Thursday, April 5, 2012

Endogenous Money: A Bibliography

The Keen versus Krugman exchange seems as good a time as any to write up a bibliography on one of the main subjects they debated: endogenous money theory.

The foundation of the modern Post Keynesian endogenous money theory is Basil Moore’s Horizontalists and Verticalists: The Macroeconomics of Credit Money (Cambridge and New York, 1988). But an excellent starting point is also P. Arestis and M. Sawyer (eds), A Handbook of Alternative Monetary Economics (Cheltenham, UK and Northampton, Mass., 2006).


BIBLIOGRAPHY

BOOKS

Arestis, P. and M. Sawyer (eds). 2006. A Handbook of Alternative Monetary Economics, Edward Elgar, Cheltenham, UK and Northampton, Mass.

Fontana, Giuseppe. 2009. Money, Uncertainty and Time, Routledge, London and New York.

Graziani, Augusto. 2003. The Monetary Theory of Production, Cambridge University Press, Cambridge.

Kaldor, N. 1982. The Scourge of Monetarism, Oxford University Press, Oxford and New York.

Lavoie, Marc. 1992. Foundations of Post-Keynesian Economic Analysis. Elgar, Aldershot.

Moore, B. J. 1988. Horizontalists and Verticalists: The Macroeconomics of Credit Money, Cambridge University Press, Cambridge and New York.

Rochon, Louis-Philippe and Sergio Rossi (eds.). 2006. Endogenous Money: The Evolutionary Versus Revolutionary Views, Centro di studi bancari, RME Lab, Vezia.

Rochon, Louis-Philippe. 1999. Credit, Money, and Production: An Alternative Post-Keynesian Approach, Edward Elgar, Cheltenham, UK and Northampton, MA, USA.

Rousseas, Stephen. 1998. Post Keynesian Monetary Economics (3rd end.), Macmillan, London.

Setterfield, M. (ed.). 2006. Complexity, Endogenous Money and Macroeconomic Theory: Essays in Honour of Basil J. Moore, Edward Elgar, Cheltenham, UK ; Northampton, MA.

Wray, L. R. 1990. Money and Credit in Capitalist Economies: The Endogenous Money Approach, E. Elgar, Aldershot, Hants, England and Brookfield, Vt., USA.

Wray, L. R. 1998. Understanding Modern Money: The Key to Full Employment and Price Stability, Edward Elgar, Cheltenham.


ARTICLES

Arestis, P. and P. Howells. 1996. “Theoretical Reflections on Endogenous Money: The Problem with ‘Convenience Lending,’” Cambridge Journal of Economics 20: 539–552.

Arestis, P. and I. Biefang-Frisancho Mariscal. 1995. “The Endogenous Money Stock: Empirical Observations from the United Kingdom,” Journal of Post Keynesian Economics 17.4: 545–559.

Bell, S. 2001. “The Role of the State and the Hierarchy of Money,” Cambridge Journal of Economics 25.2: 149–163.

Chick, Victoria and Sheila Dow. 2002. “Monetary Policy with Endogenous Money and Liquidity Preference: A Nondualistic Treatment,” Journal of Post Keynesian Economics 24.4: 587–607.

Cottrell, Allin. 1994. “Endogenous Money and the Multiplier,” Journal of Post Keynesian Economics 17.1: 111–120.

Dalziel, Paul. 1996. “The Keynesian Multiplier, Liquidity Preference, and Endogenous Money,” Journal of Post Keynesian Economics 18.3: 311–331.

Dalziel, Paul. 1999–2000. “A Post Keynesian Theory of Asset Price Inflation with Endogenous Money,” Journal of Post Keynesian Economics 22.2: 227–245.

Fand, David I. 1988. “On the Endogenous Money Supply,” Journal of Post Keynesian Economics 10.3: 386–389.

Fontana, G. 2000. “Post Keynesians and Circuitists on Money and Uncertainty: An Attempt at Generality,” Journal of Post Keynesian Economics 23.1: 27–48.

Fontana, G. 2002. “The Making of Monetary Policy in Endogenous Money Theory: An Introduction,” Journal of Post Keynesian Economics 24.4: 503–509.

Fontana, G. 2003. “Post Keynesian Approaches to Endogenous Money: A Time Framework Explanation,” Review of Political Economy 15.3: 291–314.

Fontana, G. 2004. “Rethinking Endogenous Money: A Constructive Interpretation of the Debate Between Horizontalists and Structuralists,” Metroeconomica 55.4: 367–385.

Fontana, G. 2004. “Hicks on Monetary Theory and History: Money as Endogenous Money,” Cambridge Journal of Economics 28.1: 73–88.

Fontana, Giuseppe and Alfonso Palacio-Vera. 2003. “Is There an Active Role for Monetary Policy in the Endogenous Money Approach?,” Journal of Economic Issues 37.2: 511–517.

Fontana, Giuseppe and Venturino, Ezio. 2003. “Endogenous Money: An Analytical Approach,” Scottish Journal of Political Economy 50: 398–416.

Howells, Peter G. A. 1995. “The Demand for Endogenous Money,” Journal of Post Keynesian Economics 18.1: 89–106.

Howells, P. 2006. “The Endogeneity of Money: Empirical Evidence,” in P. Arestis and M. Sawyer (eds), A Handbook of Alternative Monetary Economics, Edward Elgar, Cheltenham, UK and Northampton, Mass. 52–68.

Howells, Peter G. A. 1997. “The Demand for Endogenous Money: A Rejoinder,” Journal of Post Keynesian Economics 19.3: 429–435.

Jarsulic, Marc. 1989. “Endogenous Credit and Endogenous Business Cycles,” Journal of Post Keynesian Economics 12.1: 35–48.

