Credit, Money and Crises in Post-Keynesian Economics最新文献

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Introduction: the importance of credit and money in understanding crises 引言:信贷和货币在理解危机中的重要性

Credit, Money and Crises in Post-Keynesian Economics

Pub Date : 2020-07-31 DOI: 10.4337/9781786439550.00008

Louis-Philippe Rochon, H. Bougrine

Over a century ago, in an aptly-titled article, Innes (1913) asked what we believe is one of the most important questions in monetary theory: ‘What is money?’ – a question Smithin (1999) would later revisit. While on the surface this question may appear to be simple enough, the answer, however, is far from simple. Indeed, many answers have been provided, from a number of perspectives and disciplines. Money can mean something very different to different scholars, and the answers provided often reflect the focus of one’s research, thereby leading to different aspects of the same issue or question being explored in various degrees of detailed analysis. Indeed, money has many dimensions. The study of money has certainly perplexed economists for decades, if not centuries, with no consensus in sight. However, two general approaches can be identified, which, following Schumpeter (1954/1994, p. 277), can be labelled real and monetary analyses respectively (see also Rogers, 1989, Ch. 1) – although other labels can also be used: orthodox versus heterodox, exogenous versus endogenous. Rochon and Rossi (2013) have further identified two distinct approaches to endogenous money within postKeynesian theory, referring to what they call the ‘evolutionary’ (Chick, 1986) and ‘revolutionary’ (Lavoie, 1992, 2014; Rochon, 1999) approaches to endogenous money. Moreover, in the last few decades, many economists in the mainstream have come to accept some version of the endogeneity of money, as reflected for instance in the use of Taylor Rules, as in the New Consensus, or the Woodford (2003) model, although whether this can be considered endogenous has been questioned (see Monvoisin and Rochon, 2006). In this sense, some have argued that the lines between post-Keynesians and the mainstream appear somewhat blurred, and the endogeneity/exogeneity of money is no longer a distinguishable characteristic between the two approaches. For instance, according to Lavoie (2020), ‘propounding a theory based on the endogeneity of money is insufficient to break away

一个多世纪以前，Innes(1913)在一篇标题恰当的文章中提出了我们认为是货币理论中最重要的问题之一:“什么是货币?”——史密斯(1999)后来重新审视了这个问题。从表面上看，这个问题似乎很简单，但答案却远非如此简单。事实上，已经从许多角度和学科提供了许多答案。对于不同的学者来说，金钱可能意味着非常不同的东西，所提供的答案往往反映了一个人的研究重点，从而导致对同一问题或问题的不同方面进行不同程度的详细分析。的确，金钱有很多维度。货币研究无疑已经困扰了经济学家几十年，如果不是几个世纪的话，也没有达成共识。然而，根据熊彼特(1954/1994，第277页)，可以确定两种一般的方法，可以分别标记为实际分析和货币分析(另见罗杰斯，1989，第1章)-尽管也可以使用其他标签:正统与非正统，外生与内生。Rochon和Rossi(2013)进一步确定了后凯恩斯理论中内生货币的两种不同方法，即他们所谓的“进化”(Chick, 1986)和“革命”(Lavoie, 1992, 2014;Rochon, 1999)研究内生货币的方法。此外，在过去的几十年里，许多主流经济学家已经开始接受某种版本的货币内生性，例如在新共识或伍德福德(2003)模型中使用泰勒规则所反映的那样，尽管这是否可以被认为是内生的受到质疑(见Monvoisin和Rochon, 2006)。从这个意义上说，一些人认为后凯恩斯主义者和主流之间的界限似乎有些模糊，货币的内生性/外生性不再是这两种方法之间的可区分特征。例如，根据Lavoie(2020)的说法，“提出一种基于货币内生性的理论不足以摆脱

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引用次数: 1

Banking and financial crises 银行和金融危机

Credit, Money and Crises in Post-Keynesian Economics

Pub Date : 2020-07-31 DOI: 10.4337/9781786439550.00027

J. Toporowski

引用次数: 0

Money, income distribution and post-Keynesian economics 货币、收入分配和后凯恩斯经济学

Credit, Money and Crises in Post-Keynesian Economics

Pub Date : 1900-01-01 DOI: 10.4337/9781786439550.00009

引用次数: 0

Crises and post-Keynesian economics 危机与后凯恩斯经济学

Credit, Money and Crises in Post-Keynesian Economics

Pub Date : 1900-01-01 DOI: 10.4337/9781786439550.00021

引用次数: 0

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Credit, Money and Crises in Post-Keynesian Economics

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