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Monetarism is dead! Central bankers are all Wicksellians now! They
target low inflation rates, with no regard to monetary aggregates
whatsoever, by acting upon short-term real rates of interest. This
is the New Consensus in monetary economics, or simply the New
Keynesian Synthesis. Yet, this synthesis still hinges on variants
of the long-run vertical Phillips curve originally proposed by
Milton Friedman, the father of old-line monetarism. Contributors to
the volume question this New Consensus. While they agree that the
money supply should be conceived as endogenous, they carefully
examine the procedures pursued by central banks, the monetary
policy transmission mechanisms suggested by central bankers
themselves, and the assumptions imbedded in the New Consensus. They
propose alternative analyses that clearly demonstrate the limits of
modern central banking and point to the possible instability of
monetary economies. Heterodox and orthodox monetary macroeconomists
alike will find this illuminating book of great interest.
The central focus of this book is the relationship between money,
the sphere of production, and the State.It explores how best to
adapt the fundamental ideas of the circulationist perspective to
achieve a better understanding of the financialisation of the
production processes within contemporary capitalist economies.
Importantly, the expert contributors illustrate that the true
challenge ahead is to address how these new emerging forms can be
eventually tamed, a challenge that the recent financial crisis has
forcefully proven essential. This book will prove an illuminating
read for scholars and researchers in the heterodox economics
domain. Contributors: R. Bellofiore, H. Bougrine, V. Chick, M.
Cingolani, E. Correa, S. Dow, T. Ferguson, M. Forstater, A. Giron,
C. Gnos, R. Johnson, M. Lavoie, W.C. Marshall, E. Nell, L.-P.
Rochon, M. Seccareccia, J. Smithin, B. Vallageas, G. Vidal, L.R.
Wray
Alfred Eichner's pioneering contributions to post-Keynesian
econmics offered significant insights on the way modern economies
and institutions actually work. Published in 1987, his
"Macrodynamics of Advanced Market Economies" contains rich chapters
on dynamics and growth, investment, finance and income
distribution, a timely chapter on the State and fiscal policy, and
two analytical chapters on endogenous money that are years ahead of
their time. Featuring chapters by many of Eichner's disciples, this
book celebrates his rich contributions to post-Keynesian economics,
and demonstrates that his work is in many ways as valid today as it
was over two decades ago.
Alfred Eichner's pioneering contributions to post-Keynesian
econmics offered significant insights on the way modern economies
and institutions actually work. Published in 1987, his
"Macrodynamics of Advanced Market Economies" contains rich chapters
on dynamics and growth, investment, finance and income
distribution, a timely chapter on the State and fiscal policy, and
two analytical chapters on endogenous money that are years ahead of
their time. Featuring chapters by many of Eichner's disciples, this
book celebrates his rich contributions to post-Keynesian economics,
and demonstrates that his work is in many ways as valid today as it
was over two decades ago.
The use of the US dollar for domestic monetary transactions outside the USA has gone on for many years now - Panama in 1904 being the earliest example. Since the advent of the Euro, the debate over the benefits of monetary integration has warmed up - particularly for NAFTA countries. This collection, with contributions from experts such as Philip Arestis, Malcolm Sawyer and Stephanie Bell, examines the various problems and benefits involved in monetary integration and covers the causes of Euro instability, monetary policy in non-optimal currency unions, financial openness and dollarization and the question of dollarization in Canada. This book addresses one of the burning policy issues in Europe and America: is monetary union worthwhile? The readable yet comprehensive style of this book will make it of interest not only to academics and students involved in European integration, financial liberalization and dollarization, but will also be an important book for policy-makers at intergovernmental level.
The use of the US dollar for domestic monetary transactions outside
the USA has gone on for many years now - Panama in 1904 being the
earliest example. Since the advent of the Euro, the debate over the
benefits of monetary integration has warmed up - particularly for
NAFTA countries.
This collection, with contributions from experts such as Philip
Arestis, Malcolm Sawyer and Stephanie Bell, examines the various
problems and benefits involved in monetary integration and covers
the causes of Euro instability, monetary policy in non-optimal
currency unions, financial openness and dollarization and the
question of dollarization in Canada.
This book addresses one of the burning policy issues in Europe and
America: is monetary union worthwhile? The readable yet
comprehensive style of this book will make it of interest not only
to academics and students involved in European integration,
financial liberalization and dollarization, but will also be an
important book for policy-makers at intergovernmental level.
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