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| Tekijä: | Goodhart, C.A.E. |
| Otsikko: | The continuing muddles of monetary theory: A steadfast refusal to face facts |
| Lehti: | Economica
2009 : OCT, VOL. 76:SUPPL. 1, p. 821-830 |
| Asiasana: | economics monetary policy monetary theory methodology banking interest rates models |
| Kieli: | eng |
| Tiivistelmä: | The concern of Lionel Robbins was the economic science methodology. When discussing the relationship (here as: r-ship/r-ships) btw. theory and 'reality', two of the examples of inappropriate r-ships were taken from monetary (here as: mon.) economics. Among the worst failings are: 1. IS/LM: whereby the mon. authorities set the mon. base (as: m-b.), and the interest rate is market determined, 2. the m-b. multiplier of bank deposits, and the role of reserve ratios, 3. the current three-equation neoclassical consensus, assuming perfect creditworthiness, and thus no need for banks, 4. the analysis of the evolution of money. |
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