Monetary economics: an integrated approach to credit, money, income, production and wealth
This book challenges the mainstream paradigm, which is based on the inter-temporal optimisation of welfare by individual agents. It introduces a new methodology for studying how it is institutions which create flows of income, expenditure and production together with stocks of assets (including mone...
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Basingstoke [u.a.]
Palgrave Macmillan
2007
|
| Edition: | 1. publ. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Summary: | This book challenges the mainstream paradigm, which is based on the inter-temporal optimisation of welfare by individual agents. It introduces a new methodology for studying how it is institutions which create flows of income, expenditure and production together with stocks of assets (including money) and liabilities, thereby determining how whole economies evolve throughtime. Starting with extremely simple stock flow consistent (SFC) models, the text describes a succession of increasingly complex models. Solutions of these models are used to illustrate ways in which whole economiesevolve when shocked in various ways. Readers will be able to downloadall the models and explore their properties for themselves. A major conclusion is that economies require management via fiscal and monetary policyif full employment without inflation is to be achieved. |
| Item Description: | Includes bibliographical references and index Erscheint: Februar 2007 |
| Physical Description: | XLIII, 530 S. graph. Darst. |
| ISBN: | 0230500552 9780230500556 |
Staff View
MARC
| LEADER | 00000nam a2200000zc 4500 | ||
|---|---|---|---|
| 001 | BV021714097 | ||
| 003 | DE-604 | ||
| 005 | 20070309 | ||
| 007 | t | ||
| 008 | 060831s2007 xxud||| |||| 00||| eng d | ||
| 010 | |a 2006049315 | ||
| 020 | |a 0230500552 |9 0-230-50055-2 | ||
| 020 | |a 9780230500556 |9 978-0-230-50055-6 | ||
| 035 | |a (OCoLC)441221938 | ||
| 035 | |a (DE-599)BVBBV021714097 | ||
| 040 | |a DE-604 |b ger |e aacr | ||
| 041 | 0 | |a eng | |
| 044 | |a xxu |c US | ||
| 049 | |a DE-12 |a DE-703 |a DE-188 | ||
| 050 | 0 | |a HG221 | |
| 080 | |a 336.74 | ||
| 082 | 0 | |a 332.4 | |
| 084 | |a QC 320 |0 (DE-625)141267: |2 rvk | ||
| 100 | 1 | |a Godley, Wynne |d 1926-2010 |e Verfasser |0 (DE-588)17016716X |4 aut | |
| 245 | 1 | 0 | |a Monetary economics |b an integrated approach to credit, money, income, production and wealth |c Wynne Godley and Marc Lavoie |
| 250 | |a 1. publ. | ||
| 264 | 1 | |a Basingstoke [u.a.] |b Palgrave Macmillan |c 2007 | |
| 300 | |a XLIII, 530 S. |b graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 500 | |a Includes bibliographical references and index | ||
