Download Post Keynesian Monetary Economics by Stephen Rousseas (auth.) PDF

By Stephen Rousseas (auth.)

In this booklet Stephen Rousseas provides a severe evaluation of a few of the valuable issues of put up Keynesian financial economics. As Rousseas sees it, put up Keynesian financial economics rejects the neoclassical and monetarist apporaches. the money provide is obvious as a functionality of nominal source of revenue instead of the wrong way around.

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Since the demand for financial deposits was more related to the highly psychological and unstable "bearish" and "bullish" sentiments of the public with regard to the future price level of securities, and not to the level of economic activity in the industrial sector, the link of the general price level to the quantity of money "is not of that direct character which the old-fashioned quantity equations ... " Still, Keynes argued that in a full-employment equilibrium the quantity theory of money and its equiproportionality requirement would hold.

28). Ponzi financing is trapped in a double bind of increasing costs-those due to the rise in short-term interest rates and those due to the forced increase in the size of the debt over time. The dilemma of the foreign debts of Brazil, Mexico, and Argentina in 1983 is a case in point. Minsky uses his three-tiered schema of financing to generate an endogenous theory of the business cycle. The divisions between the three types of financing are not clear cut or immutable, and the stability of a monetary economy based on debt depends on the mixture of the three types, and the shift of financing along this spectrum.

In terms of the earlier and more familiar Cambridge equation, M = kY where k is the money-income ratio or the reciprocal of the income velocity of money (V). Income, in this schema, becomes a function of the money supply, which is another way of saying that the causal arrow runs from M to Y. Moreover, if in the long run the economy naturally tends toward a unique eqUilibrium at full employment, then the price level is also uniquely dependent on the money supply in an equiproportionate manner. And a change in the exogenous money supply, in this model, would have no effect on the real sector of the economy or on the rate of interest-the latter being determined DEMAND FOR MONEY AND THE RATE OF INTEREST 31 exclusively by the relation of productivity and thrift in the real sector.

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