On Some Equilibrium and Disequilibrium Theories of Endogenous Money: A Structuralist View
This paper is intended to be a contribution to a historico-critical analysis of some recent theories of endogenous money supply. Not a systematic survey of the literature on the subject. It is mainly concerned with the internal consistency of the „circuit. theories developed in the 1980.s and early 1990.s and their later reappraisals and adjournments. It deals, inter alia, with some theoretical and practical problems concerning the monetary equilibrium framework of some of such theories, the endogenous or exogenous nature of the supply of money and of its single components, the relative importance of the different functions of money, the distinction between money and bank credit, the „closure. of a monetary circuit and the institutional role of a central bank as a lender of last resort. The author is a non-fundamentalist post-Keynesian monetary theorist. He regards money demand and supply as two strictly connected variables, whose structural interdependence precludes a causal approach to an analysis of the way money enters the circular income flow.
|Date of creation:||2004|
|Date of revision:|
|Publication status:||Published in History of Economic Ideas 3.12(2004): pp. 49-81|
|Contact details of provider:|| Postal: |
Web page: http://mpra.ub.uni-muenchen.de
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.:
- Bell, Stephanie, 2001. "The Role of the State and the Hierarchy of Money," Cambridge Journal of Economics, Oxford University Press, vol. 25(2), pages 149-63, March.
- Cavalieri, Duccio, 1994. "La teoria monetaria di Keynes e i teorici del circuito: a proposito di un libro di Augusto Graziani," MPRA Paper 43887, University Library of Munich, Germany.
- Richard Clarida & Jordi Galí & Mark Gertler, 1997.
"The science of monetary policy: A new Keynesian perspective,"
Economics Working Papers
356, Department of Economics and Business, Universitat Pompeu Fabra, revised Apr 1999.
- Mark Gertler & Jordi Gali & Richard Clarida, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," Journal of Economic Literature, American Economic Association, vol. 37(4), pages 1661-1707, December.
- Clarida, R. & Gali, J. & Gertler, M., 1999. "The Science of Monetary Policy: A New Keynesian Perspective," Working Papers 99-13, C.V. Starr Center for Applied Economics, New York University.
- Clarida, Richard & Galí, Jordi & Gertler, Mark, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," CEPR Discussion Papers 2139, C.E.P.R. Discussion Papers.
- Richard Clarida & Jordi Gali & Mark Gertler, 1999. "The Science of Monetary Policy: A New Keynesian Perspective," NBER Working Papers 7147, National Bureau of Economic Research, Inc.
- Giuseppe Fontana, 2000. "Post Keynesians and Circuitists on Money and Uncertainty: An Attempt at Generality," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 23(1), pages 27-48, October.
- Giuseppe Fontana, 2003. "Post Keynesian Approaches to Endogenous Money: A time framework explanation," Review of Political Economy, Taylor & Francis Journals, vol. 15(3), pages 291-314.
- Gennaro Zezza, 2004.
"Some Simple, Consistent Models of the Monetary Circuit,"
- Gennaro Zezza, 2004. "Some Simple, Consistent Models of the Monetary Circuit," Economics Working Paper Archive wp_405, Levy Economics Institute.
- Davidson, Paul & Weintraub, Sidney, 1973. "Money as Cause and Effect," Economic Journal, Royal Economic Society, vol. 83(332), pages 1117-32, December.
- L. Randall Wray, 1997.
"Money and Taxes: The Chartalist Approach,"
Economics Working Paper Archive
wp_222, Levy Economics Institute.
- Robert Pollin, 1991. "Two Theories of Money Supply Endogeneity: Some Empirical Evidence," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 13(3), pages 366-396, April.
- Thomas I. Palley, 1996. "Accommodationism versus Structuralism: Time for an Accommodation," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 18(4), pages 585-594, July.
- Thomas I. Palley, 1991. "The Endogenous Money Supply: Consensus and Disagreement," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 13(3), pages 397-403, April.
- Philip Arestis & Malcolm Sawyer, 2006.
"The nature and role of monetary policy when money is endogenous,"
Cambridge Journal of Economics,
Oxford University Press, vol. 30(6), pages 847-860, November.
- Philip Arestis & Malcolm Sawyer, 2003. "The Nature and Role of Monetary Policy When Money Is Endogenous," Economics Working Paper Archive wp_374, Levy Economics Institute.
- Thomas I. Palley, 1994. "Competing Views Of The Money Supply Process: Theory And Evidence," Metroeconomica, Wiley Blackwell, vol. 45(1), pages 67-88, 02.
- Jacques Le Bourva, 1962. "Création de la monnaie et multiplicateur du crédit," Revue Économique, Programme National Persée, vol. 13(1), pages 29-56.
- Dow, Sheila C, 1996.
"Horizontalism: A Critique,"
Cambridge Journal of Economics,
Oxford University Press, vol. 20(4), pages 497-508, July.
- 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.
- Godley, Wynne, 1999. "Money and Credit in a Keynesian Model of Income Determination," Cambridge Journal of Economics, Oxford University Press, vol. 23(4), pages 393-411, July.
- Alberto ZAZZARO, 2002. "How Heterodox is the Heterodoxy of the Monetary Circuit Theory? The Nature of Money and the Microeconomy of the Circuit," Working Papers 163, Universita' Politecnica delle Marche (I), Dipartimento di Scienze Economiche e Sociali.
- Louis-Philippe Rochon & Matias Vernengo & Louis-Philippe Rochon & Matias Vernengo, 2003. "State money and the real world: or chartalism and its discontents," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 26(1), pages 57-67, October.
- Riccardo Bellofiore & Guglielmo Forges Davanzati & Riccardo Realfonzo, 2000. "Marx Inside the Circuit: Discipline device, wage bargaining and unemployment in a sequential monetary economy," Review of Political Economy, Taylor & Francis Journals, vol. 12(4), pages 403-417.
- Giuseppe Fontana, 2004. "Rethinking Endogenous Money: A Constructive Interpretation Of The Debate Between Horizontalists And Structuralists," Metroeconomica, Wiley Blackwell, vol. 55(4), pages 367-385, November.
- Stefano Figuera, 2000. "Il carattere monetario dell'economia capitalistica alla luce di un recente dibattito," STUDI ECONOMICI, FrancoAngeli Editore, vol. 2000(70).
- cavalieri, duccio, 2003. "On the closure of the monetary circuit," MPRA Paper 43836, University Library of Munich, Germany.
- Bossone, Biagio, 2001. "Circuit theory of banking and finance," Journal of Banking & Finance, Elsevier, vol. 25(5), pages 857-890, May.
- Cottrell, Allin F, 1986. "The Endogeneity of Money and Money-Income Causality," Scottish Journal of Political Economy, Scottish Economic Society, vol. 33(1), pages 2-27, February.
- Cavalieri, Duccio, 1999.
"Il circuito della moneta e il finanziamento dell'economia. Un'analisi teorica
[Monetary circuit and economy financing: a theoretical analysis]," MPRA Paper 43895, University Library of Munich, Germany.
- Cavalieri, Duccio, 1996.
"Sullo statuto teorico dell'offerta di moneta: un dibattito con Augusto Graziani
[On the theoretic status of the supply of money: a debate with Augusto Graziani]," MPRA Paper 43888, University Library of Munich, Germany.
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:43738. 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: (Ekkehart Schlicht)
If references are entirely missing, you can add them using this form.