| 500 | |a Erscheint: Februar 2007 | ||
| 520 | 3 | |a This book challenges the mainstream paradigm, which is based on the inter-temporal optimisation of welfare by individual agents. It introduces a new methodology for studying how it is institutions which create flows of income, expenditure and production together with stocks of assets (including money) and liabilities, thereby determining how whole economies evolve throughtime. Starting with extremely simple stock flow consistent (SFC) models, the text describes a succession of increasingly complex models. Solutions of these models are used to illustrate ways in which whole economiesevolve when shocked in various ways. Readers will be able to downloadall the models and explore their properties for themselves. A major conclusion is that economies require management via fiscal and monetary policyif full employment without inflation is to be achieved. | |
| 650 | 4 | |a Monetarisme | |
| 650 | 4 | |a Mathematisches Modell | |
| 650 | 4 | |a Wirtschaft | |
| 650 | 4 | |a Money | |
| 650 | 4 | |a Economics |x Mathematical models | |
| 650 | 0 | 7 | |a Makroökonomie |0 (DE-588)4037174-8 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Offene Volkswirtschaft |0 (DE-588)4172486-0 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Geldtheorie |0 (DE-588)4121333-6 |2 gnd |9 rswk-swf |
| 689 | 0 | 0 | |a Geldtheorie |0 (DE-588)4121333-6 |D s |
| 689 | 0 | 1 | |a Makroökonomie |0 (DE-588)4037174-8 |D s |
| 689 | 0 | 2 | |a Offene Volkswirtschaft |0 (DE-588)4172486-0 |D s |
| 689 | 0 | |5 DE-188 | |
| 700 | 1 | |a Lavoie, Marc |d 1954- |e Sonstige |0 (DE-588)170040208 |4 oth | |
| 856 | 4 | 2 | |m SWB Datenaustausch |q application/pdf |u http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014927860&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |3 Inhaltsverzeichnis |
| 999 | |a oai:aleph.bib-bvb.de:BVB01-014927860 | ||
Record in the Search Index
| _version_ | 1804135552071499776 |
|---|---|
| adam_text | CONTENTS NOTATIONS USED IN THE BOOK IX LIST OF TABLES XVIII LIST OF
FIGURES XX PREFACE XXXIV 1 INTRODUCTION 1 1.1 TWO PARADIGMS 1 1.2
ASPIRATION 4 1.3 ENDEAVOUR 9 1.4 PROVENANCE 11 1.5 SOME LINKS WITH
THE OLD YALE SCHOOL 13 1.6 LINKS WITH THE POST-KEYNESIAN SCHOOL 16 1.7 A
SKETCH OF THE BOOK 18 A 1.1 COMPELLING EMPIRICAL FAILINGS OF THE
NEO-CLASSICAL PRODUCTION FUNCTION 20 A1.2 STOCK-FLOW RELATIONS AND THE
POST-KEYNESIANS 21 2 BALANCE SHEETS, TRANSACTION MATRICES AND THE
MONETARY CIRCUIT 23 2.1 COHERENT STOCK-FLOW ACCOUNTING 23 2.2 BALANCE
SHEETS OR STOCK MATRICES 25 2.3 THE CONVENTIONAL INCOME AND EXPENDITURE
MATRIX 33 2.4 THE TRANSACTIONS FLOW MATRIX 37 2.5 FULL INTEGRATION OF
THE BALANCE SHEET AND THE TRANSACTIONS FLOW MATRICES 43 2.6 APPLICATIONS
