Money, Financial Institutions and Macroeconomics

1. Front Matter

   Pages i-xvi

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2. The Theory of a Monetary and Credit Economy

   1. Front Matter

      Pages 1-1

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   2. The Uses of the Pure Credit Economy

      • Hans-Michael Trautwein

      Pages 3-16

   3. Post Keynesian Monetary Theory and the Principle of Effective Demand

      • Colin Rogers

      Pages 17-31

   4. Keynesians, New Keynesians and the Loanable Funds Theory

      • Marcello Messori

      Pages 33-53

   5. The Fisher Effect: Phenomenology, Theory and Policy

      • Allin Cottrell

      Pages 55-65

   6. Loanable Funds, Endogenous Money and Minsky’s Financial Fragility Hypothesis

      • Marc Lavoie

      Pages 67-82

3. Alternative Views on Money and Credit

   1. Front Matter

      Pages 83-83

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   2. Keynes and Friedman on Money

      • Gilles Dostaler

      Pages 85-100

   3. The Role of Credit in Fisher’s Monetary Economics

      • Robert W. Dimand

      Pages 101-108

   4. Henry Dunning Macleod and the Credit Theory of Money

      • Neil T. Skaggs

      Pages 109-123

   5. Early Twentieth-Century Heterodox Monetary Thought

      • Mario Seccareccia

      Pages 125-139

   6. The Role of Credit in the Mania-Crisis Process

      • Brenda Spotton

      Pages 141-153

4. Monetary Policy Issues in North America

   1. Front Matter

      Pages 155-155

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   2. The Institutionalization of Deflationary Monetary Policy

      • Thomas I. Palley

      Pages 157-173

   3. Monetarism and the United States Economy

      • David I. Fand

      Pages 175-190

   4. A Fiscal-Monetary Mix-Up

      • David Laidler

      Pages 191-201

   5. Flying Blind: Recent Federal Reserve Policy

      • L. Randall Wray

      Pages 203-217

5. Monetary Policy Issues in Europe

   1. Front Matter

      Pages 219-219

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   2. The Problematic Nature of Independent Central Banks

      • Philip Arestis, Malcolm Sawyer

      Pages 221-234

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.'

• Deflation
• Funds
• Keynes
• banking
• monetarism
• monetary economics
• monetary policy
• monetary theory

• York University, Canada

  Avi J. Cohen, John Smithin

• University of Hohenheim, Germany

  Harald Hagemann

Policies and ethics