Credit, Interest Rates and the Open Economy

Released on by Louis-Philippe Rochon
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  • Credit, Interest Rates and the Open Economy Book Detail

  • Author : Louis-Philippe Rochon
  • Release Date : 2001-01-01
  • Publisher : Edward Elgar Publishing
  • Genre : Business & Economics
  • Pages : 304
  • ISBN 13 : 9781782542827
  • File Size : 69,69 MB
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Credit, Interest Rates and the Open Economy by Louis-Philippe Rochon PDF Summary

Book Description: 'This book should be on the reading list of every graduate course in monetary economics. The distinguished contributors not only examine and discuss the nature of money and the conduct of monetary policy in a modern credit economy, but also take an historical perspective through the writings of Cassel, Wicksell, Sraffa and Hicks, as well as Keynes and Kaldor, and extend the theory of money endogeneity (or "horizontalism") to the open economy and economic growth. Interested readers have a feast before them.' - A.P. Thirlwall, University of Kent at Canterbury, UK The horizontalist perspective is an extension of the post-Keynesian approach, that has hitherto focused on a theory of credit and money. This book extends horizontalism beyond its traditional boundaries and makes it consistent with the post-Keynesian theories of output and the open economy. The authors compare and contrast the horizontalist position with various orthodox and non-orthodox views on money. They argue that horizontalism is perfectly compatible with liquidity preference, credit constraints, and a flexible interest-rate mark-up, and address recent developments in banking that reinforce the validity of a horizontal schedule of credit-money. The overall intention is to place horizontalism within the current heterodox tradition as a general theory of the creation of money that is consistent with the post-Keynesian view on macroeconomic policy.

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Open Economy Macroeconomics

Open Economy Macroeconomics

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Employment, the trade balance and relative prices; Money and payments adjustment; Assets markets, capital mobility, and stabilization policy; Portfolio balance