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Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth
Wynne Godley,Marc Lavoie +1 more
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A Simple Model with Private Bank Money Time, Inventories, Profits and Pricing A model with PrivateBank Money, Inventions and Inflation A Model with both Inside and Outside Money A Growth Model Prototype Open Economy with Flexible Prices and Exchange Rates General Conclusion.Abstract:
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 Conclusionread more
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Coping With Collapse: A Stock-Flow Consistent Monetary Macrodynamics of Global Warming
TL;DR: In this article, the authors present a macroeconomic model that combines the economic impact of climate change with the pivotal role of private debt, using a Stock-Flow Consistent approach based on the Lotka-Volterra logic, and couple its nonlinear monetary dynamics of underemployment and income distribution with abatement costs.
Journal ArticleDOI
Is there a Growth Imperative in Capitalist Economies? A Circular Flow Perspective.
TL;DR: In this paper, a simple circular flow model of a pure credit economy is presented, where production takes time and positive growth rates are necessary in the long run in order to enable firms to make profits in the aggregate.
Journal ArticleDOI
Financialisation and Rising Shareholder Power in Kaleckian/Post-Kaleckian Models of Distribution and Growth
Eckhard Hein,Till van Treeck +1 more
TL;DR: In this article, three channels of transmission of "financialisation" and increasing shareholder power, the preference channel, the finance channel, and the distribution channel, are introduced into two different variants of the Kaleckian distribution and growth model, the KALEckian model and the Post-Kaleckians model.
Journal ArticleDOI
Financialisation Issues in a Post-Keynesian Stock-flow Consistent Model
TL;DR: In this article, the authors present a stock-flow consistent growth model which is set in the Post-Keynesian tradition, which incorporates a detailed description of the household, production, banking and government sectors.
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An empirical evaluation of three post Keynesian models
Peter Skott,Ben Zipperer +1 more
TL;DR: The authors compare three benchmark models: Kaleckian, Robinsonian and Kaldorian, and evaluate the consistency of theoretical predictions with empirical evidence for the US economy and find no support in the data.
References
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Journal Article
The Cost of Capital, Corporation Finance and the Theory of Investment
TL;DR: In this article, the effect of financial structure on market valuations has been investigated and a theory of investment of the firm under conditions of uncertainty has been developed for the cost-of-capital problem.
Journal ArticleDOI
Are Government Bonds Net Wealth
TL;DR: In this article, the authors consider the effects of different types of intergenerational transfer schemes on the stock of public debt in the context of an overlapping-generations model and show that finite lives will not be relevant to the capitalization of future tax liabilities so long as current generations are connected to future generations by a chain of operative inter-generational transfers.
Journal ArticleDOI
The General Theory of Employment
TL;DR: In this paper, the theory of interest was restated and the output of capital goods and of consumption was analyzed in terms of uncertainty and fluctuations of investment, and demand and supply for output as a whole.
Book
Interest and Prices: Foundations of a Theory of Monetary Policy
TL;DR: Woodford as mentioned in this paper proposes a rule-based approach to monetary policy suitable for a world of instant communications and ever more efficient financial markets, arguing that effective monetary policy requires that central banks construct a conscious and articulate account of what they are doing.
Book
Simple Heuristics That Make Us Smart
Gerd Gigerenzer,Peter M. Todd +1 more
TL;DR: Fast and frugal heuristics as discussed by the authors are simple rules for making decisions with realistic mental resources and can enable both living organisms and artificial systems to make smart choices, classifications, and predictions by employing bounded rationality.