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Post-Keynesian Monetary Theory: Some Issues

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  • Hewitson, Gillian

Abstract

Post-Keynesian monetary theory is of increasing interest to economists in the light of world-wide financial deregulation of financial markets. This paper offers an exposition of the main issues in this area, including an overview of the most divisive issue, that of interest rate determination, and hence, the slope of the money supply function. Post-Keynesian monetary theorists divide into two camps with respect to the determination of interest rates: the 'markup school' and the 'liquidity preference school'. It is argued in the paper that the post-Keynesian theory of the business cycle, which incorporates endogeneity of the money supply, requires a liquidity preference notion of interest rate determinantion. Copyright 1995 by Blackwell Publishers Ltd

Suggested Citation

  • Hewitson, Gillian, 1995. " Post-Keynesian Monetary Theory: Some Issues," Journal of Economic Surveys, Wiley Blackwell, vol. 9(3), pages 285-310.
  • Handle: RePEc:bla:jecsur:v:9:y:1995:i:3:p:285-310
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    Cited by:

    1. Eckhard Hein, 2002. "Monetary policy and wage bargaining in the EMU: restrictive ECB policies, high unemployment, nominal wage restraint and inflation above the target," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 55(222), pages 299-337.
    2. Badarudin, Z.E. & Ariff, M. & Khalid, A.M., 2013. "Post-Keynesian money endogeneity evidence in G-7 economies," Journal of International Money and Finance, Elsevier, vol. 33(C), pages 146-162.
    3. Louis-Philippe Rochon, 2001. "Cambridge's Contribution to Endogenous Money: Robinson and Kahn on credit and money," Review of Political Economy, Taylor & Francis Journals, vol. 13(3), pages 287-307.
    4. 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.
    5. Peter Howells, 2005. "The Endogeneity of Money: Empirical Evidence," Working Papers 0513, Department of Accounting, Economics and Finance, Bristol Business School, University of the West of England, Bristol.
    6. Igor Fedotenkov, 2016. "Population ageing and inflation with endogenous money creation," Bank of Lithuania Working Paper Series 23, Bank of Lithuania.
    7. Hein, Eckhard, 2003. "Die NAIRU: Eine post-keynesianische Interpretation," WSI Working Papers 113, The Institute of Economic and Social Research (WSI), Hans-Böckler-Foundation.
    8. Vymyatnina, Yulia, 2006. "How much control does Bank of Russia have over money supply?," Research in International Business and Finance, Elsevier, vol. 20(2), pages 131-144, June.

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