Index of Names978-1-349-24525-3/1.pdf · Amadeo, E.J. 539 Anderson, ... Cencini, A. 407,428...

Index of Names

Abel, A. 630, 637 Aftalion, A. 10 Aglietta, M. 235, 339, 393, 394-5,

396,397 Airikkala, R. 486 Akashi, S. 627 Akerlof, G. 75,87 Amadeo, E.J. 539 Anderson, W.H.L. 628,629 Arnon,A. 543 Arrow, K. 55, 86, 203, 375 Artus, P. 486, 487 Asada, T. 627, 629 Asimakopulos, A. 152, 418,430, 432 Autume, A. d' 200, 534

Bagehot, W. 334,336,463, 552-3, 667

Bar-IIan, A. 527 Baranzini, M. 130 Barrere, A. 10, 38, 487 Barro, R.J. 512 Baumol, W. 525 Bendixen, F. 144, 152 Benetti, C. 11,39,234,235,236,328 Bernanke,B. 378,627,628,629,

630,631 Bernholz, P. 354 Bhaduri, A. 38, 197,708 Binder, P. 359 Bingham, T.R.G. 486 Black, F. 302, 339, 734 Blanchard, O. 39,300,610,627,628,

630,637 Blatt, G.M. 627 Bleaney, M. 405 Blimovich, A. 349 Boddy, R. 636,685,709 Bodin, J. 9,38 Boesky,l. 679 Boisguilbert, P. de 10 Boissieu, C. de 477,487 Bordes, C. 487 Bordo, M. 512-13

Bournay, 1 486 Bowles, S. 636,637,689, 708, 709,

710 Boyer, R. 708,709 Boyer-Xambeu, M-T. 235,327,328 Brainard, W.C. 85 Braudel, F. 302 Bruneel, D. 486 Brunner, K. 482,487 Buchan, A. 667

Cairnes, lE. 132 Campbell, 1 Y. 631 Cannan,E. 150,153 Canova, F. 627 Cant ilion, R. 10 Cartelier, 1 II, 35, 39, 234, 235, 236 Carter, P.J. 603 Caskey, J. 80,87 Cass, D. 234 Catephores, G. 300 Cencini, A. 407,428 Cesarano, F. 461 Chazelas, M. 487 Chick, V. 7, 152, 197,460,533 Clark, P.K. 628 Clarke, R.L. 603 Clower, R.W. 202,396,736 Condorcet, M. de 328 Copeland, M.A. 341 Coquelin, C. 454 Cornwall, J. 402,542 Coutiere, A. 487 Coutts, K. 710 Crick, F.W. 144 Cripps, F. 30 Crotty, 1 636,685,706, 709 Danziger, S. 64, 67 Dauvisis, J.F. 487 Davidson, G. 66 Davidson, P. 99,152,387,417,534,

682 aspects of money 457 contracts 62, 63, 460

751

752 Index of Names

Davidson, P. continued interest rates 537 investment 427 long-term funding 411 Marshallian prices 121 Post Keynesianism 6-7, 7, 57,

400 relative prices 54 safety net 66 uncertainty 378 unemployment 459

Day, R.H. 610,629 De Long, J.B. 80,87 De Vroey, M. 407 Debreu, G. 86, 375, 732 Deleplace, G. 235,327,328 Delli Gatti, D. 86 Denizet, J. 10,38,470,486,487 Diamond, D.W. 562 Doherty, M.R. 339 Dornbusch, R. 708 Douglas, P. 657 Dow, J.C.R. 99,543 Dow, S. 460,535,543 Dupont, F. 407 Dutt, A.K. 539, 543 Dybvig, B.A. 562 Dymski, G. 378, 395, 396

Earl,P. 542 Earley, J.S. 339,513 Eckstein, O. 602, 710 Edgeworth, F.Y. 307 Eichner, A. 7, 26, 38, 536, 537 Eisner, R. 628 Enfron, B. 487 Epstein, G. 693,704,705,707,708,

711,712,713 European Commission 723

Fagg Foster, J. 405 Fair, R.C. 608,614,615,629,630 Fama, E. 302, 382, 734 Fazzari, S. 80,87,628,629,631,

637 Feiwell, G. 420 Fels, E. 349 Ferguson, T. 707 Ferri, P. 88

Fetter, F.W. 330 Fischer, S. 300,610,627,628 Fisher, F. 200, 202 Fisher, I. 315,463,651,657 FUhl, C. 344, 352-3, 354, 354-5,

355-6 Foley, D. 301,339,396,610,619,

627,628,629 accelerator effects 635 cyclical variation 395 money contracts 444 WGE models 380

Forstmann, A. 354 Franke,R. 301,627,628,635 Frankel, J.A. 711 Friboulet, J.J. 428 Friedman, B. 493,619,629 Friedman, M. 74,513,673,734

fiat money 326 flexible exchange rates 706 general eqUilibrium 86 monetary aggregates 606 money and credit 662 money supply 491 wages 74

Fromm, G. 710 Fuerstenberg, G.M. von 630 Fullarton,J. 330,331 Funke, M. 710

Gale, D.D. 373-4, 375 Gallegati, M. 86 Gandolfo, G. 236 Gertler, M. 627, 628, 629 Ghilarducci, T. 603 Gillard, L. 235,327,328 Giovannini, A. 723 Glossman, D.B. 603 Glyn, A. 394, 708, 709 Godley, W. 30,710 Goldfeld, S.M. 512 Goldstein, J.P. 689,708,709-10,

710 Goodfriend, M. 99,100 Goodwin, R.M. 607, 610, 611, 628 Gordon, D.M. 636,689,709,710 Gordon, R.J. 602,640,701,710 Grandmont, J.M. 63-4, 730 Granger, C.W.J. 621

Index of Names 753

Graziani, A. 38, 151, 152, 189, 197, 410,462,532,668

circuit theory 191, 429, 430, 431 ; money creation 659; money and credit 661

distribution theory II final finance 411 initial finance 400 interest payments/costs 184, 662 prices 167 reflux problem 406

