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Keynes on Monetary Policy, Finance and Uncertainty by Jo ̈rg Bibow Pdf
This book provides a reassessment of Keynes' theory of liquidity preference. It argues that the failure of the Keynesian revolution to be made in either theory or practice owes importantly to the fact that the role of liquidity preference theory as a pivotal element in Keynes' General Theory has remained underexplored and indeed widely misunderstood even among Keynes' followers and until today. The book elaborates on and extends Keynes' conceptual framework, moving it from the closed economy to the global economy context, and applies liquidity preference theory to current events and prominent hypotheses in global finance. Jorg Bibow presents Keynes' liquidity preference theory as a distinctive and highly relevant approach to monetary theory offering a conceptual framework of general applicability for explaining the role and functioning of the financial system. He argues that, in a dynamic context, liquidity preference theory may best be understood as a theory of financial intermediation. Through applications to current events and prominent hypotheses in global finance, this book underlines the richness, continued relevance, and superiority of Keynes' theory of liquidity preference; with Hyman Minsky standing out for developing Keynes' vision of financial capitalism.
Keynes on Monetary Policy, Finance and Uncertainty by Jorg Bibow Pdf
This book provides a reassessment of Keynes’ theory of liquidity preference. It argues that the failure of the Keynesian revolution to be made in either theory or practice owes importantly to the fact that the role of liquidity preference theory as a pivotal element in Keynes’ General Theory has remained underexplored and indeed widely misunderstood even among Keynes’ followers and until today. The book elaborates on and extends Keynes’ conceptual framework, moving it from the closed economy to the global economy context, and applies liquidity preference theory to current events and prominent hypotheses in global finance. Jörg Bibow presents Keynes’ liquidity preference theory as a distinctive and highly relevant approach to monetary theory offering a conceptual framework of general applicability for explaining the role and functioning of the financial system. He argues that, in a dynamic context, liquidity preference theory may best be understood as a theory of financial intermediation. Through applications to current events and prominent hypotheses in global finance, this book underlines the richness, continued relevance, and superiority of Keynes’ theory of liquidity preference; with Hyman Minsky standing out for developing Keynes’ vision of financial capitalism.
Money, Uncertainty and Time by Giuseppe Fontana Pdf
This excellent new book from one of the brightest young economists, Giuseppe Fontana, involves a compendium of issues surrounding uncertainty, money and time. Fontana shines a post Keynesian light onto statements and claims made by well-known neo-classical authors and as such leaves readers with an interesting and informative book to be read a
Keynes on Monetary Policy, Finance and Uncertainty by Anonim Pdf
In this book, Jrg Bibow illustrates how Keynes' methodology inspired his economic theorizing and how this led to fundamental insights concerning the role of money that contrasted with orthodox closed-system modelling.
Optimal Monetary Policy under Uncertainty, Second Edition by Richard T. Froyen,Alfred V. Guender Pdf
This book provides a thorough survey of the model-based literature on optimal monetary in a stochastic setting. The survey begins with the literature of the 1970s which focused on the information problem in policy design and extends to the New Keynesian approach of the 1990s which centered on evaluating alternative targeting strategies. New to the second edition is consideration of research since the world financial crisis on the role of financial markets and institutions in the conduct of monetary policy.