Kaldor, N. 1939. “Speculation and Economic Activity,” Review of Economic Studies 7: 1-27.

Lavoie, Marc. 1984. “The Endogenous Flow of Credit and the Post Keynesian Theory of Money,” Journal of Economic Issues 18.3: 771–797.

Lavoie, Marc. 1985. “The Post Keynesian Theory of Endogenous Money: A Reply,” Journal of Economic Issues 19.3: 843–848.

Lavoie, Marc. 1985. “Credit And Money: Overdraft Economies, And Post-Keynesian Economics,” in M. Jarsulic (ed.), Money and Macro Policy, Kluwer-Nijhoff, Boston; Kluwer Academic Pub., Hingham, MA. 63-84.

Lavoie, Marc. 1996. “Horizontalism, Structuralism, Liquidity Preference and the Principle of Increasing Risk,” Scottish Journal of Political Economy 43.3: 275-300.

Meulendyke, Ann-Marie. 1988. “Can the Federal Reserve Influence Whether the Money Supply Is Endogenous? A Comment on Moore,” Journal of Post Keynesian Economics 10.3: 390–397.

Moore, Basil J. 1979. “The Endogenous Money Stock,” Journal of Post Keynesian Economics 2.1: 49–70.

Moore, Basil J. 1997. “Reconciliation of the Supply and Demand for Endogenous Money,” Journal of Post Keynesian Economics 19.3: 423–428.

Musella, M. 2001. “Endogenous Money and Credit,” in P. Anthony O’Hara (ed.), Encyclopedia of Political Economy. Volume 1. A–K, Routledge, London and New York. 259–261.

Paganelli, Maria Pia. 2006. “Hume and Endogenous Money,” Eastern Economic Journal 32.3: 533–547.

Palacio-Vera, Alfonso. 2001. “The Endogenous Money Hypothesis: Some Evidence from Spain (1987–1998),” Journal of Post Keynesian Economics 23.3: 509–526.

Palley, T. I., 2002, “Endogenous Money: What It is and Why It Matters,” Metroeconomica 53: 152–180.

Palley, Thomas I. 1987–1988. “Bank Lending, Discount Window Borrowing, and the Endogenous Money Supply: A Theoretical Framework,” Journal of Post Keynesian Economics 10.2: 282–303.

Palley, Thomas I. 1991. “The Endogenous Money Supply: Consensus and Disagreement,” Journal of Post Keynesian Economics 13.3: 397–403.

Palley, Thomas I. 1996. Post Keynesian Economics: Debt, Distribution, and the Macro Economy, St. Martin’s Press, New York.

Palley, Thomas I. 1997. “Endogenous Money and the Business Cycle.” Journal of Economics 65.2: 133–149.

Piegay, P. 2003. “Post Keynesian Controversies on Endogenous Money: An Alternative Interpretation,” in L.-P. Rochon and S. Rossi (eds), Modern Theories of Money: The Nature and Role of Money in Capitalist Economies, Edward Elgar Publishing, Cheltenham, UK and Northampton, Mass.

Pollin, Robert. 1991. “Two Theories of Money Supply Endogeneity: Some Empirical Evidence,” Journal of Post Keynesian Economics 13.3: 366–396.

Rochon, Louis-Philippe. 1999. “The Creation and Circulation of Endogenous Money: A Circuit Dynamique Approach,” Journal of Economic Issues 33.1: 1–21.

Rochon, Louis-Philippe. 2000. “The Creation and Circulation of Endogenous Money: A Reply to Pressman,” Journal of Economic Issues 34.4: 973–979.

Setterfield, M. 2000. “Expectations, Endogenous Money, and the Business Cycle: An Exercise in Open Systems Modeling,” Journal of Post Keynesian Economics 23.1: 77–105.

Shanmugam, B., Nair, M. and Ong, W. L. 2003. “The Endogenous Money Hypothesis: Empirical Evidence from Malaysia (1985–2000),” Journal of Post Keynesian Economics 25.4: 599–611.

Wray, L. Randall. 2003–2004. “Loanable Funds, Liquidity Preference, and Endogenous Money: Do Credit Cards Make a Difference?,” Journal of Post Keynesian Economics 26.2: 309–323.

6 comments:

  1. Lord Keynes: Out of curiosity, have you read most of the Post-Keynesian economics literature listed in your bibliography? Do you own, for example, any of Basil Moore's books?

    ReplyDelete
  2. I have certainly not read all of it. I would say I have read a good many of the articles and most of Arestis and Sawyer's A Handbook of Alternative Monetary Economics. Also, a good part of Moore's book.

    I normally use library copies, however.

    ReplyDelete
  3. Btw ...

    Nicholas Kaldor was very much the originator of endogenous money - at least in the Anglo-Saxon world. The best single reference is "The Scourge Of Monetarism" 1982.

    Check some his papers referred here in my blog
    http://www.concertedaction.com/tag/nicholas-kaldor/

    His biographies may have many references.

    Plus ... money is naturally endogenous in Godley & Cripps' Macroeconomics. Also papers by Wynne Godley in the 90s go clearly show how deep the concept of money endogeneity and so do Marc Lavoie's papers based on Godley's approach.

    Also, LP Rochon calls this Marc Lavoie's best

    "Horizontalism, Structuralism, Liquidity Preference And The Principle Of Increasing Risk" Scottish Journal of Political Economy. Vol. 43, No. 3. August 1996

    ReplyDelete
  4. Thanks, I have added these.

    ReplyDelete
  5. Ramanan,

    Your post here:

    http://www.concertedaction.com/2011/08/11/more-on-horizontalism/

    is excellent stuff.

    Thanks again.

    ReplyDelete