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The Finance Constraint Theory of Money: A Progress Report

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  • Meir Kohn

Abstract

The theory of money that emerged from the Keynesian Revolution is coming increasingly into question, and a variety of new theories are being put forward as alternatives. The most promising is one I will call the finance constraint theory. This paper is a progress report on its development. It is particularly fitting that this progress report appear in afestschrift for S.C. Tsiang, as he has been one of the most cogent critics of the conventional theory and a major architect of the finance constraint alternative. The issues a theory of money should address may be divided into three broad areas: (1) What is money and how is it special (2) What is the connection between money and its various "prices" (the general price level, interest rates, and exchange rates)? (3) What is the role of money in economic fluctuations? After some introductory material, each of these areas will be taken up in turn.

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  • Meir Kohn, 1988. "The Finance Constraint Theory of Money: A Progress Report," Economics Working Paper Archive wp_5, Levy Economics Institute.
    • Handle: RePEc:lev:wrkpap:wp_5
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    Cited by:

    1. László, Géza & Király, Júlia & Csontos, László, 1997. "Az ezredvégi nagy borzongás [The big thrill at the end of the millennium]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(7), pages 569-596.
    2. Goodhart, Charles, 1989. "The Conduct of Monetary Policy," Economic Journal, Royal Economic Society, vol. 99(396), pages 293-346, June.
    3. Lányi, Kamilla, 2001. "Vázlat a globalizációnak nevezett jelenségkör értelmezéséről [Outline of an interpretation of the circle of phenomena known as globalization]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(6), pages 498-519.
    4. Shinji MIURA, 2016. "Graphic Explanation for Welfare Economic Foundation of Hoarding Loss," Journal of Economics Bibliography, KSP Journals, vol. 3(2), pages 265-289, June.
    5. Plassard, Romain, 2017. "Disequilibrium as the origin, originality, and challenges of Clower's microfoundations of monetary theory," MPRA Paper 78917, University Library of Munich, Germany.
    6. Mauro Boianovsky, 2002. "Simonsen and the early history of the cash\in-advance approach," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(1), pages 57-71.
    7. Miura, Shinji, 2018. "Welfare economic foundation of hoarding loss by money circulation optimization," MPRA Paper 88443, University Library of Munich, Germany.
    8. Piet-Hein Van Eeghen, 2011. "Rethinking equilibrium conditions in macromonetary theory: A conceptually rigorous approach," Working Papers 255, Economic Research Southern Africa.

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