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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.

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Article provided by Société Canadienne de Science Economique in its journal L'Actualité économique.

Volume (Year): 58 (1982)
Issue (Month): 1 (janvier-juin)
Pages: 191-221

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Handle: RePEc:ris:actuec:v:58:y:1982:i:1:p:191-221
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  1. 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 223-38, May.
  2. J. A. Kregel, 1980. "Markets and Institutions as Features of a Capitalistic Production System," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 3(1), pages 32-48, October.
  3. Patrick Maurisson, 1976. "Introduction," Cahiers d'Économie Politique, Programme National Persée, vol. 3(1), pages 9-18.
  4. Robert M. Solow, 1979. "Alternative Approaches to Macroeconomic Theory: A Partial View," Canadian Journal of Economics, Canadian Economics Association, vol. 12(3), pages 339-54, August.
  5. Davidson, Paul & Weintraub, Sidney, 1973. "Money as Cause and Effect," Economic Journal, Royal Economic Society, vol. 83(332), pages 1117-32, December.
  6. 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.
  7. D.E.W. Laidler, 1977. "Money and Money-income: An Essay on the "Transmission Mechanism"," RBA Research Discussion Papers rdp7704, Reserve Bank of Australia.
  8. Davidson, Paul, 1972. "Money and the Real World," Economic Journal, Royal Economic Society, vol. 82(325), pages 101-15, March.
  9. Alfred S. Eichner, 1979. "A Post-Keynesian Short-Period Model," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 1(4), pages 38-63, July.
  10. Smith, Peter, 1979. "A Reconsideration of Keynes' Finance Motive," The Economic Record, The Economic Society of Australia, vol. 55(150), pages 236-42, September.
  11. Hyman P. Minsky, 1992. "The Financial Instability Hypothesis," Economics Working Paper Archive wp_74, Levy Economics Institute.
  12. 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.
  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. 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 864-82, Sept.-Oct.
  15. Basil J. Moore, 1979. "The Endogenous Money Stock," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 2(1), pages 49-70, October.
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