as in new window
Length:
Date of creation: 2004
Date of revision:
Publication status: Published in History of Economic Ideas 3.12(2004): pp. 49-81
Handle: RePEc:pra:mprapa:43738

Contact details of provider:
Postal: Schackstr. 4, D-80539 Munich, Germany
Phone: +49-(0)89-2180-2219
Fax: +49-(0)89-2180-3900
Web page: http://mpra.ub.uni-muenchen.de
More information through EDIRC

Related research

Keywords: Endogenous money supply; circuit theories; monetary equilibrium and disequilibrium; credit money; fundamentalist Keynesism; structuralism;

Find related papers by JEL classification:

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Bossone, Biagio, 2001. "Circuit theory of banking and finance," Journal of Banking & Finance, Elsevier, vol. 25(5), pages 857-890, May.
  2. Alberto ZAZZARO, 2002. "How Heterodox is the Heterodoxy of the Monetary Circuit Theory? The Nature of Money and the Microeconomy of the Circuit," Working Papers 163, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
  3. Jacques Le Bourva, 1962. "Création de la monnaie et multiplicateur du crédit," Revue Économique, Programme National Persée, vol. 13(1), pages 29-56.
  4. Philip Arestis & Malcolm Sawyer, 2003. "The Nature and Role of Monetary Policy When Money Is Endogenous," Economics Working Paper Archive wp_374, Levy Economics Institute.
  5. Louis-Philippe Rochon & Matias Vernengo & Louis-Philippe Rochon & Matias Vernengo, 2003. "State money and the real world: or chartalism and its discontents," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 26(1), pages 57-67, October.
  6. Cavalieri, Duccio, 1999. "Il circuito della moneta e il finanziamento dell'economia. Un'analisi teorica
    [Monetary circuit and economy financing: a theoretical analysis]
    ," MPRA Paper 43895, University Library of Munich, Germany.
  7. Thomas I. Palley, 1994. "Competing Views Of The Money Supply Process: Theory And Evidence," Metroeconomica, Wiley Blackwell, vol. 45(1), pages 67-88, 02.
  8. Gennaro Zezza, 2004. "Some Simple, Consistent Models of the Monetary Circuit," Economics Working Paper Archive wp_405, Levy Economics Institute.
  9. Giuseppe Fontana, 2003. "Post Keynesian Approaches to Endogenous Money: A time framework explanation," Review of Political Economy, Taylor & Francis Journals, vol. 15(3), pages 291-314.
  10. Riccardo Bellofiore & Guglielmo Forges Davanzati & Riccardo Realfonzo, 2000. "Marx Inside the Circuit: Discipline device, wage bargaining and unemployment in a sequential monetary economy," Review of Political Economy, Taylor & Francis Journals, vol. 12(4), pages 403-417.
  11. Thomas I. Palley, 1991. "The Endogenous Money Supply: Consensus and Disagreement," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 13(3), pages 397-403, April.
  12. Cavalieri, Duccio, 1994. "La teoria monetaria di Keynes e i teorici del circuito: a proposito di un libro di Augusto Graziani," MPRA Paper 43887, University Library of Munich, Germany.
  13. Clarida, Richard & Galí, Jordi & Gertler, Mark, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," CEPR Discussion Papers 2139, C.E.P.R. Discussion Papers.
  14. Sheila C Dow, 1993. "Horizontalism: A Critique," Working Papers Series 93/8, University of Stirling, Division of Economics.
  15. L. Randall Wray, 1997. "Money and Taxes: The Chartalist Approach," Economics Working Paper Archive wp_222, Levy Economics Institute.
  16. Stefano Figuera, 2000. "Il carattere monetario dell'economia capitalistica alla luce di un recente dibattito," STUDI ECONOMICI, FrancoAngeli Editore, vol. 2000(70).
  17. Davidson, Paul & Weintraub, Sidney, 1973. "Money as Cause and Effect," Economic Journal, Royal Economic Society, vol. 83(332), pages 1117-32, December.
  18. Godley, Wynne, 1999. "Money and Credit in a Keynesian Model of Income Determination," Cambridge Journal of Economics, Oxford University Press, vol. 23(4), pages 393-411, July.
  19. Cottrell, Allin F, 1986. "The Endogeneity of Money and Money-Income Causality," Scottish Journal of Political Economy, Scottish Economic Society, vol. 33(1), pages 2-27, February.
  20. Thomas I. Palley, 1996. "Accommodationism versus Structuralism: Time for an Accommodation," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 18(4), pages 585-594, July.
  21. Arestis, Philip & Howells, Peter, 1996. "Theoretical Reflections on Endogenous Money: The Problem with 'Convenience Lending.'," Cambridge Journal of Economics, Oxford University Press, vol. 20(5), pages 539-51, September.
  22. Robert Pollin, 1991. "Two Theories of Money Supply Endogeneity: Some Empirical Evidence," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 13(3), pages 366-396, April.
  23. Cavalieri, Duccio, 1996. "Sullo statuto teorico dell'offerta di moneta: un dibattito con Augusto Graziani
    [On the theoretic status of the supply of money: a debate with Augusto Graziani]
    ," MPRA Paper 43888, University Library of Munich, Germany.
  24. cavalieri, duccio, 2003. "On the closure of the monetary circuit," MPRA Paper 43836, University Library of Munich, Germany.
  25. Giuseppe Fontana, 2004. "Rethinking Endogenous Money: A Constructive Interpretation Of The Debate Between Horizontalists And Structuralists," Metroeconomica, Wiley Blackwell, vol. 55(4), pages 367-385, November.
  26. Bell, Stephanie, 2001. "The Role of the State and the Hierarchy of Money," Cambridge Journal of Economics, Oxford University Press, vol. 25(2), pages 149-63, March.
  27. Giuseppe Fontana, 2000. "Post Keynesians and Circuitists on Money and Uncertainty: An Attempt at Generality," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 23(1), pages 27-48, October.
Full references (including those not matched with items on IDEAS)

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Cavalieri, Duccio, 2006. "The difficult task of integrating money in the theory of production," MPRA Paper 44097, University Library of Munich, Germany.
  2. Cavalieri, Duccio, 2013. "A theory of capital as value in progress," MPRA Paper 47197, University Library of Munich, Germany.
  3. Cavalieri, Duccio, 2013. "On the interdependence of money supply and demand," MPRA Paper 44428, University Library of Munich, Germany.
  4. Cavalieri, Duccio, 2013. "A Critical Marxist Approach to Capital Theory," MPRA Paper 50527, University Library of Munich, Germany.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:43738. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Ekkehart Schlicht).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.