OF THE TRANSACTIONS FLOW MATRIX: THE MONETARY CIRCUIT 47 3 THE SIMPLEST
MODEL WITH GOVERNMENT MONEY 57 3.1 GOVERNMENT MONEY VERSUS PRIVATE MONEY
57 3.2 THE SERVICE ECONOMY WITH GOVERNMENT MONEY AND NO PORTFOLIO CHOICE
58 3.3 FORMALIZING MODEL SIM 61 3.4 A NUMERICAL EXAMPLE AND THE STANDARD
KEYNESIAN MULTIPLIER 68 3.5 STEADY-STATE SOLUTIONS 71 3.6 THE
CONSUMPTION FUNCTION AS A STOCK-FLOW NORM 74 3.7 EXPECTATIONS MISTAKES
IN A SIMPLE STOCK-FLOW MODEL 78 3.8 OUT OF THE STEADY STATE 83 3.9 A
GRAPHICAL ILLUSTRATION OF MODEL SIM 88 VI CONTENTS 3.10 PRELIMINARY
CONCLUSION 91 A3.1 EQUATION LIST OF MODEL SIM 91 A3.2 EQUATION LIST OF
MODEL SIM WITH EXPECTATIONS (SIMEX) 92 A3.3 THE MEAN LAG THEOREM 92 A3.4
GOVERNMENT DEFICITS IN A GROWING ECONOMY 95 4 GOVERNMENT MONEY WITH
PORTFOLIO CHOICE 99 4.1 INTRODUCTION 99 4.2 THE MATRICES OF MODEL PC 99
4.3 THE EQUATIONS OF MODEL PC 102 4.4 EXPECTATIONS IN MODEL PC 107 4.5
THE STEADY-STATE SOLUTIONS OF THE MODEL 111 4.6 IMPLICATIONS OF CHANGES
IN PARAMETER VALUES ON TEMPORARY AND STEADY-STATE INCOME 116 4.7 A
GOVERNMENT TARGET FOR THE DEBT TO INCOME RATIO 124 A4.1 EQUATION LIST OF
MODEL PC 126 A4.2 EQUATION LIST OF MODEL PC WITH EXPECTATIONS (PCEX) 126
A4.3 ENDOGENOUS MONEY 127 A4.4 ALTERNATIVE MAINSTREAM CLOSURES 129 5
LONG-TERM BONDS, CAPITAL GAINS AND LIQUIDITY PREFERENCE 131 5.1 NEW
FEATURES OF MODEL LP 131 5.2 THE VALUE OF A PERPETUITY 131 5.3 THE
EXPECTED RATE OF RETURN ON LONG-TERM BONDS 132 5.4 ASSESSING CAPITAL
GAINS ALGEBRAICALLY AND GEOMETRICALLY 134 5.5 MATRICES WITH LONG-TERM
BONDS 136 5.6 EQUATIONS OF MODEL LP 137 5.7 THE SHORT-RUN AND LONG-RUN
IMPACT OF HIGHER INTEREST RATES ON REAL DEMAND 150 5.8 THE EFFECT OF
HOUSEHOLD LIQUIDITY PREFERENCE ON LONG RATES 153 5.9 MAKING GOVERNMENT
EXPENDITURES ENDOGENOUS 160 A5.1 EQUATIONS OF MODEL LP 165 A5.2 THE
LIQUIDITY TRAP 167 A5.3 AN ALTERNATIVE, MORE ORTHODOX, DEPICTION OF THE
BOND MARKET 168 6 INTRODUCING THE OPEN ECONOMY 170 6.1 A COHERENT
FRAMEWORK 170 6.2 THE MATRICES OF A TWO-REGION ECONOMY 171 6.3 THE
EQUATIONS OF A TWO-REGION ECONOMY 173 6.4 THE STEADY-STATE SOLUTIONS OF
MODEL REG 176 6.5 EXPERIMENTS WITH MODEL REG 180 6.6 THE MATRICES OF A
TWO-COUNTRY ECONOMY 187 6.7 THE EQUATIONS OF A TWO-COUNTRY ECONOMY 191
6.8 REJECTING THE MUNDELL-FLEMING APPROACH AND ADOPTING THE COMPENSATION
APPROACH 194 CONTENTS VII 6.9 ADJUSTMENT MECHANISMS 201 6.10 CONCLUDING
THOUGHTS 207 A6.1 EQUATIONS OF MODEL REG 209 A6.2 EQUATIONS OF MODEL
OPEN 211 A6.3 HISTORICAL AND EMPIRICAL EVIDENCE CONCERNING THE
COMPENSATION PRINCIPLE 213 A6.4 OTHER INSTITUTIONAL FRAMEWORKS: THE
CURRENCY BOARD 214 A6.5 HOW TO EASILY BUILD AN OPEN MODEL 215 7 A SIMPLE
MODEL WITH PRIVATE BANK MONEY 217 7.1 PRIVATE MONEY AND BANK LOANS 217
7.2 THE MATRICES OF THE SIMPLEST MODEL WITH PRIVATE MONEY 218 7.3 THE