Greenfield, R.L. 302, 328, 563, 734 Greenwald, B.C. 627,628,629,637 Greider, W. 99,100 Griffoul, L. 487 Grilli, V. 718-19 Guckenheimer,1. 641 Guerrieri, P. 724 Gurley, J. 74,86,382,470,486,628 Guttentag, ]. 558

Hahn,F. 152,203,374,375,726 axiom of absence of money illusion

73-4,86 challenge of existence of money

728 Clower constraint 736 money and bonds 731 money contracts 55 money and value 366, 368; zero

price for money 367,371, 371-2,372-3

neutrality of money 67 savings and non-reproducibles

53-4 Hahn, LA 145 Hahnel, R. 636 Hall, RE. 302,514,629,734 Hallett, G. 109, III, 130, 137 Hanley, T.H. 603 Harris,D.G. 481 Harrod, RF. 49-50, 66 Hart, A.G. 87 Haslinger, F. 349 Hawtrey, RG. 316,328,336 Hayek, FA von 152,155-6,196-7,

669, 736 Heinsohn, G. 152,197,460,461,462

monetary contracts 441, 442

Herring, R 558 Hicks, J.R 71,85,297,339,402,

486 changes in value of money 300 decision-making 59, 60 hoarding 249 marginal utility analysis 725-6 non-neutrality 79-80 overdraft economy 10, 466, 532 statisticaUstochastic methods 68

Hixson, W.F. 660 Holmes, A. 495 Holmes, P. 641 Homer, S. 460,462 Hood, W.C. 402 Hotson,1.H. 197,543,660 Hubbard, R 640 Hume, D. 299,327,651,655

Ingrau, B. 87 Israel, G. 87

Jaffee,D.M. 481,487 Jarsulic, M. 99, 643 Jay, S, 88 Jevons, W.S. 307,315,328 Joffre, C. 487 Johnston, J. 514 ](jhr, W.A. 344 Jonung,L. 512-13

Kahn,M. 708 Kahn, R 302-3, 540, 543 Kaldor, N. 26,99, 151,236,339,

513,635.636.682.709 accelerator 607, 610 asset-portfolio theory 673 credit control 540 endogenous money 100,140.235 interest rates 539 investment function 628 pricing 538

Kalecki. M. 10, 236, 628, 636 accelerator 607, 610 full employment 537.685 investment 424,429,613.637;

and Keynes 418-23 profits 197,218,669

Kashyap, A.K. 631

754 Index of Names

Kaufman, H. 514 Keen, S. 86 Kenen, P.B. 709 Keynes, J.M. 10,66,85,86, 152,

153,236,302,328,432,462,629, 672,682,683,716

aggregate demand 667 asset price stability 665 eqUilibrium 72-3 euthanasia of rentier class 536 identities 131 idle balances 143 industrial and financial circulation

674-5 industrial and financial money

demands 675-6 interest rate 94-5; real 67 introduction to the General Theory

70, 72, 73 investment: Kalecki and 418-23;

saving and 151 Keynesian revolution 48-9 liquidity 63, 64 liquidity preference 457-8,459 monetary standard 307, 326;

Ricardo's Ingot Plan and gold standard 308, 309-10

money 142, 144-7,461; circulation 145-7; government money as commodity money 447; purchasing power 147-8; unit of account 441

non-neutrality 55, 76 non-stationarity 68 object of production 451 relative price changes 52-4 speculation 679,680 taxonomic attack on Say's law

50-2 uncertainty 58, 62, 442 velocity of endogenous money

supply 673-4 Kindleberger, C.P. 724 King, R.G. 629 Klamer, A. 85 Klein, L.R. 629 Knapp, G.P. 446,461 Kockesen, L. 627

Kohn, M. 396 Koopmans, T.C. 249 Kopcke, R.W. 628,630,637 Kotz, D.M. 543,709-10 Kregel, J.A. 11,422,427,429,653,

666,667,669 Krelle, W. 349 Kreps, D.M. 64 Kr61l, M. 344, 349-50 Krugman, P. 708,711 Kuh,E. 628 Kuttner, K.N. 629

La Geniere, R. de 534-5 Largentaye, J. de 198 Laroque, G. 63-4 Laudy, J. 487 Laursen, S. 708 Lavoie, M. 5,7,38,99,198,533,542

circuit theory 427,428 interest rates 537, 538, 539 loans make deposits 410 reflux problem 406

Lawson, T. 637 Layard, P.R.G. 708 Le Bourva, J. 540 Leijonhufvud, A. 85 Leonard, J. 409 Leonard, J.D. 603 Leontief, W. 341 Levine, D. 443,461 Levy, D. 88 Levy, M.A. 487 Levy-Garboua, L. 475,486 Levy-Garboua, V. 465,471,475,

486,487 Lexis, W. 362 Lilien, D.M. 514 Lipietz, A. 393, 394, 396 Liu, W. 643 Llau, P. 487 Llewellyn, D.T. 486-7,724 Lombard, N. 487 Lowe, A. 406 Lowe,J. 328 Lucas, R. 65, 74, 86

Maarek, G. 465,486,487 Malestroit, J. de 9,38

Index of Names 755

Malinvaud, E. 417 Mangold, G. 349, 352 Mankiw, G. 637 Mann, C.L. 708 Marcuzzo, M.C. 245,308-9,314,

327,328 Marglin, S. 38, 197, 708 Marjolin, R. 10, 38 Marx, K. 10,328,341,454,463,689

capitalists' advancement of money 251,300

Mason, W.E. 308,326 Mayer, C. 640 McIntosh, M.K. 446 Meacci, F. 420 Meese, R. 711 Melton, W. 99, 100 Meltzer, A.H. 482,487 Mengle, D. 99 Messori, M. 430, 748 Metzler, L. 708 Meyer,l.R. 628 Michl, T.R. 709 Miles, M. 99 Mill,l.S. 301 Minsky, H.P. 7,36,85,86,88,151,

