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Money, Financial Institutions and Macroeconomics : Recent Economic Thought - Avi J. Cohen

Money, Financial Institutions and Macroeconomics

Recent Economic Thought

By: Avi J. Cohen (Editor), H. Hagemann (Editor), John N. Smithin (Editor)

Hardcover Published: 31st May 1997
ISBN: 9780792399094
Number Of Pages: 298

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Money, Financial Institutions and Macroeconomics presents a comparative and international perspective on the current state of research in monetary theory, and the application of monetary theory to important policy issues. The main emphasis is on views stressing the importance of credit creation in the monetary process, in a tradition which arguably encompasses Wicksell, the later Swedes and the Austrians, through the later Hicks, the circuit school and contemporary post-Keynesians. In addition, however, there are distinguished contributions from economists with a more `mainstream' approach to the issues.
The book is subdivided into four main parts: Part I reviews the theory of a monetary and credit economy; Part II explores alternative views on money and credit; Part III deals with monetary policy issues in North America; and Part IV discusses monetary policy issues in Europe.
`Taken together, the contributions to this volume certainly bear out Hick's famous adage about the much closer relationship between `monetary theory' and `monetary history' than is the case in other branches of economic thought.'

List of Contributorsp. vii
Acknowledgementsp. ix
Introductionp. xi
The Theory of a Monetary and Credit Economy
The Uses of the Pure Credit Economyp. 3
Post Keynesian Monetary Theory and the Principle of Effective Demandp. 17
Keynesians, New Keynesians and the Loanable Funds Theoryp. 33
The Fisher Effect: Phenomenology, Theory and Policyp. 55
Loanable Funds, Endogenous Money and Minsky's Financial Fragility Hypothesisp. 67
Alternative Views on Money and Credit
Keynes and Friedman on Moneyp. 85
The Role of Credit in Fisher's Monetary Economicsp. 101
Henry Dunning Macleod and the Credit Theory of Moneyp. 109
Early Twentieth-Century Heterodox Monetary Thoughtp. 125
The Role of Credit in the Mania-Crisis Processp. 141
Monetary Policy Issues in North America
The Institutionalization of Deflationary Monetary Policyp. 157
Monetarism and the United States Economyp. 175
A Fiscal-Monetary Mix-Upp. 191
Flying Blind: Recent Federal Reserve Policyp. 203
Monetary Policy Issues in Europe
The Problematic Nature of Independent Central Banksp. 221
Credibility, Reputation, and the Instability of the EMSp. 235
Competition and the Future of the European Banking and Financial Systemp. 253
The Monetary Shock of German Unificationp. 271
Indexp. 291
Table of Contents provided by Syndetics. All Rights Reserved.

ISBN: 9780792399094
ISBN-10: 0792399099
Series: Recent Economic Thought
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 298
Published: 31st May 1997
Publisher: Springer
Country of Publication: NL
Dimensions (cm): 23.5 x 15.5  x 2.54
Weight (kg): 1.39

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