Affiliation:
1. Pardee School of Global Studies, Boston University
Abstract
The analytical tension in post-Keynesian thought between the theory of endogenous (credit) money and the theory of liquidity preference, brought to our attention by Dow and Dow (1989), can be viewed through the lens of the money view (Mehrling 2013) as a particular case of the balance between the elasticity of payment and the discipline of funding. Further, updating Fullarton’s 1844 “law of reflux” for the modern condition of financial globalization and market- based credit, the same money view lens offers a critical entry point into Tobin’s fateful 1963 intervention “Commercial Banks as Creators of ‘Money’” which established post-war orthodoxy, and also to the challenge offered by so-called Modern Money Theory.
Funder
Institute for New Economic Thinking
Publisher
Institute for New Economic Thinking
Reference35 articles.
1. Aglietta, Michel. 1979. A Theory of Capitalist Regulation. London: New Left Books. ISBN 9781784782382
2. Bibow, Jorg. 1995. “Some reflections on Keynes’s ‘finance motive’ for the demand for money.” Cambridge Journal of Economics 19: 647-666. https://doi.org/10.1093/oxfordjournals.cje.a035335
3. Cesaroni, Giovanni. 2001. “The finance motive, the Keynesian theory of the rate of interest and the investment multiplier.” European Journal of the History of Economic Thought. 8 No. 1 (Spring): 58-74. https://doi.org/10.1080/713765224
4. Committee on the Working of the Monetary System. 1959. [Radcliffe] Report. London: HM Stationery Office.
5. De Carvalho, Fernando de Cardim. 2002. “On Keynes’s Concept of the Revolving Fund of Finance.” Pages 79-90 in Money, Macroeconomics, and Keynes, Essays in Honour of Victoria Chick, edited by P. Arestis, M. Desai, and S. Dow. Northampton, MA: Edward Elgar. http://doi.org/10.4324/9780203467473-16
Cited by
12 articles.
订阅此论文施引文献
订阅此论文施引文献，注册后可以免费订阅5篇论文的施引文献，订阅后可以查看论文全部施引文献