152,339,400,463,513,635,666, 682

credit controls 541 discount window 665 financial fragility 607 financial instability hypothesis

378,384,678 investment decisions 425-7 money as stock of wealth 140 money supply endogeneity 498,

499 securitization 527

Mints, L.W. 339,657,657-8,660-1, 667

Mjses, L. von 145 Mishkin, F.S. 538, 629 Mizrach, B. 628 Modigliani, F. 481,487 Moore, B.J. 39,92,99, 100,236,

297,406,414,457,501,513,517, 519,520,542,630,636

asset and liability management 498

convenience lending 94 credit controls 541 credit money 496 demand inflation 539 endogenous money 152,235,400,

533 fundism 402 interest rates 501-2,504-5,535-6 loans make deposits 410 'public' creation of money 659

Morgenstern, O. 60 Morishima, M. 134, 300 Mott, T. 86, 629, 637 Mundell, R. 716 Myrdal, G. 678

Neftci, S.N. 628 Neisser, H. 344 Nell, E.J. 4,5,7,21,26,35,38,198,

301,401,407,408,542,627 circuit of money in production

economy 247,250,251,263, 264,275,287,293,300

interdependence and production 250,251

multiplier 34 private self-liquidating credit 407 Quantity Equation and aggregate

income equation 39 Neufeld, E.P. 402 Neumann, J. von 60 Newbold, P. 621 Newton, I. 305,314 Nickell, S.J. 708 Niggle, C.J. 460,533 Nogaro, B. 10 Nordhaus, W. 710

O'Connell, S.A. 627,628,635 Orlean, A. 235 Os troy, 1.M. 200,375,733

Pacaud, A. 486 Padoan,P.C. 719,724 Palley, T.I. 496,501,519,530 Parguez, A. 152,197,198,278,339,

407,409,428,532,543,666, 668-9 .

banks 663

756 Index of Names

Parguez, A. continued investment decisions 430 investment and saving 12 'probleme du profit' 668

Parke, W. 608 Parker Foster, G. 198.409. 542 Pasinetti. L.L. 537 Patat. J.P. 486 Patinkin, D. 151.396.420.730

demand for money 140 'invalid dichotomy' 299 model 371-2.374-5 money as store of value 728

Pecha. J. 487 Peck. M.I. 721 Pesaran. M.H. 381.384 Peter, H. 341.342-4.344-6.352.

356-7.361 Petersen. W.M. 693 Peyroux, C. 486 Phillips. R.I. 666.669 Pigou, A.C. 79. 87 Pindyck. R.S. 514.630 Pivetti. M. 536. 538 P1osser. C.1. 629 Polanyi. K. 461 Pollino R. 495.513.530.533 Potter, S.M. 627 Pou1on. F. 252 Preiser. E. 353-4 Pugel. T.A. 689.710 Piltz, T. 344

Quesnay. F. 10.341

Radcliffe Committee 494. 540 Ramsey. J. 628 Rapping. L.A. 709 Rappoport, P. 609 Rasmusen. E. 396 Rebitzer. lB. 709 Reichardt. H. 341.346-9.358 Reichlin. L. 609 Renversez. F. 487 Reus. E. 407 Ricardo. D. 245.308-10.314-15.

326.327 Rist. C. 10.512 Rizvi. S.A.T. 249

Robbins, L. 667 Robertson. D.H. 147.152. 153.326

gold standard 307. 327 money acquired to use 140, 151

Robinson. J. 3.378.410.411 Rodgers, C. 496 Rogers. J. 707 Romer. C.D. 619.629 Romer. D.H. 619.629 Roncaglia. A. 536. 669 Rosselli. A. 245.308-9.314.327.

328 Roubine. S. 487 Rou~seas. S. 99.495.513.517.540.

666.682 bank mark-up 410.411 credit controls 541 principle 181-3

Rubinfeld. D.L. 514.630

Samuels. W. 667 Samuelson. P.A. 131.132.300

multiplier 124.125.126 theory of money expenditures 105,

128-30 Santoni, G. 693 Sargent. TJ. 65 Savage. L. 60-1 Saville, I.D. 99.543 Sawyer. M. 710 Say, J.B. 143, 152 Sayers. C.L. 627 Scharrer, H.E. 709 Schmitt. B. 10,39,132,234,532,

542 cash balances as wealth 139, 151 European Community 717-18 virtual and realized magnitudes

428 wages II

Schneider. E. 150,153,346,349 Schopenhauer, A. 113 Schor, J.B. 693,704,707,709,711,

712,713 Schumpeter, J. 10, 383, 409 Schwartz. AJ. 491.606 Scrope. P. 328 Seccareccia, M. 189,198,402,411,

537

Index of Names 757

Selgin,O.A. 734 Semmler, W. 4,301,619,627,628,

629,635 Shackle, O.L.S. 378 Shafer, W. 610,629 Shaw, E. 382,470,486,628 Shell, K. 234 Shepherd, W.O. 689 Sherman, H. 602,636 Shiller, R.J. 513-14 Shleifer, A. 629 Sichel, D.E. 512 Sieveking, M. 619 Silber, W. 100 Simons, H. 652, 657, 667 Simpson, T.D. 512 Sims,C. 712 Sinai, A. 602 Skott, P. 635 Smith, A. 341,651,652,655-6,667 Solomon, A. 512 Solow, RM. 59 Sraffa, P. 217, 326, 328 Starr, RM. 202, 375, 726, 730, 733 Steiger, O. 152,197,460,461,462

monetary contracts 441, 442 Steindl,1. 287,419,424-5,432 Sterdyniak, H. 486 Stiglitz, J. 87,384,627,628,629,637

'New Keynesian' approach 737 Stock, J.H. 629 Strauss-Kahn, M.O. 487 StUtzel, W. 355-6,361 Sugden,R. 60,61 Summers, H. 629 Summers, L.H. 80,87,512,693 Sutcliffe, B. 708,709 Sylla, R 460, 462 Sylos-Labini, P. 697,709,711

