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Post-Keynesian Monetary Economics

Author

Listed:
  • Cottrell, Allin

Abstract

This article surveys the main themes of post-Keynesian monetary economics (where the term 'post-Keynesian' refers to the school of that name rather than having a purely chronological meaning). The role of monetary theory in justifying the idea of unemployment equilibrium provides one main focus. The meaning of the phrase 'money matters' in the post-Keynesian context is examined, as is the conception of monetary equilibrium. The theory of endogenous money is outlined and its compatibility with Keynes's liquidity preference theory of interest is discussed. Strengths and problems in the post-Keynesian tradition are identified. (c) 1994 Academic Press, Inc. Copyright 1994 by Oxford University Press.

Suggested Citation

  • Cottrell, Allin, 1994. "Post-Keynesian Monetary Economics," Cambridge Journal of Economics, Oxford University Press, vol. 18(6), pages 587-605, December.
  • Handle: RePEc:oup:cambje:v:18:y:1994:i:6:p:587-605
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    Citations

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    Cited by:

    1. Muhammad Omer & Omar Farooq Saqib, 2009. "Monetary Targeting in Pakistan: A Skeptical Note," SBP Research Bulletin, State Bank of Pakistan, Research Department, vol. 5, pages 53-81.
    2. Philip Arestis & Malcolm Sawyer, 2003. "Does the stock of money have any causal significance?," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 56(225), pages 113-136.
    3. James Culham & John E. King, 2013. "Horizontalists and Verticalists after 25 years," Review of Keynesian Economics, Edward Elgar Publishing, vol. 1(4), pages 391—405-3, October.
    4. 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.
    5. Paul, Axel T., 2001. "Money and crises: A review," economic sociology_the european electronic newsletter, Max Planck Institute for the Study of Societies, vol. 3(1), pages 3-14.
    6. Ansart, Sandrine & Monvoisin, Virginie, 2017. "The new monetary and financial initiatives: Finance regaining its position as servant of the economy," Research in International Business and Finance, Elsevier, vol. 39(PB), pages 750-760.
    7. Bill Lucarelli, 2011. "The Economics of Financial Turbulence," Books, Edward Elgar Publishing, number 14252.
    8. Jorg Bibow, 2005. "Liquidity Preference Theory Revisited: To Ditch or to Build on It?," Economics Working Paper Archive wp_427, Levy Economics Institute.
    9. Mark Setterfield, 2014. "An essay on horizontalism, structuralism and historical time," Working Papers 1402, Trinity College, Department of Economics.
    10. repec:spr:jecfin:v:41:y:2017:i:2:d:10.1007_s12197-015-9350-6 is not listed on IDEAS
    11. Joerg Bibow, 2005. "Liquidity Preference Theory Revisited—To Ditch or to Build on It?," Method and Hist of Econ Thought 0508003, EconWPA.
    12. Jorg Bibow, 2000. "On exogenous money and bank behaviour: the Pandora's box kept shut in Keynes' theory of liquidity preference?," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 7(4), pages 532-568.
    13. Ariel Dvoskin & German Feldman, 2010. "The Exchange Rate and Inflation in Argentina: A Classical Critique of Orthodox and Heterodox Policy Prescriptions," Forum for Social Economics, Taylor & Francis Journals, vol. 39(2), pages 145-169, January.
    14. Igor Fedotenkov, 2016. "Population ageing and inflation with endogenous money creation," Bank of Lithuania Working Paper Series 23, Bank of Lithuania.
    15. Carlos Esteban Posada & Martha Misas, 1995. "La tasa de interés en Colombia. 1958-1992," ENSAYOS SOBRE POLÍTICA ECONÓMICA, BANCO DE LA REPÚBLICA - ESPE, vol. 14(27), pages 63-94, June.
    16. 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.
    17. Peter Docherty, 2006. "Endogenous Money, Non-neutrality and Interest-sensitivity in the Theory of Long Period Unemployment," Working Paper Series 148, Finance Discipline Group, UTS Business School, University of Technology, Sydney.
    18. Zulfiqar Hyder & Adil Mahboob, 2006. "Equilibrium Real Effective Exchange Rate and Exchange Rate Misalignment in Pakistan," SBP Research Bulletin, State Bank of Pakistan, Research Department, vol. 2, pages 237-263..
    19. Peter Docherty, 2008. "Money and Monetary Policy in a Kaldor-Pasinetti-Sraffa-Keynes Framework," Working Paper Series 153, Finance Discipline Group, UTS Business School, University of Technology, Sydney.
    20. Heinz-Peter Spahn, 2003. "Money as a Social Bookkeeping Device: From Mercantilism to General Equilibrium Theory," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim 227/2003, Department of Economics, University of Hohenheim, Germany.
    21. Fedotenkov, Igor, 2015. "Population ageing and prices in an OLG model with money created by credits," MPRA Paper 66056, University Library of Munich, Germany.
    22. Jan Korda, 2011. "Monetární nerovnováha v teorii endogenních peněz
      [Monetary Disequilibrium in the Theory of Endogenous Money]
      ," Politická ekonomie, University of Economics, Prague, vol. 2011(5), pages 680-705.
    23. Peter Docherty, 2012. "Keynes’s General Theory, the Quantity Theory of Money and Monetary Policy," Chapters,in: Keynes’s General Theory, chapter 6 Edward Elgar Publishing.
    24. MKC Jackson, 2002. "Reserve Bank Independence : A Post Keynesian Perspective," South African Journal of Economics, Economic Society of South Africa, vol. 70(1), pages 29-52, March.

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