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| Author: | Hewitson, G. |
| Title: | Post-Keynesian monetary theory: some issues |
| Journal: | Journal of Economic Surveys
1995 : SEP, VOL. 9:3, p. 285-310 |
| Index terms: | KEYNESIAN SCHOOL MONETARISM MONEY |
| Language: | eng |
| Abstract: | Post-Keynesian monetary theory is of increasing interest to economists in the light of world-wide financial deregulation of financial markets. This paper offers an exposition of the main issues in this area, including an overview of the most divisive issue, that of interest rate determination, and hence, the slope of the money supply function. Post-Keynesian monetary theorists divide into two camps with respect to the determination of intrest rates: the "markup school" and the "liquidity preference School". It is argued in the paper that the post-Keynesian theory of the business cycle, which incorporates endogeneity of the money supply, requires a liquidity preference notion of interest rate determination. |
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