Tamborini, R 748 Targetti, F. 38 Taylor, L. 38,610,627,628,635,708 Terzi, A. 197,542 Tessier, R. 486 Thomas, J.O. 153 Tobin, 1. 85,403, 470, 486, 525, 629,

673 neutrality of money 68

Tonveronachi, M. 666 Tooke,T. 10,218,235,330,403,

463 credit controls 543 credit theory of money 493-4 role of banks 402

Trevithick, 1. 151 Tsiang, S.c. 151,152,396

Vandevelde, F. 428 Veitch, J. 640 Vickers, D. 151, 387 Villa, P. 486 Viner, J. 85, 336, 339

Wachtel, H. 706 Wagner, A. 350 Wallace, N. 374,731 Wallich, H.C. 680,693 Walras, L. 117-18,344,356-7,

732 Watson, M.W. 629 Weintraub, E.R 105, 110, III, 118,

128 Weintraub, S. 7,152,400,513,683

TIP 680 wage-cost-mark-up equation 401,

536 Weiss, A. 87,629,637 Weisskopf, T.E. 636,689,708,709,

710 Weldon, J. 402 Weymuller, B. 486 Whalen, C. 669 White, L.H. 734 Wicksell, K. 10, 145,245,299,336,

375,512 circulation of money 152, 30 I interest rate and monetary growth

294-5 value of money 268

Wiggins, S. 641,643 Williamson,1. 719 Wittgenstein, L. 106, III, 130 Wojnilower, A.M. 339,500,541,

543 Wolfson, M. 500,601,602,603,638,

641 Wood,A. 26,38,198,543

758 Index of Names

Wood.E. 339 Woodford. M. 628 Wray. L.R. 198.412.460.461.462.

463.535.542 development of banking 446 saving and investment 171

Wulwick. N. 543 Wyss. D. 710

Yeager.L.B. 302.328.563.734

Zarnowitz. V. 630.638

Index of Subjects

accelerator principle 610-11 accommodationism 517-19

comparison with structuralism 495-512

accounting constraint 347-51 accumulation

circular flow 447-9,451,454 dynamics of 221,223-4,225-6,

637-8 aggregate demand 166-7

function 50-2 aggregate profits 171-3, 192-4 aggregate supply function 50-2 aggregation vs proportionality 28 Anti-Hayekian Theorem 194-5 arbitrage 271-2,295-6,335 asset management 520-4, 572

see also liability management asset-portfolio model 672-3 asset prices 72, 78-9

stability 665 asymmetric information 75,384-5,

388-9 auctioneer 207-8, 732 auto-economy 466-7

balance of payments 280-4 balances 203-6

non-zero 206-8 settlement and payment systems

208-16 Bank of Amsterdam 664 bank credit see credit bank debts, repaying 146-7, 162 bank deposits 289-90

cash and financial 675 runs on 561-4,568

Bank of England 313,327,575, 653-4,656

Bank for International Settlements (BIS) 566-7

capital adequacy standard 574-7 bank loans

and demand deposits 518, 519

losses 596, 597 survey on lending practices

597-600 see also credit

bank money. excess issue of 337-8 bank principle system 478 bankers 76-7 banking school view 330-40 bankruptcy 206 banknotes 334 bankslbanking system 22-3

comparison of PK and CA approaches 24-5,33

control of liquidity 482-3 credit network 160-1, 180-1 endogenous money and free inarket

capitalism 651-71 finance. savings and 148-51 financial fragility 584, 591-7 institutions 336-8; structure 663 overdraft economy 472-5,481;

balance sheet structure 468. 472.473

paper money 281-3 payment system 205 profit rates 701-4 role in circuit 191,252-3,254.

451-4; banks' special status 454-6

structuralism 520-4 supply of credit 585. 597-600 systemic risk, financial innovation

and the safety net 552-81; rationale of bank risk 555-64

thriftiness: banks' own 180-7, 191; firms' 178-80

Banque de France 483, 682 barter 56

rebuttal 201-3 batch production 288 BFH system 563-4, 734-5 bifurcation analysis 640-1 bilateral trade 732-4 bilI-broking 334

759

760 Index of Subjects

bills of accommodation 268 bills of exchange 261, 268, 331

see also banking school view bimetallic regime 320-1 bonds 295-6, 730-1 borrowing, foreign 652-3 borrowing/GNP ratio 491,492 budgetary policy 721-2 'bullion controversy' 308-9 Bundesbank 682,721 business cycle

financial crises and 582-603 financial-real interaction and

investment 606-34 forces leading to 583-5

capacity utilization finance and investment 610,

611-12,614,617-21,625-6 thriftiness 175

capital constant and variable 259 entrepreneurial 418-19 financial and industrial 684-715 fixed 285-7,287-8 international mobility 693-6,

704-5 lending capital vs lending credit

333-4 mintage and credit 213-16 money, income and 133-6 money, sinking fund and 287-8

capital adequacy 599,603 BIS standard 574-7

capital expenditures 591,595 capital goods 122 capital markets, imperfect 613 capitalism

endogenous money and free market 651-71

production circuit 273-80 secular 394-5

cash deposits 675 causal dynamics 16-17 causality 500-1,504-5,508-11 central bank( s)

banking school view 331, 335-6, 338

industrial and financial circulation 678-9

interest rate: and banks' thriftiness 180-1,182-3,187,191; modem economy 290-1

monetary policy and financial crises 584-5,591, 600

national and Eurofed 719 overdraft economy 468;

refinancing constraint 471-5 rise of 454-6 see also lender of last resort

chamber of settlement 732-3 Chicago school 656-8, 663-5 CHIPS (Clearing House Interbank

Payments System) 569-71 circuit theory 13

and current bank crisis 651-2, 659-63,664-5

investment decisions 427-32 and the Post Keynesians 532-5 scarcity and thriftiness 155-99 see also circulation approach

circular flows 341-64 formal 342-6 in monetary theory 352-5 money in 440-64 real 346-56 repeated creations and destructions

vs 132-7 circulating credit 332-3 circulation

continuous 288-9 creation, destruction and 142-4;

