Post-Keynesian Monetary Theory

Marc Lavoie, Professor Emeritus, University of Ottawa, Canada, Professor Emeritus, University of Sorbonne Paris Nord (CEPN), France and FMM Fellow, Institut für Makroökonomie, Düsseldorf, Germany

Contents:

Foreword
Louis-Philippe Rochon

Introduction
Marc Lavoie

PART I EARLIER AND EASIER WRITINGS
1 ‘The Endogenous Flow of Credit and the Post Keynesian Theory of Money’,
Journal of Economic Issues , 18 (3), September 1984, 771–97 2
2 ‘The Post Keynesian Theory of Endogenous Money: A Reply’, Journal of
Economic Issues , 19 (3), September 1985, 843–8 29
3 ‘Credit and Money: The Dynamic Circuit, Overdraft Economics, and Post-
Keynesian Economics’, in M. Jarsulic (ed.), Money and Macro Policy , Kluwer-
Nijhoff, Boston, 1985, 63–84 35
4 ‘A Primer on Endogenous Credit-Money’, in L.-P. Rochon and S. Rossi (eds),
Modern Theories of Money: The Nature and Role of Money in Capitalist
Economies , Edward Elgar, Cheltenham, UK and Northampton, MA, USA, 2003,
506–43 57

PART II INSPIRING AUTHORS
5 ‘Change, Continuity, and Originality in Kaldor’s Monetary Theory’, in E.J. Nell
and W. Semmler (eds), Nicholas Kaldor and Mainstream Economics:
Confrontation or Convergence? , Macmillan, London, 1991, 259–78 96
6 ‘Jacques Le Bourva’s Theory of Endogenous Credit-Money’, Review of Political
Economy , 4 (4), 1992, 436–46 116
7 ‘Eichner’s Monetary Economics: Ahead of Its Time’, in M. Lavoie, L.-P. Rochon
and M. Seccareccia (eds), Money and Macrodynamics: Alfred Eichner and Post-
Keynesian Economics , M.E. Sharpe, Armonk (NJ), 2010, 155–71 127

PART III IN DEFENSE OF HORIZONTALISM
8 ‘Monetary Policy in an Economy with Endogenous Credit Money’, in
G. Deleplace and E.J. Nell (eds), Money in Motion: The Circulation and Post-
Keynesian Approaches , Macmillan, London, 1996, 532–45 145
9 ‘Horizontalism, Structuralism, Liquidity Preference and the Principle of
Increasing Risk’, Scottish Journal of Political Economy , 43 (3), August, 1996,
275–300 159
10 ‘The Credit-Led Supply of Deposits and the Demand for Money: Kaldor’s Reflux
Mechanism as Previously Endorsed by Joan Robinson’, Cambridge Journal of
Economics , 23 (1), January 1999, 103–13 185
11 ‘Endogenous Money: Accommodationist’, in P. Arestis and M. Sawyer (eds),
Handbook on Alternative Monetary Economics , Edward Elgar, Cheltenham, UK
and Northampton, MA, USA, 2006, 17–34 196

PART IV THREE INNOVATING ARTICLES
12 ‘Monetary Base Endogeneity and the New Procedures of the Asset-Based
Canadian and American Monetary Systems’, Journal of Post Keynesian
Economics , Summer 2005, 27 (4), 689–709 215
13 ‘Towards a Post-Keynesian Consensus in Macroeconomics: Reconciling the
Cambridge and Wall Street Views’, in E. Hein, T. Niechoj and E. Stockhammer
(eds), Macroeconomic Policies on Shaky Foundations – Whither Mainstream
Economics? , Metropolis-Verlag, Marburg, 2009, 75–99 236
14 ‘Fair Rates of Interest in Post-Keynesian Political Economy’, in J. Teixeira (ed.),
Issues in Modern Political Economy , University of Brasilia Press, Brasilia, 1997,
123–37 261

PART V AFTER THE GLOBAL FINANCIAL CRISIS
15 ‘Changes in Central Bank Procedures During the Subprime Crisis and Their
Repercussions on Monetary Theory’, International Journal of Political Economy ,
39 (3), Fall 2010, 3–23 277
16 ‘The Monetary and Fiscal Nexus of Neo-Chartalism: A Friendly Critique’,
Journal of Economic Issues , 47 (1), March 2013, 1–31 298
17 ‘The Eurozone: Similarities to and Differences from Keynes’s Plan’,
International Journal of Political Economy , 44 (1), Spring 2015, 3–17 329
18 ‘Rethinking Monetary Theory in Light of Keynes and the Crisis’, Brazilian
Keynesian Review , 2 (2), 2016, 174–88 344
19 ‘Unconventional Monetary Policies, with a Focus on Quantitative Easing’,
European Journal of Economics and Economic Policies: Intervention , Edward
Elgar, Cheltenham, UK and Northampton, MA, USA, 15 (2), 2018, 139–46 (with
Brett Fiebiger) 359

PART VI A FINAL OVERVIEW
20 ‘Money, Credit and Central Banks in Post-Keynesian Economics’, in E. Hein and
E. Stockhammer (eds), A Modern Guide to Keynesian Macroeconomics and
Economic Policies , Edward Elgar, Cheltenham, UK and Northampton, MA,
USA, 2011, 34–60 368

Index