Monetary Economics

WYNNE GODLEY was Director of the Department of Applied Economics at the University of Cambridge, UK, from 1970 to 1987, and a Professor of Applied Economics from 1980 to 1993. Subsequently, he was a Distinguished Scholar at the Levy Economics Institute of Bard College, New York, USA, and then a Visiting Research Associate at the Cambridge Endowment for Research in Finance.   MARC LAVOIE is Professor in the Department of Economics at the University of Ottawa, Canada. He has written over 175 journal articles and book chapters, as well as authoring Foundations of Post-Keynesian Economic Analysis and Introduction to Post-Keynesian Economics.

Introduction Balance Sheets, Transaction Matrices and The Monetary Circuit The Simplest Model with Government Money Government Money with Portfolio Choice Long-Term Bonds, Capital Gains and Liquidity Preference Introducing the Open Economy A Simple Model with Private Bank Money Time, Inventories, Profits and Pricing A Model with Private Bank Money, Inventories and Inflation A Model with both Inside and Outside Money A Growth Model Prototype Open Economy with Flexible Prices and Exchange Rates General Conclusion