Keynes 145-7; monetary standard 317-18

demand and: effective 33-4; instability of monetary economy 34-7

financial and industrial 31,459, 672-83, 745-6

fixed capital 285-7 industrial vs monetary and financial

745-6 as institution 245-6 modeling 14-15 monetary see monetary circulation money as means of 24,276-7

Index of Subjects 761

pattern of 291-2 payment system 203-6,209-11,

216-34 Post Keynesian fundism and

400--16 principles of 20-1 production economy 245-304 surplus value 265-6 velocity of 301

circulation approach (CA) 5,9-16, 46,241-2

common aspects 11-12 comparison with other approaches

737-48 passim debates 13-16 essentiality of money 157-67 monetary standard 318, 325-6 and Post Keynesian approach see

Post Keynesian approach roots 9-10 scarcity and thriftiness 155-99 significance 297-8

classification 49-50 Clower constraint 371,379-85,394,

396,736-7 cohesion 722-3 collateral 384, 396 commodity money 307,326,444,

445-7,455 commodity standard 305,314-15 competition

bank risk 574-5 Keynesian models of credit

388-91 competitiveness 687-93 consumer goods 122 consumption

circular flow 351-2 Kalecki principle 168-9 multiplier theory 122, 124-5

consumption standard 307 Continental Illinois Bank 572, 582 continuous production 288-9 contracts see forward contracts;

money contracts convenience lending 99 convertibility 334-5 Cooke Committee 575

cooperation 722 cooperative economy 56 coordination, lack of 27 corporate sector

demand for credit 584, 591 financial fragility 584, 587-91

cost inflation 536-9 credit 11-12,23

capital mintage and 213-16 currency of 332-3 demand for 584, 591 endogenous finance 516-31 Keynesian models of 377-98 lending credit vs lending capital

333-4 metallic payment system with

212-13 vs money 332-3 money, banking institutional

structure and 660-3 overdraft economy 467-8,469 private 407 securitization of 527-8,571-4,578 supply of 585, 597-600 see also bank loans

credit contract 161 credit controls 540-1,542,543,

678-9,680 credit crunch 561 credit divisor 475-9 credit economy 403,661 credit flow 615,617 credit markets 558-61 credit money 18, 156,445-7,454-5

in the circuit 449-54 curves 495-500 fundism and monetary circulation

400--16 interest, accumulation and 447-9

credit network 160-1, 180-1 credit rationing 481-2,597-600 credit risk 567-71 credit theory of money 493-4 crises 15-16, 234, 460, 491

causes of 27-8 effective demand and 33-7 financial and the business cycle

582-603


crises continued policy implications of current

651-71 Regulationism 393-5 triggered by speculative bubble

bursts 556-8 crowding out 677 currency of credit 332-3 currency school view 331-2 cyclical variation 395

debt financing 80-1, 82-3 repaying bank debts 146-7, 162 standard 321-5

debt-capital ratio 638-9 debt crisis 565-7 debt economy 465-6 debt-equity ratio 587,589,676 decentralization 564, 732-4 decisions 57-65

classifying decision-making environments 58-65

investment decisions 417-33 demand see aggregate demand;

effective demand; money demand

demand deposits 518, 519 demand inflation 539-41 democratic deficiency 720 deposit banking 446 deposit insurance 338, 529 depreciation of money 310-14 devalorization of money 310-14,

322-4 'dirty' interest rate targeting 91,97 disaster myopia 558-61,565-7 discount rate 324, 325 disequilibrium 204-6, 232-4, and in

Afterword individual 201,204-5 market 20 I, 204 micro/macro 391-2

Disequilibrium Keynesians (OK) 738-48 passim

distribution goods market equilibrium and

636 profits and 171-3

economic system money contracts and 55-7 nature 17-19; money counts

17-18; structural di vision 18-19

effective demand 19-20 comparison of approaches 742-4 and crises 33-7

elasticity of productivity 52-3 elasticity of substitution 52-4 endogenous finance 516-31 endogenous money supply 31-2,

490-515,533, and in Afte/word accommodation ism and

structuralism 495-512, 517-24

comparison of approaches 747-8 compatibility with free market

capi talism 651-71 historical analysis 89,90-1,96-7,

98-9 and interest rate see interest rate overdraft economy 446-71,475,

477 . endogenous uncertainty 384, 385 entrepreneurial capital 418-19 entrepreneurial economy 56-7 equilibrium/equilibria 72-3, and in

Afterword elementary dynamics model of

monetary economy 219-34 goods market 636 identities and 130-2, 349-50,

357 monetary eqUilibrium 367 non-monetary equilibrium 367 overdraft economy 471-9 rejection of equilibrium method

16-17 see also general equilibrium

equilibrium fallacy 131-2 equipment utilization rate see

capacity utilization ergodicity 59-60 essentiality of money 157-67 European Central Bank (ECB)lEurofed

681-2,716,718-20,720 European Community 484,681-2

single currency plan 716-24


European Currency Unit (ECU) 717-18

European Monetary System (EMS) 716,724

European Parliament 720 exchange

banking school and currency school views 330-2

circular flows as 342-4 production as 251-5

exchange circuit 246-50 exchange rate

BeU 719 regime and macroeconomic policy

684-715 exogenous money supply 89,90,

92-6,98,673 exogenous uncertainty 381,385,

386-8 expansion 234

characteristics of current 585-7 expectations

profit' see profits rational 58, 58-60 and risk aversion 386-8

expected utility theory 60-1 expenditures

capital 591,595 money 121, 128-30

export sector 277-80

Federal Deposit Insurance Corporation (FDIC) 599,600,603

Federal Reserve 337,377,503,562, 586-7,676,721

capital adequacy 599,603 credit restriction 600 interest rate causality 504, 508-11

