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MONEY, MACROECONOMICS AND KEYNES This volume, along with its companion volume Methodology, Microeconomics and Keynes, is published in honour of Victoria Chick, inspired by her own contributions to knowledge in all of these areas and their interconnections. It represents both consolidation and the breaking of new ground in Keynesian monetary theory and macroeconomics by leading figures in these fields. The chapters have been contributed by some of the many who admire Chick’s work: ● C. Rogers, Rogério Studart and Fernando J. Cardim de Carvalho make contributions in monetary theory. ● Philip Arestis, Peter Howells, Charles Goodhart, David Laidler, Malcolm Sawyer, Alain Parguez, and Joseph Halevi and Rédouane Taouil make contributions relating specifically to endogenous money. ● Peter Kriesler, John Nevile, G. C. Harcourt, Peter Skott, Augusto Graziani, John Smithin, the late Bernard Corry and Maurizio Caserta make contribu- tions in macroeconomics. ● Penelope Hawkins, Christopher Torr, Jesper Jespersen, Stephen F. Frowen and Elias Karakitsos make contributions in open economy macroeconomics. The volume opens with an account of Victoria Chick’s academic career and ends with a list of her publications. Philip Arestis is Professor and Research Director at the South Bank Business School at South Bank University. Meghnad Desai is Professor of Economics and Director of the Centre for the Study of Global Governance at the London School of Economics. Sheila Dow is Professor, Department of Economics, University of Stirling. ROUTLEDGE FRONTIERS OF POLITICAL ECONOMY EQUILIBRIUM VERSUS UNDERSTANDING Towards the rehumanization of economics within social theory Mark Addleson EVOLUTION, ORDER AND COMPLEXITY Edited by Elias L. Khalil and Kenneth E. Boulding INTERACTIONS IN POLITICAL ECONOMY Malvern after ten years Edited by Steven Pressman THE END OF ECONOMICS Michael Perelman PROBABILITY IN ECONOMICS Omar F. Hamouda and Robin Rowley CAPITAL CONTROVERSY, POST KEYNESIAN ECONOMICS AND THE HISTORY OF ECONOMICS Essays in honour of G. C. Harcourt, volume one Edited by Philip Arestis, Gabriel Palma and Malcolm Sawyer MARKETS, UNEMPLOYMENT AND ECONOMIC POLICY Essays in honour of G. C. Harcourt, volume two Edited by Philip Arestis, Gabriel Palma and Malcolm Sawyer SOCIAL ECONOMY The logic of capitalist development Clark Everling NEW KEYNESIAN ECONOMICS/POST KEYNESIAN ALTERNATIVES Edited by Roy J. Rotheim THE REPRESENTATIVE AGENT IN MACROECONOMICS James E. Hartley BORDERLANDS OF ECONOMICS Essays in honour of Daniel R. Fusfeld Edited by Nahid Aslanbeigui and Young Back Choi VALUE, DISTRIBUTION AND CAPITAL Essays in honour of Pierangelo Garegnani Edited by Gary Mongiovi and Fabio Petri THE ECONOMICS OF SCIENCE Methodology and epistemology as if economics really mattered James R. Wible COMPETITIVENESS, LOCALISED LEARNING AND REGIONAL DEVELOPMENT Specialisation and prosperity in smalll open economies Peter Maskell, Heikki Eskelinen, Ingjaldur Hannibalsson, Anders Malmberg and Eirik Vatne LABOUR MARKET THEORY A constructive reassessment Ben J. Fine WOMEN AND EUROPEAN EMPLOYMENT Jill Rubery, Mark Smith, Colette Fagan, Damian Grimshaw EXPLORATIONS IN ECONOMIC METHODOLOGY From Lakatos to empirical philosophy of science Roger Backhouse SUBJECTIVITY IN POLITICAL ECONOMY Essays on wanting and choosing David P. Levine THE POLITICAL ECONOMY OF MIDDLE EAST PEACE The impact of competing trade agendas Edited by J. W. Wright, Jnr THE ACTIVE CONSUMER Novelty and surprise in consumer choice Edited by Marina Bianchi SUBJECTIVISM AND ECONOMIC ANALYSIS Essays in memory of Ludwig Lachmann Edited by Roger Koppl and Gary Mongiovi THEMES IN POST-KEYNESIAN ECONOMICS Essays in honour of G. C. Harcourt, volume three Edited by Peter Kriesler and Claudio Sardoni THE DYNAMICS OF TECHNOLOGICAL KNOWLEDGE Cristiano Antonelli THE POLITICAL ECONOMY OF DIET, HEALTH AND FOOD POLICY Ben J. Fine THE END OF FINANCE Capital