Money, Financial Institutions and Macroeconomics / Edition 1

by Avi Cohen, Harald Hagemann, John Smithin

Overview

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.'

Product Details

ISBN-13:	9780792399094
Publisher:	Springer Netherlands
Publication date:	05/31/1997
Series:	Recent Economic Thought , #53
Edition description:	1997
Pages:	298
Product dimensions:	6.10(w) x 9.25(h) x 0.03(d)

Table of Contents

I: The Theory of a Monetary and Credit Economy.- 1. The Uses of the Pure Credit Economy.- 2. Post Keynesian Monetary Theory and the Principle of Effective Demand.- 3. Keynesians, New Keynesians and the Loanable Funds Theory.- 4. The Fisher Effect: Phenomenology, Theory and Policy.- 5. Loanable Funds, Endogenous Money and Minsky’s Financial Fragility Hypothesis.- II: Alternative Views on Money and Credit.- 6. Keynes and Friedman on Money.- 7. The Role of Credit in Fisher’s Monetary Economics.- 8. Henry Dunning Macleod and the Credit Theory of Money.- 9. Early Twentieth-Century Heterodox Monetary Thought.- 10. The Role of Credit in the Mania-Crisis Process.- III: Monetary Policy Issues in North America.- 11. The Institutionalization of Deflationary Monetary Policy.- 12. Monetarism and the United States Economy.- 13. A Fiscal-Monetary Mix-Up.- 14. Flying Blind: Recent Federal Reserve Policy.- IV: Monetary Policy Issues in Europe.- 15. The Problematic Nature of Independent Central Banks.- 16. Credibility, Reputation, and the Instability of the EMS.- 17. Competition and the Future of the European Banking and Financial System.- 18. The Monetary Shock of German Unification.

Editorial Reviews

These 18 papers from the April 1995 conference at York U., Toronto present comparative and international perspectives on recent research in monetary theory and its application to practical policy issues. Although the contributors tend to emphasize the importance of credit creation in the monetary process, some of the authors offer more mainstream approaches. Topics include the roles of interest rate determination and the endogeneity of money in the credit economy, and monetary policy in North America and Europe. Annotation c. by Book News, Inc., Portland, Or.

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