The characteristics of a monetary economy: a Keynes-Schumpeter approach
The objective of this paper is to elaborate a monetary theory capable of supporting the thesis of money non-neutrality on the grounds of the arguments developed by Keynes and Schumpeter. This theory will be formulated starting from the two points which are common in the views of both Keynes and Schumpeter. First, in contrast with the mainstream theory, Keynes and Schumpeter state that the diffusion of a fiat money induces a radical modification into the way in which the economic system works. Both Keynes and Schumpeter maintain that it is not possible to describe the way in which an economy works in the presence of a fiat money by adopting the same theoretical framework used to describe a barter economy. Secondly, when Keynes and Schumpeter describe the reasons why money and financial aggregates are not neutral, they highlight the fundamental role of the credit market and of the banks. In contrast with the mainstream theory, they do not consider the credit market as the mirror image of the goods market
|Date of creation:||Sep 2003|
|Date of revision:|
|Contact details of provider:|| Postal: |
Web page: http://www.uninsubria.it/uninsubria/facolta/econo.html
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Mishkin, Frederic S., 1998.
"International Experiences With Different Monetary Policy Regimes,"
648, Stockholm University, Institute for International Economic Studies.
- Mishkin, F.S., 1998. "International Experiences with Different Monetary Policy Regimes," Papers 648, Stockholm - International Economic Studies.
- Frederic S. Mishkin, 1999. "International Experiences with Different Monetary Policy Regimes," NBER Working Papers 6965, National Bureau of Economic Research, Inc.
- Frederic S. Mishkin, 2000. "International Experiences with Different Monetary Policy Regimes," NBER Working Papers 7044, National Bureau of Economic Research, Inc.
- Arestis, Philip & Howells, Peter, 1996. "Theoretical Reflections on Endogenous Money: The Problem with 'Convenience Lending.'," Cambridge Journal of Economics, Oxford University Press, vol. 20(5), pages 539-51, September.
- Friedman, Milton & Schwartz, Anna J., 1986.
"Has government any role in money?,"
Journal of Monetary Economics,
Elsevier, vol. 17(1), pages 37-62, January.
- David Romer, 2000.
"Keynesian Macroeconomics without the LM Curve,"
NBER Working Papers
7461, National Bureau of Economic Research, Inc.
- Tobin, James, 1982.
"Money and Finance in the Macroeconomic Process,"
Journal of Money, Credit and Banking,
Blackwell Publishing, vol. 14(2), pages 171-204, May.
- Tobin, James, 1981. "Money and Finance in the Macro-Economic Process," Nobel Prize in Economics documents 1981-1, Nobel Prize Committee.
- James Tobin, 1982. "Money and Finance in the Macro-Economic Process," Cowles Foundation Discussion Papers 613R, Cowles Foundation for Research in Economics, Yale University.
- Gravelle, Toni, 1996.
"What Is Old Is New Again,"
The Manchester School of Economic & Social Studies,
University of Manchester, vol. 64(4), pages 388-404, December.
- Tobin, James, 1969. "A General Equilibrium Approach to Monetary Theory," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(1), pages 15-29, February.
- Jones, Robert A, 1976. "The Origin and Development of Media of Exchange," Journal of Political Economy, University of Chicago Press, vol. 84(4), pages 757-75, August.
- Kiyotaki, Nobuhiro & Wright, Randall, 1989. "On Money as a Medium of Exchange," Journal of Political Economy, University of Chicago Press, vol. 97(4), pages 927-54, August.
- Giancarlo Bertocco, 2001. "Is Kaldor's Theory of Money Supply Endogeneity Still Relevant?," Metroeconomica, Wiley Blackwell, vol. 52(1), pages 95-120, 02.
- Joseph E. Stiglitz & Andrew Weiss, 1988. "Banks as Social Accountants and Screening Devices for the Allocation of Credit," NBER Working Papers 2710, National Bureau of Economic Research, Inc.
- Hicks, John, 1989. "A Market Theory of Money," OUP Catalogue, Oxford University Press, number 9780198287247, March.
- Allan H. Meltzer, 2001. "Money and monetary policy: an essay in honor of Darryl Francis," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 23-32.
- Miglierina Enrico & Molho Elena, 2002. "Well-posedness and convexity in vector optimization," Economics and Quantitative Methods qf0221, Department of Economics, University of Insubria.
- Giancarlo Bertocco, 2005.
"The Role of credit in a Keynesian monetary economy,"
Review of Political Economy,
Taylor & Francis Journals, vol. 17(4), pages 489-511.
- Bertocco Giancarlo, 2002. "The role of credit in a Keynesian monetary economy," Economics and Quantitative Methods qf0222, Department of Economics, University of Insubria.
- Lucas, Robert E, Jr, 1996. "Nobel Lecture: Monetary Neutrality," Journal of Political Economy, University of Chicago Press, vol. 104(4), pages 661-82, August.
When requesting a correction, please mention this item's handle: RePEc:ins:quaeco:qf0311. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Segreteria Dipartimento)The email address of this maintainer does not seem to be valid anymore. Please ask Segreteria Dipartimento to update the entry or send us the correct address
If references are entirely missing, you can add them using this form.