Enclosed is a copy of the Board of Governors’ Semiannual Agenda of Regulations for the period August 1, 1980 through February 1, 1981. The Semiannual Agenda provides you with information on those regulatory matters that the Board now has under consideration or anticipates considering over the next six months, and is divided into three parts: (1) regulatory matters that the Board had considered during the previous six months on which final action has been taken; (2) regulatory matters that have been proposed for public comment and that require further Board consideration; and (3) regulatory matters that the Board may consider over the next six months.

Federal Reserve Bank of New Yorkの制定せる財務諸表様式について

We've all had the experience at some time or other of walking through a department store and being amazed at the many different articles we see there. One counter after another filled with this, that, and the other thing-some useful, some of little or no use. Almost every day a new gadget is advertised, electric blankets, or hats that look like chimneys, or a special kind of vitamin tablets. A common reaction of people as they look in shop windows is, "What will they think of next?"This article can also be found at the Monthly Review website, where most recent articles are published in full.Click here to purchase a PDF version of this article at the Monthly Review website.

The Accumulation of Capital

The article reviews the book "Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth," by Wynne Godley and Marc Lavoie.

Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth

Part I. Introduction: 1. Economic perspectives Part II. Media-Dependent Entertainment: 2. Movie macroeconomics 3. Making and marketing movies 4. Financial accounting in movies and television 5. Music 6. Broadcasting 7. Cable 8. Publishing and New Media 9. Toys and Games Part III. Live Entertainment: 10. Gaming and wagering 11. Sports 12. Performing arts and culture 13. Amusement/theme parks Part IV. Roundup: 14. Epilogue.

Entertainment Industry Economics: A Guide for Financial Analysis

Introduction Balance Sheets, Transaction Matrices and The Monetary Circuit The Simplest Model with Government Money Government Money with Portfolio Choice Long-Term Bonds, Capital Gains and Liquidity Preference Introducing the Open Economy A Simple Model with Private Bank Money Time, Inventories, Profits and Pricing A Model with PrivateBank Money, Inventories and Inflation A Model with both Inside and Outside Money A Growth Model Prototype Open Economy with Flexible Prices and Exchange Rates General Conclusion

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This paper integrates the theory of money and credit derived ultimately from Wicksell into the Keynesian theory of income determination, with assets allocated according to Tobinesque principles. The model deployed has much in common with the modern ‘endogenous money’ school initiated by Kaldor which emphasises the essential role played by credit in any real life economy, since production takes time and the future is always uncertain. New ground is broken methodologically because all the propositions are justified by simulations of a rigorous (60-equation) model, making it possible to pin down exactly why the results come out as they do. One conclusion of the paper is that there is no such thing as a supply of money distinct from the money which agents wish to hold, or find themselves holding. This finding is inimical, possibly in the end lethal, to the way macroeconomics is currently taught as well as to the neoclassical paradigm itself.

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Money and credit in a Keynesian model of income determination

Pricing in the Trade Cycle

This paper integrates a stock-flow monetary accounting framework, as proposed by Godley and Cripps (1983) and Godley (1993, 1996, 1999), with Kaleckian models of growth, as proposed by Rowthorn (1981), Dutt (1990), and Lavoie (1995). Our stock-flow accounting is related to the social accounting matrices (SAM) originally developed by Richard Stone in Cambridge, with double-entry bookkeeping used to organize national income and flow of funds concepts. We present a consistent set of sectoral and national balance sheets where every financial asset has a counterpart liability, and budget constraints for each sector describe how the balance between flows of expenditure, factor income and transfers generate counterpart changes in stocks of assets and liabilities. These accounts are comprehensive in the sense that everything comes from somewhere and everything goes somewhere, or to put it more formally, all stocks and flows can be fitted into matrices in which columns and rows all sum to zero.1 Without this armature, accounting errors may pass unnoticed and unacceptable implications may be ignored.

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Kaleckian Models of Growth in a Coherent Stock–Flow Monetary Framework: A Kaldorian View

The US economy has now been expanding for nearly eight years, the budget is in surplus, and inflation and unemployment have both fallen substantially. In February the Council of Economic Advisers (1999) forecast that GDP could grow by 2.0 to 2.4% between now and the year 2005, and this forecast has since been revised upwards (Office of Management and Budget 1999). Many people share the CEA’s optimistic views. For instance, in his New Year message (Financial Times December 29, 1998) Alan Blinder compared the United States’s economy to one of its mighty rivers – it would ‘just keep rolling along’; and President Bill Clinton concluded his Economic Report of the President with the words ‘There are no limits to the world we can create, together, in the century to come.’ This paper takes issue with these optimistic views, although it recognizes that the US economy may well enjoy another good year or two. During the last seven years a persistently restrictive fiscal policy has coincided with sluggish net export demand, so rapid growth could come about only as a result of a spectacular rise in private expenditure relative to income. This rise has driven the private sector into financial deficit on an unprecedented scale. The Congressional Budget Office (CBO) is projecting a rise in the budget surplus through the next 10 years, conditional on growth’s continuing at a rate fast enough to keep unemployment roughly constant, and this implies that it is government policy to tighten its restrictive fiscal stance even further (Congressional Budget Office 1999a, 1999c). At the same time, the prospects for net export demand remain unfavourable. But these negative forces cannot forever be more than offset by increasingly extravagant private spending, creating an ever-rising excess of expenditure over income. If spending were to stop rising relative to income without there being either a fiscal relaxation or a sharp recovery in net exports, the impetus

Wynne Godley

Papers

Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth

Money and credit in a Keynesian model of income determination

Pricing in the Trade Cycle

Kaleckian Models of Growth in a Coherent Stock–Flow Monetary Framework: A Kaldorian View

Medium-Term Prospects and Policies for the United States and the World