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- W9460873 abstract "In neoclassical theory, money is an exogenous variable: Money is neutral, merely determining nominal prices; and the supply of money is controlled by the central bank. This paper delineates how Post Keynesians offer a clear alternative to the neoclassical approach. Topics discussed include: early Post Keynesian work, which emphasized uncertainty and money hoarding; circuit theory, which focused on money's role in financing spending; horizontalism, which pointed out the inability of the central bank to control reserves; endogenous money; neo-Chartalism, which looks at the role of the state in designating a unit of account for taxes and other monetary obligations; functional finance, which refuses to separate fiscal and monetary policy; the failure of monetary policy to affect unemployment; and the use of fiscal policy, via a government buffer stock of labor, to reduce unemployment." @default.
- W9460873 created "2016-06-24" @default.
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- W9460873 date "2001-01-01" @default.
- W9460873 modified "2023-09-23" @default.
- W9460873 title "The Endogenous Money Approach" @default.
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- W9460873 doi "https://doi.org/10.2139/ssrn.1010328" @default.
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