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endogenous and exogenous money
1987The issue of endogeneity or exogeneity of money is one that runs through the history of monetary theory, with prominent authors appearing to hold views on either side. Narrowly put, those who plug for the exogeneity view take one or all among the cluster of variables — price level, interest rate or real output — as being determined by movements in the ...
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1986
One of the enigmas of our time is why the quantity theory of money, in one form of another, has survived as long as it has. Nicholas Kaldor regards its current “monetarist” guise as a “terrible curse” and “a visitation of evil spirits” which has caused misery and agony in the form of mass unemployment in the major countries of the West.
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One of the enigmas of our time is why the quantity theory of money, in one form of another, has survived as long as it has. Nicholas Kaldor regards its current “monetarist” guise as a “terrible curse” and “a visitation of evil spirits” which has caused misery and agony in the form of mass unemployment in the major countries of the West.
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2019
The capitalist economy is a money economy. But how is money created and destroyed? Is it exogenous, a limited resource like gold, or is it endogenous, emerging from processes of production and distribution? How is credit generated and what is the relationship between credit and savings?
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The capitalist economy is a money economy. But how is money created and destroyed? Is it exogenous, a limited resource like gold, or is it endogenous, emerging from processes of production and distribution? How is credit generated and what is the relationship between credit and savings?
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Journal of Post Keynesian Economics, 1988
(1988). The Endogenous Money Supply. Journal of Post Keynesian Economics: Vol. 10, No. 3, pp. 372-385.
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(1988). The Endogenous Money Supply. Journal of Post Keynesian Economics: Vol. 10, No. 3, pp. 372-385.
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SSRN Electronic Journal, 2001
In neoclassical theory, money is an exogenous variable: Money is neutral, merely determining nominal prices; and the supply of money is controlled by the central bank. This paper delineates how Post Keynesians offer a clear alternative to the neoclassical approach.
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In neoclassical theory, money is an exogenous variable: Money is neutral, merely determining nominal prices; and the supply of money is controlled by the central bank. This paper delineates how Post Keynesians offer a clear alternative to the neoclassical approach.
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Keynes and the endogeneity of money
Review of Keynesian Economics, 2013A common feature of practically all strands of post-Keynesian theory is the notion that the money supply should not be considered as fixed independently of money demand in macroeconomic models. There are, however, at least two ways to postulate money endogeneity. The first, and perhaps best known today, is Kaldor's version, where the money supply curve
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Économie appliquée, 1988
Money supply exogeneity is a theoretical abstraction which has governed the content and significance of orthodox monetary theory. This article explores the various possible senses of exogeneity and endogeneity in this context, and elaborates on a use of the concepts which is more suitable for policy purposes.
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Money supply exogeneity is a theoretical abstraction which has governed the content and significance of orthodox monetary theory. This article explores the various possible senses of exogeneity and endogeneity in this context, and elaborates on a use of the concepts which is more suitable for policy purposes.
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1991
It was uncharacteristic of Nicholas Kaldor to take an ambiguous stand on any issue, but in the above it is not clear where he stood on the question of the endogeneity or the exogeneity of money, or whether he believed it to be of importance. In his later writings on money he viewed the attempt to control the path of nominal aggregate demand by ...
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It was uncharacteristic of Nicholas Kaldor to take an ambiguous stand on any issue, but in the above it is not clear where he stood on the question of the endogeneity or the exogeneity of money, or whether he believed it to be of importance. In his later writings on money he viewed the attempt to control the path of nominal aggregate demand by ...
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Journal of Post Keynesian Economics, 1979
The banking system has no direct control over the prices of individual commodities or over the rates of money earnings of the factors of production. Nor has it, in reality, any direct control over the quantity of money; for it is a characteristic of modern systems that the central bank is ready to buy for money at a stipulated rate of discount any ...
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The banking system has no direct control over the prices of individual commodities or over the rates of money earnings of the factors of production. Nor has it, in reality, any direct control over the quantity of money; for it is a characteristic of modern systems that the central bank is ready to buy for money at a stipulated rate of discount any ...
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Hume and Endogenous Money [PDF]
Eastern Economic Journal, 2006 David Hume’s monetary theory has three standard yet inconsistent readings. As a forefather of the quantity theory of money, Hume sees money as neutral. As an inflationist, Hume sees an active positive role for monetary policy. As a monetarist, Hume sees an active positive role for monetary policy only in the short run.
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