market inflation, financial derivatives and pension fund capitalism Jan Toporowski POLITICAL ECONOMY AND THE NEW CAPITALISM Edited by Jan Toporowski GROWTH THEORY A Philosophical Perspective Patricia Northover THE POLITICAL ECONOMY OF THE SMALL FIRM Edited by Charlie Dannreuther HAHN AND ECONOMIC METHODOLOGY Edited by Thomas Boylan and Paschal F O’Gorman GENDER, GROWTH AND TRADE The miracle economies of the postwar years David Kucera NORMATIVE POLITICAL ECONOMY Subjective freedom, the market and the state David Levine ECONOMIST WITH A PUBLIC PURPOSE Essays in honour of John Kenneth Galbraith Edited by Michael Keaney THE THEORY OF UNEMPLOYMENT Michel De Vroey THE FUNDAMENTAL INSTITUTIONS OF CAPITALISM Ernesto Screpanti TRANSCENDING TRANSACTION Alan Shipman POWER IN BUSINESS AND THE STATE An historical analysis of its concentration Frank Bealey EDITING ECONOMICS Essays in Honour of Mark Perlman Hank Lim, Ungsuh K. Park and G. C. Harcourt MONEY, MACROECONOMICS AND KEYNES Essays in honour of Victoria Chick, volume one Philip Arestis, Meghnad Desai and Sheila Dow vii CONTENTS 1 List of figures ix 1 List of tables x 1 List of contributors xi 1 Introduction: On Chick’s life as an academic 1 PHILIP ARESTIS, MEGHNAD DESAI AND SHEILA DOW 2 The ‘Great Inflation’, 1520–1640: Early views on 4 endogenous money PHILIP ARESTIS AND PETER HOWELLS 3 The endogeneity of money 14 CHARLES GOODHART 4 The transmission mechanism with endogenous money 25 DAVID LAIDLER 5 Economic policy with endogenous money 35 MALCOLM SAWYER 6 Victoria Chick and the Theory of the Monetary Circuit: An enlightening debate 45 ALAIN PARGUEZ 7 Keynes, money and modern macroeconomics 56 COLIN ROGERS 8 ‘The stages’ of financial development, financial liberalization and growth in developing economies: In tribute to Victoria Chick 68 ROGÉRIO STUDART 9 On Keynes’s concept of the revolving fund of finance 79 FERNANDO J. CARDIM DE CARVALHO CONTENTS viii 10 On a 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 Chick on prices in modern capitalism 115 G. C. HARCOURT 13 Aggregate demand policy in the long run 124 PETER SKOTT 14 The investment decision in Keynes’s thought 140 AUGUSTO GRAZIANI 15 Aggregate demand, effective demand, and aggregate supply in the open economy 150 JOHN SMITHIN 16 Some myths about Phillips’s curve 163 BERNARD CORRY 17 Transitional steady states: A contradiction in terms? 173 MAURIZIO CASERTA 18 Unemployment in a small open economy 182 PENELOPE HAWKINS AND CHRISTOPHER TORR 19 Why do macroeconomists disagree on the consequences of the Euro? 193 JESPER JESPERSEN 20 The fate of key currencies: DM, sterling and the Euro 205 STEPHEN F. FROWEN AND ELIAS KARAKITSOS Victoria Chick’s publications 216 Index 222 ix FIGURES 7.1 Krugman’s liquidity trap 63 15.1 An aggregate demand and supply diagram in r, Y space 152 15.2 Alternative presentation of aggregate demand and supply in r, Y space 153 15.3 Adjustment to a lower real rate of interest 157 15.4 Effect of effective demand on output and employment 157 15.5 Impact of cheap money on the individual member-state 158 TABLES 6.1 Cases I, II and III 51 8.1 Patterns of development finance in different financial structures 72 19.1 New dividing lines in EU policy attitudes 193 19.2 EMU attitude and the political spectrum 194 19.3 Shocks and ‘optimal policies’ (in an imperfect economy) 202 x xi CONTRIBUTORS Philip Arestis is Professor and Research Director at the South Bank Business School at South Bank University, London, UK. He is also joint editor of International Papers in Political Economy. Fernando J. Cardim de Carvalho is Professor of Economics, Institute of Economics, Federal University of Rio de Janeiro, Brazil. Maurizio Caserta is Professor of Macroeconomics at the Faculty of Economics, University of Catania, Italy. Bernard Corry (died 2001) was Emeritus Professor at Queen Mary and Westfield, UK. Meghnad Desai is Professor of Economics and Director of the Centre for Study of Global Governance