Keynes, the Keynesians and Monetarism by Tim Congdon Pdf
''Keynes, the Keynesians and Monetarism is an intriguing miscellaneous of essays by one of Britain''s leading monetarist economists in the 1980s and in the 1990s. The book indeed brings together the main academic papers written by the author revising and up-to-dating the previous collection titled, Reflections on Monetarism, with the new papers published in the first years of 2000. The book by this "advocate" of monetarism is very often appealing and provocative, covering topics that are fundamental to macroeconomic thinking and policy-making. . . certainly appealing for macroeconomists and researchers. . .'' Lino Sau, History of Economic Ideas ''In the context of the current economic climate, this volume provides an excellent opportunity for reappraising the arguments on both sides of the debate. . . The importance of this volume is that it provides the interested reader with an excellent summary of the monetarist position prior to the current crisis.'' Economic Outlook and Business Review ''Tim Congdon has been Britain''s leading monetarist for about three decades. . . He has a sharp eye for statistics, for history, for the twists and flows of intellectual fads, and for the political arena where debate hardens suddenly into the stone of decision. He is subtle, practical, bellicose and highly articulate. This volume is vintage Congdon in every sense.'' Peter Sinclair, The Business Economist ''Tim Congdon''s book revisits the intellectual battlefields of British monetary theory and policy. A doughty advocate of monetarism, he is stimulating, controversial and entertaining.'' Charles Goodhart, London School of Economics and Political Science, UK ''Whether rescuing Keynes from the "Keynesians" or finding support in his earlier works for a distinctly British version of Monetarism, Tim Congdon writes with engaging and provocative enthusiasm. This is a timely collection too, coming from a long-standing exponent of ideas that policy makers are once again beginning to take seriously. It deserves the careful attention of anyone interested in British monetary policy.'' David Laidler, University of Western Ontario, Canada ''As with all Tim Congdon''s writing, beautifully written and vigorously argued.'' Robert Sidelsky, author of the biography John Maynard Keynes: Economist, Philosopher, Statesman Keynes, the Keynesians and Monetarism is a major contribution to the continuing debate on macroeconomic policy-making. Tim Congdon has been a strong supporter of monetarist economic principles for over 30 years. His writings in the newspapers and for parliamentary committees, as well as in academic journals played an influential role in the transformation of British macroeconomic policy in the 1980s and 1990s. This book brings together the main papers written by the author since his 1992 collection, Reflections on Monetarism. It challenges several ''conventional wisdoms'' about UK macroeconomic policy (and thinking about policy), arguing for example that the Keynesians'' advocacy of incomes policy and fiscal activism in the immediate post-war decades did not have a clear basis in Keynes''s own writings. The book denies that the UK had a ''Keynesian revolution'', in the sense of a deliberately pursued fiscal activism to promote ''full employment''. Implicit throughout the volume is a distinctive view of how the economy works, with an account of the transmission mechanism (from money to the economy) in which movements in asset prices and aggregate demand are strongly influenced by the quantity of money. Congdon uses this approach to demonstrate that monetary policy has had more powerful effects on macroeconomic activity in the post-war period than fiscal policy. He also suggests that the now fashionable ''New Keynesian'' view of policy-making acknowledges the primacy of monetary policy and would be better termed ''output gap monetarism''. In short, Keynes, the Keynesians and Monetarism contends that monetarism defeated Keynesianism in the battle of ideas in the 1970s and 1980s. The achievement of greater macroeconomic stability in the last 15 years is largely due to the impact of monetarist thinking on policy-making. The book is clearly and attractively written, and covers topics that are fundamental to macroeconomic thinking and policy-making. It will be a provocative and appealing read for scholars at all levels of economics, macroeconomics and monetary theory. It will also find an audience among policymakers in central banks and finance ministries, business economists working in companies, and financial economists in the City of London and other centres.
During the past five years, crises in the US savings and loan industry, commercial banks, and other financial institutions have borne out the ideas that Rousseas expressed in the first edition. His main theme stresses the role of innovation in the financial sector of the economy and its implications for control of the money supply and credit, as well as the larger issue of macroeconomic policy. He holds a Post-Keynesian view of an elastic and endogenous money supply that is largely founded on the "general liquidity thesis" of the Radcliffe Committee. Indeed, the elasticity of the credit structure is even greater than the Radcliffe Committee originally claimed. Tables and charts are revised through 1990, and the text has been revised accordingly. An expanded preface to the revised edition makes this book very relevant to contemporary problems and policy.
Post Keynesian Monetary Economics by Stephen Rousseas Pdf
In this book Stephen Rousseas presents a critical overview of some of the central themes of Post Keynesian monetary economics. As Rousseas sees it, Post Keynesian monetary economics rejects the neoclassical and monetarist apporaches. The money supply is seen as a function of nominal income rather than the other way around.
