Post Keynesian Endogeneity of Money Supply: Panel Evidence
AbstractPost Keynesian economics is actually macroeconomics in a world of uncertainty and endogenous money. Post Keynesians posit that money supply in a market oriented production economy is endogenous or endogenously determined (rather than exogenous as claimed by Monetarists). Money supply is said to be endogenous if it is determined within the economic system itself. The present paper investigates this theory using a panel dataset of 177 countries from year 1970-2011 utilising dynamic panel data analysis and has found that money supply is endogenous as proposed by Post Keynesian theorists.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 48716.
Date of creation: 30 Jul 2013
Date of revision:
Post-Keynesians; Endogeneity; Panel Data Analysis; System GMM.;
Find related papers by JEL classification:
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
- E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-08-05 (All new papers)
- NEP-HPE-2013-08-05 (History & Philosophy of Economics)
- NEP-MAC-2013-08-05 (Macroeconomics)
- NEP-PKE-2013-08-05 (Post Keynesian Economics)
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