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Post-Keynesian monetary economics – Godley like

Listed author(s):
  • Marc Lavoie

    (CEPN - Centre d'Economie de l'Université Paris Nord - UP13 - Université Paris 13 - USPC - Université Sorbonne Paris Cité - CNRS - Centre National de la Recherche Scientifique, University of Ottawa [Ottawa])

Endogenous money is a key feature of post-Keynesian monetary economics and of monetary circuit theory. This chapter highlights the contributions and the evolution of Wynne Godley’s views on money, as they have evolved toward what Godley first called the real stock flow monetary model, which later became known as the stock-flow coherent model, showing that his views encompass post-Keynesian economics and monetary circuit theory. The chapter first recapitulates what it considers to be the main features of post-Keynesian monetary analysis. It then presents the work of Godley and his efforts to develop a systemic understanding of an economy and how money comes about. It also considers the role of banks and how they achieve their portfolio objectives. Finally, it explores how these stock-flow coherent principles fit in the context of an open economy and discusses some implications of the subprime financial crisis for monetary theory.

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Paper provided by HAL in its series Post-Print with number hal-01343654.

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Date of creation: 2013
Publication status: Published in G. Harcourt and P. Kriesler. Oxford Handbook of Post-Keynesian Economics, volume 1, Oxford University Press, pp. 203-317, 2013, 〈10.1093/oxfordhb/9780195390766.013.0011〉
Handle: RePEc:hal:journl:hal-01343654
DOI: 10.1093/oxfordhb/9780195390766.013.0011
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