Fedwire 569-70 fiat money 276-7,307,326,andin

Afterward development of 444-5,445-7,

461 general eqUilibrium with zero-price

for money 367-74 regime and standard debt 321-5 rise of 454-6

fiat standard 305,306-7 final finance 12

finance 148-51 endogenous 516-31 initial and final 11-12 internal see internal finance and investment 31-3; predictions

from theories 612-17; regression results 617-25

money and 22,31-3,746-7 payment systems in monetary

economy 206-8, 216-34 for production 146 revolving fund 147,451-2 self-financing 466-7

finance constraints 371,379-85,394, 396, 736-7

finance motive 22 financial capital 684-715 financial circulation 31,459,672-83,

745-6 financial crises see crises financial deposits 675 financial fragility 383-4

banking sector 584,591-7 corporate sector 584,587-91 systemic risk 558-61, 563

financial innovation 502, 529 systemic risk and the safety net

552-81 financial instability 378, 384, 529

aggregate detenninants 635-45 see also instability

financial intennediaries 385,391-2 attitudes toward risk and exogenous

uncertainty 386-8 competition and risk 389-90,

390-1 external financing roles 388-90 franchise 389-90 see also bankslbanking system

financial markets 23, 146 bursts of speculative bubbles and

crises 556-8 Keynes and Kalecki 418-19 source of liquidity 140-1

financing gap 591,594 finns' thriftiness 167-73

impact 173-80 fixed capital 285-7,287-8 fixed exchange rates 684-715


flexible exchange rates 684-715 flow of funds 224-5 foreign borrowing 652-3 forward contracts 442-3, 444, 445 fragility, financial see financial

fragility free markets, endogenous money and

651-71 frown costs 91 fundism 400-16 future uncertainty 29

Geldwirlschafl 359 general equilibrium 380

and zero-price for money 366-76 general equilibrium theory (GET)

104-5,119-20,356-7,727 comparison with other approaches

738-48 passim demise of 106-19

Gibson's Paradox 280 globalization 554-5, 564-79 gold

flows 280-1 metallic system 210-12

gold standard 308-14 model of regime 310-14

Golden Rule 275-6,291-7 Graziani Principle 184 Gresham's Law 268 gross substitution 52-4 growth, profits and 273-80

hedge finance 83 Hicksian non-neutrality 79-80 hoarding 249-50,271-2 Hopf bifurcation theorem 641 households

saving 189-90,411-13 thriftiness 187-95

lOOper cent reserves 656, 657, 664, 665

identities 353-4 and equilibria 130-2, 349-50, 357

idle balances 143 imperfect capital markets 613 import penetration ratio 689 impulsion 722

income instantaneous incomes 132-3 modeling income payments 21 money, capital and 133-6 multiplier theory 122,123-4 national 348 spending and 458-9

income generating finance process 90-1,96-7

incomes policy 401-2,537,680 industrial capital 684-715 industrial circulation 31, 459,

672-83, 745-6 inflation 535, 586

bank profits and 701-4 cost 536-9 demand 539-41 incomes policy and 401-2 profit inflation 284 thriftiness and 175

information asymmetric 75, 384-5, 388-9 decisions, uncertainty and 57-65 Keynesian models of credit

379-85 initial finance 12 innovation, financial see financial

innovation insolvency, risk of 572-3 instability

comparison of approaches 744 financial see financial instability hoarding and 249-50, 271-2 of a monetary economy 34-7 paper money 283-4 regime instability 271-2

instantaneous incomes 132-3 interdependence 250-5 interest coverage ratio 587,588 interest rate 490, 535, 542

banks' thriftiness and 180-7 central bank see central bank(s) credit control 336 'dirty' interest rate targeting 91,

97 endogenous money and 25,498-9,

501-2; causality 500-1, 504-5, 508-11; structuralism 520-4


distributive variable 536-7 exogenous variable 537-9 financial crises and the business

cycle 591, 592, 593 investment and 613,614; interest

rate spread 614,615,619-21, 622-3,626-7

investment decisions 421-3, 429-30

money, accumulation and 447-9 money and credit 662 money supply process 94-5, 96,

97 overdraft economy 478,482-3 payment systems 207-8,209,

230-1 relationship between short- and

long-term rates 36-7 internal finance 80-1, 162, 403

constraint 192-4 international capital mobility 693-6,

704-5 see also globalization

International Monetary Fund (IMF) 566-7

international monetary relations, standard of 305

international payments system 567-71

intra-class conflict 693-6 investment

business cycle 606-34 cash flow constraint 637-8 circular flow approach 353-5 decisions 417-33 finance and see finance fluctuations 402-3,404 involuntary 641 money and 31-3 Post Keynesian economics 78-9,

80-2 saving and 170-1,184-5,189-90,

353-5,664-5 scarcity and thriftiness 160,170-1,

184-5, 189-90, 192-4; fall in investment 175-8

spending and non-neutrality of money 54-5

involuntary investment 641

Kalecki Principle 20,21 generalized 188-9 monetary foundation for 216-19 thriftiness and scarcity 168-71,

184-5 Keynesian models 71

of credit and choices 317-98 Keynesian non-neutrality 75-7 Keynesian uncertainty 61-5,387-8,

442 Keynesians, orthodox 493 Kreislaufaxiom 345-6, 347

laissez-faire, monetary 734-7 legal tender 321,447 lender of last resort (LLR) 208, 209,

456,665 globalization 565-7,568-9 historical development 552-5 overdraft economy 474-5

lending capital 333-4 lending credit 333-4 liability management 96,571-2

accommodationism 498, 502-3 structuralism 498, 502-3, 520-4 see also asset management

liability structures gO-I liquidity

loop of 615,616 Post Keynesian theory 54-5,63-4

liquidity preference 52, 53, 457-8 liquidity risk 567-71,573-4 liquidity trap 79, 95 loan-reserve proportionality 5~I,

