Monetary policy and financial stability: a post-Keynesian agenda
In: New Directions in Modern Economics Series
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In: New Directions in Modern Economics Series
In: Publications de l'Université de Bourgogne N.S., 72
In: International journal of political economy: a journal of translations, Volume 40, Issue 4
ISSN: 1558-0970
Standard monetary policy is grounded in the quantity theory of money, which links changes in the general price level to excess money that would induce excess demand on the goods market. This article shows that this theoretical foundation is misleading and harmful to growth. This is so because price determination is multifaceted. Central banks, especially the European Central Bank, currently tighten credit conditions whereas money is not an issue. In this way, they act not only on demand but also on the supply of goods. The additional reference made to rational expectations is an aggravating factor. Is there another way to conduct monetary policy? In this article it is argued that circuit theory, which endorses Keynes's dismissal of the quantity theory of money and his proposal to instead consider money flows in relation to the formation and spending of incomes, provides a substitute for standard monetary policy. Inflation and deflation could be avoided through a new structural arrangement of banks' monetary and financial operations. Adapted from the source document.
In: International journal of political economy: a journal of translations, Volume 40, Issue 4, p. 98-105
ISSN: 1558-0970
In: International journal of political economy: a journal of translations, Volume 40, Issue 4, p. 98-106
ISSN: 0891-1916
In: Revue du marché commun et de l'Union Européenne, Issue 360, p. 621-626
ISSN: 0035-2616
World Affairs Online
In: Revue du marché commun, Issue 330, p. 465-468
ISSN: 0035-2616
World Affairs Online
In: New directions in modern economics
In: Edward Elgar E-Book Archive
In: Cahiers d'économie Politique, Volume 74, Issue 1, p. 35-62
Contrairement à d'autres dimensions de son œuvre académique et politique, l'analyse monétaire d'Adolphe Landry et sa vision particulière de la théorie quantitative de la monnaie n'ont pas eu d'influence majeure. Cet oubli est dommageable dans la mesure où la conception particulière et subtile qu'il propose de cette théorie mérite d'être réexaminée afin d'en mettre en relief les aspects les plus originaux. Pour ce faire, nous examinons successivement les analyses que Landry consacre à la théorie quantitative pour la défendre, puis pour la compléter. La défense par Landry de la théorie quantitative le conduit à en proposer une version subtile et nuancée présentant des aspects très originaux. Tout d'abord, dès ses premiers écrits, il rejette la dichotomie stricte entre marché monétaire et marché des biens et propose une conception dans laquelle les échanges sont nécessairement monétaires, ce qui le rapproche des idées défendues par des auteurs anti-quantitativistes (Section I). Le complément apporté à la théorie quantitative aboutit également à une analyse originale du processus de hausse des prix. Il y propose une version subtile du mécanisme de transmission de la quantité de monnaie au prix qui intègre une déformation de la structure des prix relatifs et des effets durables sur les variables réelles, c'est-à-dire une approche ouvrant la porte à la non-neutralité de la monnaie (Section II).
In: New directions in modern economics
In: Edward Elgar E-Book Archive
With recent turmoil in financial markets around the world, this unique and up-to-date book addresses a number of challenging issues regarding monetary policy, financial markets and macroeconomic policy. While some of the chapters address the recent crisis as well as adjustments to the Basel Accord, others analyse the required changes to the conduct of monetary and fiscal policies. The distinguished authors offer an in-depth and comprehensive analysis of macroeconomics and provide alternative policies to deal with a number of persistent modern-day problems.
In: Routledge frontiers of political economy 105
In: New directions in modern economics
9 p. ; This paper aims at drawing lessons from Keynes's plan presented at the Bretton Woods conference, in order to help improving current regional monetary agreements in Latin America. Some promoters of the Bank of the South and the New Financial Architecture in Latin America are proposing to implement a regional clearing system designed to allow a multilateral offsetting of the liabilities and assets generated in the reciprocal transactions of member countries in words that the British economist certainly would not have denied. This system would be very different from current regional payments aggreements that maintain an implicit reference to the US dollar as reserve or payment currency.
BASE
9 p. ; This paper aims at drawing lessons from Keynes's plan presented at the Bretton Woods conference, in order to help improving current regional monetary agreements in Latin America. Some promoters of the Bank of the South and the New Financial Architecture in Latin America are proposing to implement a regional clearing system designed to allow a multilateral offsetting of the liabilities and assets generated in the reciprocal transactions of member countries in words that the British economist certainly would not have denied. This system would be very different from current regional payments aggreements that maintain an implicit reference to the US dollar as reserve or payment currency.
BASE
9 p. ; This paper aims at drawing lessons from Keynes's plan presented at the Bretton Woods conference, in order to help improving current regional monetary agreements in Latin America. Some promoters of the Bank of the South and the New Financial Architecture in Latin America are proposing to implement a regional clearing system designed to allow a multilateral offsetting of the liabilities and assets generated in the reciprocal transactions of member countries in words that the British economist certainly would not have denied. This system would be very different from current regional payments aggreements that maintain an implicit reference to the US dollar as reserve or payment currency.
BASE