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Les post-keynésiens et la monnaie endogène


  • Lavoie, Marc

    (Université d’Ottawa)


This paper attempts to identify the peculiar aspects of post-Keynesian monetary theory. In a modern production economy, the growth of the stock of money is an essentially endogenous process. It results from the Financial needs of firms to pay out incomes to households. It follows that monetary policy is asymmetrical: central banks cannot increase the rate of growth of the money supply, they can only restrain it. Hence, inflation is never and nowhere a monetary phenomenon.

Suggested Citation

  • Lavoie, Marc, 1982. "Les post-keynésiens et la monnaie endogène," L'Actualité Economique, Société Canadienne de Science Economique, vol. 58(1), pages 191-221, janvier-j.
  • Handle: RePEc:ris:actuec:v:58:y:1982:i:1:p:191-221

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    References listed on IDEAS

    1. Davidson, Paul, 1972. "A Keynesian View of Friedman's Theoretical Framework for Monetary Analysis," Journal of Political Economy, University of Chicago Press, vol. 80(5), pages 864-882, Sept.-Oct.
    2. Minsky, Hyman P, 1969. "Private Sector Asset Management and the Effectiveness of Monetary Policy: Theory and Practice," Journal of Finance, American Finance Association, vol. 24(2), pages 223-238, May.
    3. Yellen, Janet L, 1980. "On Keynesian Economics and the Economics of the Post-Keynesians," American Economic Review, American Economic Association, vol. 70(2), pages 15-25, May.
    4. J. A. Kregel, 1980. "Markets and Institutions as Features of a Capitalistic Production System," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 3(1), pages 32-48, October.
    5. Albert M. Wojnilower, 1980. "The Central Role of Credit Crunches in Recent Financial History," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 11(2), pages 277-340.
    6. Laidler, David, 1978. "Money and money income: An essay on the `transmission mechanism'," Journal of Monetary Economics, Elsevier, vol. 4(2), pages 151-191, April.
    7. Patrick Maurisson, 1976. "Introduction," Cahiers d'Économie Politique, Programme National Persée, vol. 3(1), pages 9-18.
    8. Robert M. Solow, 1979. "Alternative Approaches to Macroeconomic Theory: A Partial View," Canadian Journal of Economics, Canadian Economics Association, vol. 12(3), pages 339-354, August.
    9. Smith, Peter, 1979. "A Reconsideration of Keynes' Finance Motive," The Economic Record, The Economic Society of Australia, vol. 55(150), pages 236-242, September.
    10. Davidson, Paul, 1972. "Money and the Real World," Economic Journal, Royal Economic Society, vol. 82(325), pages 101-115, March.
    11. Davidson, Paul & Weintraub, Sidney, 1973. "Money as Cause and Effect," Economic Journal, Royal Economic Society, vol. 83(332), pages 1117-1132, December.
    12. Alfred S. Eichner, 1979. "A Post-Keynesian Short-Period Model," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 1(4), pages 38-63, July.
    13. Eichner, Alfred S & Kregel, J A, 1975. "An Essay on Post-Keynesian Theory: A New Paradigm in Economics," Journal of Economic Literature, American Economic Association, vol. 13(4), pages 1293-1314, December.
    14. Basil J. Moore, 1979. "The Endogenous Money Stock," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 2(1), pages 49-70, October.
    15. Hyman P. Minsky, 1992. "The Financial Instability Hypothesis," Economics Working Paper Archive wp_74, Levy Economics Institute.
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    Cited by:

    1. Cuauhtémoc CALDERON & L. HERNANDEZ BIELMA, 2006. "L'offre monétaire au Mexique," LEO Working Papers / DR LEO 889, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.

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