... as the choice between ‘hoarding’ and ‘investing’,
or, alternatively, as the choice between ‘bank deposits’ and ‘securities’.
(Keynes 1930a: 141 [1 971 b: 1 27] )
And he adds in a footnote:
It is ... However, by the 1 970 s
the P, Y version of aggregate demand and supply had become firmly entrenched
in the intermediate level textbooks, for example in Dornbusch and Fischer (1 978 :...
... DEMAND POLICY
129
Keynes, J. M. (19 37 [1 973 b]). The General Theory and After, Part II, Defence and
Development, C. W., Vol. XIV. London: Macmillan.
Keynes, J. M. (1 979 ). The General Theory and ... Vol. 1 (19 97: 52–82).
Robinson, J. (1 978 ). Keynes and Ricardo’, Journal of Post Keynesian Economics, 1,
12–18.
Shapiro, N. (19 97) . ‘Imperfect Competition and Keynes , in Har...
... post-Keynesian stream from France and Italy:
the Circuit approach 91
JOSEPH HALEVI AND RÉDOUANE TAOUIL
11 IS–LM and macroeconomics after Keynes 103
PETER KRIESLER AND JOHN NEVILE
12 On Keynes and ... marketable assets, and
interbank and wholesale borrowing to meet the credit demands on them.
4 Step 3 above determines both the money stock, and its various sub-components,...
... Money and the Demand for
Deposits: A Reply’, Cambridge Journal of Economics, 23, 115–19.
Bank of England (1999). Economic Models at the Bank of England. London: Bank of
England.
Chick, V. (1 973 ). ... (1992). ‘The Evolution of the Banking System and the Theory of Saving,
Investment and Interest’, in P. Arestis and S. Dow (eds), On Money, Method and Keynes:
Essays of Victoria Ch...
... orthodox macroeconomics, based on
KEYNES, MONEY AND MODERN MACROECONOMICS
65
7
KEYNES, MONEY AND MODERN
MACROECONOMICS
Colin Rogers
1. Introduction
In a recent review of developments in macroeconomics ... 1898.)
KEYNES, MONEY AND MODERN MACROECONOMICS
67
Wicksell and Fisher, fails to make this clear and leads to the nonsensical impli-
cation that equilibrium can exist...
... Propects’, in OECD (1995: 9– 47) .
Carvalho, F. C. (1992). Mr Keynes and the Post Keynesians. Cheltenham: Edward Elgar.
FINANCIAL DEVELOPMENT, LIBERALIZATION AND GROWTH
77
According to Asimakopulos, ... decisions to
invest.’ (Keynes 1937a: 2 47, my emphases).
4 The Keynesian sense of liquidity employed in this discussion refers to the relation
between aggregate supply of and demand...
... Keynes and the classics and stated that
the equation embodying the consumption function and the multiplier ‘is a mere
simplification and ultimately insignificant’ (19 37: 152). On the other hand,
Harrod ... (Chick 1 977 : 55). Chick is also dismissive of the implied
separation of fiscal and monetary policy within the IS–LM framework, arguing that
IS–LM AND MACROECONOMICS AFTER...
... analysis, and the so-called 45Њ approach. It did become a
stick with which to beat the ‘Keynesians’ and to demand theoretical changes to
modify ‘Keynesian’economics. But among followers of Keynes ... Elgar.
Chick, V. and Smolensky, E. (1964). Aggregate Supply and Demand Analysis. New York:
Harper and Row.
Dornbusch, R. and Fischer, S. (1 978 ). Macroeconomics. New York: McGraw-...
... 51(3), 380–406.
Chick, V. (1983b). Macroeconomics after Keynes. London: Philip Allen.
Chick, V. (1992). In P. Arestis and S. C. Dow (eds), On Money, Method and Keynes,
Selected Essays. Houndmills: ... long-term capital (McCombie and Thirlwall 1994). Nonetheless, Thirlwall’s
model maintains the convention in both traditional trade theory and Keynesian
(but not Keynes himself)...