503-4,507,511 loan supply curves 495-500

see also credit money loans make deposits 90-1

Maastricht Treaty 681-2 macroeconomic magnitudes 361-2 managed money 307, 326 market instability 502 market structure 385-92 market uncertainty 29

see also uncertainty Marxian principle 20-1 mass production 288-9 means of settlement 516, 524-8


medium of exchange 563-4 development of money 443-4 endogenous finance 516,524-8 microeconomic theory of money as

dead end 731-4 mercantilist economy 263-4 merchant earnings 266-7 metallic payment system 210-12

with credit 212-13 micro/macro, treatment of 26-7 micro/macro disequilibrium 391-2 mintage

payment systems and balance settlement 208-16

role of the mint 272-3 monetarism 74, 491, 738-48 passim monetary circuit

as an institution 245-6 in a production economy 245-304 scarcity, thriftiness and 155-99 see also circuit theory

monetary circulation 11 industrial vs financial and 745-6 Keynesian theory 142-4,145-7 monetary standard and 317-18 see also circulation

monetary constraints 371,379-85, 394,396,736-7

monetary dependence 217 monetary economy 17-18

characteristic features 319 elementary dynamic model

219-34 instability 34-7 payment systems and dynamics

200-37 monetary equilibrium 367 monetary growth, stability in 294-6 monetary institutions 208, 209

see also central bank(s) monetary laissez-faire 734-7 monetary policy

common European 717 economy with endogenous credit

money 532-45 financial crises and business cycle

584-5,586-7,591,600 overdraft economy 482 Post Keynesian 678-81

monetary regime 319-21 monetary standard 305-29 monetary system

cost of 268-71 development of monetary systems

442-5 equilibrium and overdraft economy

471-9 implications of Golden Rule 296-7 understanding 23-5 working of 22-3

monetary unit see unit of account money

capital, sinking fund and 287-8 in the circuit 449-54 commodity money 307, 326, 444,

445-7,455 comparison of CA and PK

approaches 23-4 contrasting views 745-8 creation 13-14; endogenous see

endogenous money supply; Keynes 142-4, 145-6; monetary standard 317-18; public vs private 658-65

credit money see credit money credit theory of 493-4 credit vs 332-3 depreciation 310-14 destruction 15-16; Keynes

142-4, 146-7 devalorization 310-14,322-4 essentiality 157-67 fiat see fiat money and finance 22,31-3,746-7 and the Golden Rule 291-7 integration in theory of value

726-31 interest, accumulation and 447-9 managed 307,326 medium of circulation 24, 276-7 medium of exchange see medium

of exchange medium of settlement 516, 524-8 microeconomic theory of, as dead

end 725-37 nature of 441-5 neutrality 73-81, 156 non-neutrality see non-neutrality


as purchasing power 24, 139-54 Quantity Theory of 72,331-2 Regulationism 393-5 specificity 737 standard of 305; see also monetary

standard as stock of wealth 139-54 as store of value 381-2, 728-31 uncertainty, money contracts and

61-5 value of 292-4; tabular standard

315-17 velocity of 491,492,614,615,

616,673-4 zero-price for 370-4

money contracts 55-7 development of 442-5 private property and 441-2 uncertainty, money and 61-5

money demand endogenous finance 525-8,528-9 industrial and financial 675-7 interdependence with supply 94,

98-9 option demand for money 63-4 transactions demands 267

money expenditures 121, 128-30 money illusion 74 money. prices, determination of

104-38 money supply

endogenous see endogenous money supply

exogenous 89,90,92-6,98,673 process 89-101; income

generating finance 90-1, 96-7; 1930-60 92-6; 1960-80 96-7; portfolio change 90,92-6

for production circuit 267-73 moral hazard 559 multiplier 33-4

central error 125 crass contradiction 125-8 determination of money prices

121, 122-8

Naturwirtschaft 359 Neo-Austrians (NA) 738-48 passim

neo-Classical synthesis 4-5,71 Neo-Ricardians (NR) 738-48 passim neutrality of money 73-81, 156 New Classical approach (NC) 3-4,

74-5, 738-48 passim New Keynesian approach (NK) 3-4,

74-5,377-8,737,738-48 passim New Monetary Economics 302, 563,

734-5 'no-surplus' production economy

255-61 nominal anchor 719, 724 non-ergodicity 60-1 non-financial corporate sector see

corporate sector non-monetary economy 726-7 non-monetary eqUilibrium 367 non-neutrality of money 54-5

Hicksian 79-80 Keynesian 75-7

non-zero balances 206-8 note issue 654, 655-6 numeraire 104-5,110-14

objective probability 58, 58-60 offshore clearance/settlement systems

569 option demand for money 63-4 output-capital ratio 610,611-12,

614,617-21,625-6 output prices 72, 78-9 outputs, physical 130 overdraft economy 465-88, 532-3

endogeneity of money 466-71, 475,477

equilibrium of monetary system 471-9

monetary regulation 479-85 overlapping generations models 371,

730-1 overlending 558-61, 563

papermoney 270-1,281-3 instability 283-4

payment systems 200-37 and balance settlement 208-16 concept 203-6, 325 monetary economy with wage

relationship 216-34


payment systems continued non-zero balances and finance

206-8 payments 358-60 Peel's Banking Act 1844 656 Penn Central Corporation 582 Phillips curve 71 Ponzifinance 83.409-11 portfolio change process 90. 92-6 positivity of the price of money

729-30 Post Keynesian approach (PK) 5.

6-9.45.378 and circulation approach 16-37.

243; common ground 16-23; contrasts and differences 23-8; convergence towards a common research program 28-37; endogenous money 528-9; investment decisions 427-32; money in the circular flow 456-60

comparison with other approaches 738-48 passim

endogenous money supply 89. 90-1.96-7,98.494-5,528-9

essential characteristics 70-88 fundism 400-16 industrial and financial circulation

677-81 monetary policy 532-5 monetary standard 318. 325-6

price-level flexibility 80 prices 164

circular flows 342-4. 360 determination of money prices

104-38 interest rate and 538. 662 linking industrial and financial

circulation 31 neutrality of money 78-9, 80 producer and wages 696-701.