at the London School of Economics. Sheila Dow is Professor in the Department of Economics, University of Stirling, Scotland. Stephen F. Frowen is Honorary Research Fellow at The University College, London, and Honorary Professor at the Institute for German Studies, The University of Birmingham. He is also a senior Research Associate at the Von Huegel Institute, Fellow Commoner at St Edmund’s College, Cambridge, and Honorary Research Fellow in the Department of Economics, University College, London. Charles Goodhart is Deputy Director of the Financial Markets Group and the Norman Sosnow Professor of Banking and Finance at the London School of Economics. Augusto Graziani is Professor at the University of Rome, ‘La Sapienza’, Italy. Joseph Halevi is based at the Department of Economics, University of Sydney, Australia, and is associated to the CNRS’s (France’s National Research Council) center Institut de Recherches Economiques sur la Production et le Développement at the University of Grenoble as well as to the Centre d’Etudes de Macroéconome et Finance Internationale at the University of Nice. G. C. Harcourt is Emeritus Reader in the History of Economic Theory at the University of Cambridge and Emeritus Fellow at Jesus College, Cambridge, UK, and Emeritus Professor at Adelaide University, Australia. Penelope Hawkins is Managing Director of Feasibility (Pty) Ltd, Johannesburg, South Africa. Peter Howells is Professor of Economics at the University of East London, UK. He is also Editor of the Royal Economic Society’s Newsletter and Associate Editor of the journal Economic Issues. Jesper Jespersen is Professor Economics at Roskilde University, Denmark. Elias Karakitsos is Professor of Economics at the Imperial College of Management, London, UK. Peter Kriesler is Associate Professor, Department of Economics, University of New South Wales, Australia. David Laidler is Professor of Economics at the University of Western Ontario and a Fellow-in-Residence of the C.D. Howe Institute, Cananda. John Nevile is Emeritus Professor and Visiting Professor at the University of New South Wales, Australia. Alain Parguez is Professor of Economics at the University of Franche-Compte, Besancon, France, and is associated with the Economics Department at the University of Ottawa. Colin Rogers is Associate Professor and Dean of the School of Economics at the University of Adelaide, Australia. Malcolm Sawyer is Professor of Economics and Leeds University Business School, UK. He is joint editor of International Papers in Political Economy and editor of International Review of Applied Economics. Peter Skott is Associate Professor, Department of Economics, University of Aarhus, Denmark. John Smithin is Professor of Economics at York University, Canada. Rogério Studart is Professor of Economics, Institute of Economics, Federal University of Rio de Janeiro, Brazil. Rédouane Taouil is based at the CEPSE, UFR Sciences Economique, Université Pierre Méndes, France. Christopher Torr is the Director Honours Studies, Department of Economics, University of South Africa. CONTRIBUTORS xii [...]... (Woodward 19 93: 4) 4 The mint price of 1lb weight of fine silver rose from £2.40 to £6.00 between 15 42 and 15 51 (i.e 15 0 per cent) By March 15 42 the silver standard was 75 per cent of the original pure sterling silver standard, 50 per cent by March 15 45, 33.5 per cent by March 15 46 and 25 per cent in 15 51 (Davies 19 94: 19 9) 5 The fullest version of the Discourse is that edited by E Lamond (London, 18 93)... Phelps-Brown and Hopkins (19 56): 13 00 10 4.8; 14 70 10 4.6; 15 26 13 5 .1; 15 46 17 2.3; 15 61 289.3; 16 00ϭ478.3; 16 43ϭ597.8 It is not clear from the table what is the base year 3 The reasons for the systematic debasement of the coinage can be traced to those which lay also behind the Henrician dissolution of the monasteries (which began in 15 34): ‘Finance is indeed the key to the proper understanding of the... Money and Their Context in