Liquidity Preference and Monetary Economies by Fernando J. Cardim de Carvalho Pdf
The 2008 international crisis has revived the interest in Keynes’s theories and, in particular, on Minsky’s models of financial fragility. The core proposition of these theories is that money plays an essential role in modern economies, which is usually neglected in other approaches. This is Keynes’s liquidity preference theory, which is also the foundation for Minsky’s model, a theory that has been largely forgotten in recent years. This book looks at liquidity preference theory and its most important problems, showing how one should understand the role of money in modern monetary economies. It develops Keynes’s and Minsky’s financial view of money, relating it to the process of capital accumulation, the determination of effective demand and the theory of output, and employment as a whole. Building on the author’s significant body of work in the field, this book delves into a broad range of topics allowing the general reader to understand propositions that have been mistreated in the literature including Keynes and the concept of monetary production economy; uncertainty, expectations and money; short and long period; liquidity preference theory as a theory of asset pricing under uncertainty; asset prices and capital accumulation; Keynes’s version of the principle of effective demand; and the role of macroeconomic policy. It will be essential reading for all students and scholars of Post-Keynesian economics.
A Handbook of Alternative Monetary Economics by Philip Arestis,Malcolm C. Sawyer Pdf
Consists of over 30 major contributions that explore a range of work on money and finance. The contributions in this handbook cover the origins and nature of money, detailed analyses of endogenous money, surveys of empirical work on endogenous money and the nature of monetary policy when money is endogenous.
Uncertainty, International Money, Employment and Theory by Paul Davidson Pdf
The book contains Paul Davidson's major contributions to the economics and policy debates of our times. The relationship between uncertainty, economic theory, international financial markets and global unemployment is analysed throughout. Davidson suggests new solutions for the major problems of the twenty-first century, including volatile financial markets in Asia and beyond, challenging orthodox responses. The differences between the Old-, New-, and Post-Keynesians all vying for Keynes's mantle, are explored.
Keynes's General Theory for Today by Jesper Jespersen,Mogens Ove Madsen Pdf
ÔAt a time of renewed interest in Keynes, this volume provides an illuminating and forward-looking collection of papers. They explain the meaning of KeynesÕs great contribution and also show how that contribution can be developed further for application to modern economic policy issues. Most important, the papers explain the ways in which KeynesÕs methodological approach is so different from that which continues to dominate mainstream economics and how productive it would be if that approach were applied to our modern experience.Õ Ð Sheila Dow, University of Stirling, UK ÔThis book celebrates the 75th anniversary of KeynesÕs General Theory, which has proved yet again to be an endless source of inspiration. These authors take The General Theory as a point of departure from which to address the problems of today from fresh perspectives. This volume is indeed Keynes for today Ð and tomorrow.Õ Ð Victoria Chick, University College London, UK ÔKeynesÕs General Theory for Today is a fine set of thoughtful and highly relevant essays. They relate several ideas of Keynes to todayÕs happenings, putting forward modifications and extensions to take into account both short-term and long-term happenings in advanced capitalist economies. Especially useful are the investigations of KeynesÕs revolutionary methods of reasoning in economics, long abandoned by orthodox economists, to the great detriment of our understanding of what is happening and what may be done about it. These essays should be required reading for students, teachers and policy makers alike.Õ Ð G.C. Harcourt, University of New South Wales, Australia The themes of this important new volume were chosen to mark the 75th anniversary of the publication of The General Theory of Employment, Interest and Money. The distinguished authors concentrate on the relevance of this seminal publication for macroeconomic theory, method and the politics of today. This is particularly pertinent as similarities with the 1930s are striking in terms of unemployment, low growth, financial fragility and the European monetary union resembling the gold standard. Illustrating new ways of understanding the importance of uncertainty in macroeconomics, particularly in view of the importance of finance and balance of payments imbalances within a monetary union, this book will prove a stimulating and challenging read for academics, researchers and students of macroeconomics, heterodox economics, and the methodology and history of economic thought.
