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THE MONEY SUPPLY IN THE ECONOMIC PROCESS

A Post Keynesian Perspective Edited by Marco Musella, Professor of Political Economy and Carlo Panico, Professor of Economics, University ‘Federico II’, Naples, Italy
The editors of this important collection bring together a selection of previously published articles which outline the role of the money supply in the economic process from a Post Keynesian perspective, paying particular attention to the writings of Kaldor.

The volume begins with literature which evolved since the Radcliffe Report, whilst the remaining chapters are divided into sections on the Post Keynesian Critique of the Monetarist Positions, Reactions to the ‘Monetarist Experiment’ and The Recent Post Keynesian Debate.
Extent: 656 pp
Hardback Price: £231.00 Web: £207.90
Publication Date: 1996
ISBN: 978 1 85898 043 0
Availability: In Stock
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  • Economics and Finance
  • Money and Banking
The editors of this important collection bring together a selection of previously published articles which outline the role of the money supply in the economic process from a post Keynesian perspective, paying particular attention to the writings of Kaldor.

The volume begins with literature which evolved since the Radcliffe Report, whilst the remaining chapters are divided into sections on the Post Keynesian Critique of the Monetarist Positions, Reactions to the ‘Monetarist Experiment’ and The Recent Post Keynesian Debate.
‘. . . an interesting mix of papers on a clearly defined theme, some of which served as a nostalgic reminder of how dramatically monetary policy debates have changed since the 1970s, let alone the 1950s.’
– Roger E. Backhouse, The Economic Journal
Contributors: K. Brunner, B.M. Friedman, R. Kahn, N. Kaldor, J. A. Kregel, H.P. Minsky, J. Tobin
Part I:

THE YEARS OF THE RADCLIFFE REPORT

1. Hyman P. Minsky (1957), ‘Central Banking and Money Market Changes’
2. Richard Kahn (1958), ‘Memorandum of Evidence Submitted to the Radcliffe Committee’
3. Nicholas Kaldor (1958), ‘Monetary Policy, Economic Stability and Growth’
4. John G. Gurley (1960), ‘The Radcliffe Report and Evidence’
5. Nicholas Kaldor (1960), ‘The Radcliffe Report’
6. R. S. Sayers (1960), ‘Monetary Thought and Monetary Policy in England’

Part II:

The Post Keynesian Critique of the Rising Monetarist Positions

7. Milton Friedman (1968), ‘The Role of Monetary Policy’
8. Karl Brunner (1970), ‘The "Monetarist Revolution” in Monetary Theory’
9. A. B. Cramp (1970), ‘Does Money Matter?’
10. Nicholas Friedman (1970), ‘The New Monetarism’
Milton Friedman (1970), ‘The New Monetarism: Comment’
Nicholas Kaldor (1970), ‘Reply’
11. James Tobin (1970), ‘Money and Income: Post Hoc Ergo Propter Hoc?’
Milton Friedman(1970), ‘Comment on Tobin’
James Tobin (1970, ‘Rejoinder’
12. Paul Davidson and Sidney Weintraub (1973), ‘Money as Cause and Effect’

Part III:

Reactions to the ‘Monetarist Experiment’

13. Nicholas Kaldor (1980), ‘Monetarism and UK Monetary Policy’
14. Milton Friedman (1982), ‘Monetary Policy: Theory and Practice’
15. Milton Friedman (1984), ‘Lessons from the 1979-82 Monetary Policy Experiment’
16. Nicholas Kaldor (1985), ‘How Monetarism Failed’
17. Benjamin M. Friedman (1988), ‘Lessons on Monetary Policy from the 1980s’
18. Phillip Cagan (1989), ‘The Uncertain Future of Monetary Policy’

Part IV:

The Recent Post Keynesian Debate

19. Basil J. Moore (1983), ‘Unpacking the Post Keynesian Black Box: Bank Lending and the Money Supply’
20. Marc Lavoie (1984), ‘The Endogenous Flow of Credit and the Post Keynesian Theory of Money’
21. Victoria Chick (1986), ‘The Evolution of the Banking System and the Theory of Saving, Investment and Interest’
22. J. A. Kregel (1986), ‘Shylock and Hamlet or Are there Bulls and Bears in the Circuit?’
23. Paul Davidson (1988), ‘Endogenous Money, the Production Process, and Inflation Analysis’
24. Basil J. Moore (1988), ‘The Endogenous Money Supply’
25. Alexander C. Dow and Sheila C. Dow (1989), ‘Endogenous Money Creation and Idle Balances’
26. Charles Goodhart (1989), ‘Has Moore Become Too Horizontal?’
27. Marc Jarsulic (1989), ‘Endogenous Credit and Endogenous Business Cycles’
28. Stephen Rousseas (1989), ‘On the Endogeneity of Money Once More’
29. Augusto Graziani (1989), ‘The Theory of the Monetary Circuit’
30. H. P. Minsky (1991), ‘The Endogeneity of Money’
31. Christopher J. Niggle (1991), ‘The Endogenous Money Supply Theory: An Institutionalist Appraisal’
32. Marco Musella and Carlo Panico (1993), ‘Kaldor on Endogenous Money and Interest Rates’