Polish and Prussian Monetary Policies, c 15 20 15 50’, Economic History Review, 50(3), 430–49 Woodward, G W O (19 93), The Dissolution of Monasteries, Andoret: Pitkin Wrigley, E A and Schofield, R S (19 89) The Population History of England, 15 41 18 71: A Reconstruction Cambridge: Cambridge University Press, 2e Youings, J (19 84) Sixteenth-Century England Harmondsworth: Penguin 13 ... in England, 13 00 17 00’, Economic History Review, XLVIII(2), 238–57 Munroe, A E (19 66) Monetary Theory before Adam Smith Cambridge, Mass: Harvard University Press Niggle, C J (19 91) ‘The Endogenous Money Supply: An Institutionalist Appraisal’, Journal of Economic Issues, 25 (1) , 13 7– 51 Outhwaite, R B (19 82) Inflation in Tudor and Early Stuart England Basingstoke: Macmillan, 2e Phelps-Brown, E H and Hopkins,... Roover, R (19 49) Gresham on Foreign Exchange Cambridge, Mass: Harvard University Press Dewar, M (19 66) ‘The Authorship of the “Discourse of the Commonweal” ’, Economic History Review, 2nd ser XIX Hamilton, E J (19 28) ‘American Treasure and Andalusian Prices, 15 03 16 60’, Journal of Economic and Business History, I, 33 Hamilton, E J (19 34) American Treasure and the Price Revolution in Spain, 15 01 16 50 Cambridge,... store and plenty of treasure, which is walking in these partes of the world, far more in these our dayes, than euer our forefathers haue sene in times past Who doth not vnderstand of the infinite sums of gold and siluer, whych are gathered from the Indies and other countries, and so yearely transported vnto these costes (Tawney and Power 19 53, II: 310 ) This shift in emphasis between the 15 49 and 15 81 versions... from 15 50 to 16 25 was one of rapid population growth in England (Wrigley and Schofield 19 89: 210 11 ) Population growth rates of 3–4 per cent per annum were not to be seen again after 16 30 until the end of the eighteenth century It was this rapid expansion and its effects upon food prices in particular that provided suggestive evidence for Malthus’s Essay More formally, Wrigley and Schofield (19 89,... Population in Britain was 2 million in 14 50 and by 16 00 jumped to 4 million (Davies 19 94: 214 ) Its distribution changed too, with a pronounced urban drift, especially to London 12 For details of the bill, see Tawney and Power (19 53, II: 15 4–63) and for subsequent infringements (ibid.: 16 3–75) Other sources of contemporary comment on the practice of usury are contained in Tawney and Power (III: 345–86) The interest... very severe.’ (Mayhew 19 95: 2 51) Both the shortage and the rise in velocity to which it gave rise are confirmed by estimates of the money stock from 15 26 to 15 61 which put it unchanged at c 1. 45m (Mayhew 19 95, table 2; Challis 19 92) Over the same period, prices more than doubled (see above, note 7) A perfectly endogenous money supply, responding instantly and fully to shifts in demand, suggests a constant... (ed.) (19 32) La Réponse de Jean Bodin a M de Malestroit, 15 68 Paris: Librairie Armand Colin Laidler, D W (19 91) ‘The Quantity Theory is Always and Everywhere Controversial – Why?’, The Economic Record, 67, 289–306 McCracken, P et al (19 77) Towards Price Stability and Full Employment Paris: OECD Marget, A W (19 38) The Theory of Prices London: P S King Mayhew, N J (19 95) ‘Population, Money Supply and the . post-Keynesian stream from France and Italy: the Circuit approach 91 JOSEPH HALEVI AND RÉDOUANE TAOUIL 11 IS–LM and macroeconomics after Keynes 10 3 PETER KRIESLER AND JOHN NEVILE 12 On Keynes and. capitalism 11 5 G. C. HARCOURT 13 Aggregate demand policy in the long run 12 4 PETER SKOTT 14 The investment decision in Keynes s thought 14 0 AUGUSTO GRAZIANI 15 Aggregate demand, effective demand, and. publications 216 Index 222 ix FIGURES 7 .1 Krugman’s liquidity trap 63 15 .1 An aggregate demand and supply diagram in r, Y space 15 2 15 .2 Alternative presentation of aggregate demand and supply in

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