Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/31619
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dc.contributor.authorLavoie, Marcen_US
dc.date.accessioned2005-12-05en_US
dc.date.accessioned2010-05-14T11:09:30Z-
dc.date.available2010-05-14T11:09:30Z-
dc.date.issued2001en_US
dc.identifier.urihttp://hdl.handle.net/10419/31619-
dc.description.abstractA method advocated by Wynne Godley to model monetary macroeconomics, is presented. The method, based on a transactions matrix, essentially makes sure that every flow goes somewhere and comes from somewhere, so that there are no black holes. The method is put to use for several purposes: to illustrate the monetary circuit of credit money; to demonstrate that there can be a separate portfolio (stock) demand for money, but not one independent from the rest of the model; to show that there cannot be an excess supply of credit; to handle the cases of credit for speculation purposes and high liquidity preference; to underline that endogenous money at fixed interest rates is still compatible with any government deficit; and to show that even when banks have liquidity norms, larger amounts of loans do not necessarily induce higher interest rates. Briefly stated, the paper shows that many of the claims made by Horizontalist authors are confirmed when a fully coherent accounting framework is put in place to assess their claims.en_US
dc.language.isoengen_US
dc.publisher|aLevy Economics Institute of Bard College |cAnnandale-on-Hudson, NYen_US
dc.relation.ispartofseries|aWorking papers // The Levy Economics Institute |x325en_US
dc.subject.ddc330en_US
dc.titleEndogenous money in a coherent stock-flow frameworken_US
dc.type|aWorking Paperen_US
dc.identifier.ppn503897310en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-

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