702-3 relative changes and gross

substitution 52-4 see also relative prices

primary indebtedness 465.469-71 private credit 407 private property 441-2

private property economies 446 probabilistic risk 57-61. 62 production

continuous 288-9 as exchange 251-5 financing 146 interdependence and 250-5 real in circular flow 351-2

production economy 245-304 capitalist production circuit 273-80 economy with surplus 261-7 money supply for production circuit

267-73 'no-surplus' 255-61

productivity. elasticity of 52-3 profit consistency 164-6. 192-4 profit inflation 284 profit squeeze 684-715 profits

aggregate 171-3.192-4 anti-Hayekian theorem 194-5 banks' 701-4 capitalist production circuit 273-80 circuit of 277-9 corporate sector 587. 590 essentiality of money 159-60.

162-4 expectations: finance and investment

613.614.617-25; investment decisions 420-1.424-5

fundism 406-8 industry and finance 704-6 Kalecki principle 168. 169-73.

218-19; profits and distribution 171-3

macroeconomic 355-6. 362 property markets 556-8 proportionality

aggregation vs 28 loan-reserve 500-1,503-4,507.

511 purchased funds 585.597.598.602 purchasing power 24. 139-54

Quantity Theory of money 72. 331-2

rates of return banks' 701--4 effective 163


investment in the business cycle 613,614,621-5

required 183-7,194-5 rational expectations 58, 58-60 real balance effect 658, 730 real bases 466-7 Real Bills Doctrine 332, 335-6,

402 recession 234 recovery 234 refinancing constraint 471-5 reflux

Law of Reflux 282, 334-5, 337-8 problem of monetary 401-14

regime instability 271-2 regulation

free market and endogenous money 651-71

international 574-7,578 monetary in overdraft economy

479-85 Regulationism 393-5 relative prices

circular flows and 342-4 GET 105, 107-8 Golden Rule and 292-3

render economy 179-80 rentier squeeze 684-715 rentiers 536-7 reserve army effect 688, 689 reserves 181

100 per cent 656, 657, 664, 665 required 483 reserves create deposits 95 structuralism 520-4 substitutability between borrowed

and non-borrowed 500-1, 503-4,506-7,511

residual balance sheet 664 revolving fund 147,451-2 risk

credit 567-71 finance and investment 613-14,

617-25 financial intermediaries' attitude

386-8,390-1 investment decisions 419-21,

424-5 liquidity 567-71,573-4

principle of increasing risk 424-5, 426

probabilistic 57-61, 62 systemic and the safety net 552-81

risk aversion 386-8 risk bearing 390-1 Rousseas Principle 181-3

generalized 191-2

safety net 552-81 international framework 577-9

saving 155 households' 189-90,411-13 and investment 170-1,184-5,

189-90,353-5,664-5 money and 148-51 profits and 170-1 see also thriftiness

Say's Law Keynes's taxonomic attack on

50-2 validity of 357-8,360-1

scarcity 155-7 see also thriftiness

Schumpeterian macro environment 383

seculat capitalism 394-5 securitization of credit 527-8,571-4,

578 seigniorage 269,311-14,327 self-finance 466-7 sequential analysis 29-31,528,

740-1 settlement finality 570-1 shares 295-6 simple credit 332-3 single European currency 716-24 sinking fund 287~8

social contract 537 social policy 721-2 specie-flow 280-1 specificity of money 737 speculation 83, 295-6, 395, 679-80 speculative bubbles

bursts as triggers of crises 556-8 international capital mobility and

intra-class conflict 693-6 stability, local 639-40 standard commodity 305,314-15


standard debt 321-5 standard of international monetary

relations 305 standard of money 305

see also monetary standard standard money 319-21 standard of value 305,314-15 stock of wealth 139-54 stocks 295-6 store of value 381-2, 728-31 structuralism 519-24

comparison with accommodationism 495-512

subjective probability 58,60-1 substitution, elasticity of 52-4 substitutability 500-1,503-4,506-7,

511 sun spot theory of bank runs 562-3 surplus 261-7

circulation of surplus value 265-6 emergence of 261-5

systemic risk 552-81

tabular standard 315-17 tt3tonnement 108 terms of trade 687-93 thriftiness 156-7

banks' 180-7, 191 firms' 167-73; impact 173-80 households' 187-95

time 26 Samuelson's theory of money

expenditures 128-9 time-dimension of circular flows

361 time preference 52, 53· TIP (tax-based incomes policy) 680 trade, bilateral 732-4 transactions, order of 201-3 transactions demands 267 Treasury circuit 469,478

uncertainty bank risk 555-6 cause of crises 27 choices in Keynesian models of

credit 379-85, 387-8

comparison of approaches 741-2 endogenous 384;385 exogenous 381,385,386-8 future and market 29 information, decisions and 57-65 Keynesian 61-5,387-8,442

unemployment 80 unit of account 319, 443

BFH system 563-4 payment system 202, 203-4, 208,

209,213,216 unit labour costs 696-701,702-3 universal banking 663

value of money 292-4; tabular standard

315-17 standard of 305,314-15 theory: integration of money into

726-31; and monetary theory 366,368

velocity of circulation 301 velocity of money 491, 492, 614,

615,616,673-4 voluntary exchange 203

wage bill postulate 169-70 wage-cost-mark-up theory 401 wage relationship, economy with

216-34 wages 677

profit squeeze and rentier squeeze 687-9,696-701,702-3

reflux problem 401-5 'waiting' 64-5 Walrasian general equilibrium (WGE)

380 Walras's law 115-18 wealth 214-16 Weintraubian theory 401-3 welfare payments 721-2 Wicksellian 'pure credit' economy

403 widow's cruse 411

Zeno's paradox 124 zero-price for money 370-4

Index of Names978-1-349-24525-3/1.pdf · Amadeo, E.J. 539 Anderson, ... Cencini, A. 407,428...

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Transcript of Index of Names978-1-349-24525-3/1.pdf · Amadeo, E.J. 539 Anderson, ... Cencini, A. 407,428...