EQUATIONS OF MODEL BMW 222 7.4 THE STEADY STATE 227 7.5
OUT-OF-EQUILIBRIUM VALUES AND STABILITY ANALYSIS 233 7.6 THE ROLE OF THE
RATE OF INTEREST 240 7.7 A LOOK FORWARD 247 A7.1 THE EQUATIONS OF MODEL
BMW 247 8 TIME, INVENTORIES, PROFITS AND PRICING 250 8.1 THE ROLE OF
TIME 250 8.2 THE MEASURE OF PROFITS 252 8.3 PRICING 263 8.4 NUMERICAL
EXAMPLES OF FLUCTUATING INVENTORIES 276 A8.1 A NUMERICAL EXAMPLE OF
INVENTORY ACCOUNTING 278 9 A MODEL WITH PRIVATE BANK MONEY, INVENTORIES
AND INFLATION 284 9.1 INTRODUCTION 284 9.2 THE EQUATIONS OF MODEL DIS
285 9.3 ADDITIONAL PROPERTIES OF THE MODEL 293 9.4 STEADY-STATE VALUES
OF MODEL DIS 295 9.5 DEALING WITH INFLATION IN (A SLIGHTLY MODIFIED)
MODEL DIS 300 A9.1 EQUATION LIST OF MODEL DIS 308 A9.2 THE PECULIAR ROLE
OF GIVEN EXPECTATIONS 310 A9.3 EQUATION LIST OF MODEL DISINF 312 10 A
MODEL WITH BOTH INSIDE AND OUTSIDE MONEY 314 10.1 A MODEL WITH ACTIVE
COMMERCIAL BANKS 314 10.2 BALANCE SHEET AND TRANSACTION MATRICES 315
10.3 PRODUCING FIRMS 318 10.4 HOUSEHOLDS 322 10.5 THE GOVERNMENT SECTOR
AND THE CENTRAL BANK 331 10.6 THE COMMERCIAL BANKING SYSTEM 333 10.7
MAKING IT ALL SING WITH SIMULATIONS 342 10.8 CONCLUSION 374 VIII
CONTENTS A 10.1 OVERDRAFT BANKING SYSTEMS 374 A10.2 ARITHMETICAL EXAMPLE
OF A CHANGE IN PORTFOLIO PREFERENCE 376 11 A GROWTH MODEL PROTOTYPE 378
11.1 PROLEGOMENA 378 11.2 BALANCE SHEET, REVALUATION AND
TRANSACTIONS-FLOW MATRICES 379 11.3 DECISIONS TAKEN BY FIRMS 383 11.4
DECISIONS TAKEN BY HOUSEHOLDS 392 11.5 THE PUBLIC SECTOR 397 11.6 THE
BANKING SECTOR 399 11.7 FISCAL AND MONETARY POLICIES 404 11.8 HOUSEHOLDS
IN THE MODEL AS A WHOLE 422 11.9 FINANCIAL DECISIONS IN THE MODEL AS A
WHOLE 435 11.10 A CONCLUDING RECAP 441 12 A MORE ADVANCED OPEN ECONOMY
MODEL 445 12.1 INTRODUCTION 445 12.2 THE TWO MATRICES 446 12.3 EQUATIONS
OF THE GENERIC MODEL 450 12.4 ALTERNATIVE CLOSURES 462 12.5 EXPERIMENTS
WITH THE MAIN FIXED EXCHANGE RATE CLOSURE 466 12.6 EXPERIMENTS WITH
ALTERNATIVE FIXED EXCHANGE RATE CLOSURES 472 12.7 EXPERIMENTS WITH THE
FLEXIBLE EXCHANGE RATE CLOSURE 478 12.8 LESSONS TO BE DRAWN 487 A 12.1 A
FUNDAMENTAL AND USEFUL OPEN-ECONOMY FLOW-OF-FUNDS IDENTITY 490 A12.2 AN
ALTERNATIVE FLEXIBLE EXCHANGE RATE CLOSURE 492 13 GENERAL CONCLUSION 493
13.1 UNIQUE FEATURES OF THE MODELS PRESENTED HERE 493 13.2 A SUMMARY 499
REFERENCES 501 INDEX 514
|
| adam_txt |
CONTENTS NOTATIONS USED IN THE BOOK IX LIST OF TABLES XVIII LIST OF
FIGURES XX PREFACE XXXIV 1 INTRODUCTION 1 1.1 TWO PARADIGMS 1 1.2
ASPIRATION 4 1.3 ENDEAVOUR 9 1.4 PROVENANCE 11 1.5 SOME LINKS WITH
THE'OLD'YALE SCHOOL 13 1.6 LINKS WITH THE POST-KEYNESIAN SCHOOL 16 1.7 A
SKETCH OF THE BOOK 18 A 1.1 COMPELLING EMPIRICAL FAILINGS OF THE
NEO-CLASSICAL PRODUCTION FUNCTION 20 A1.2 STOCK-FLOW RELATIONS AND THE
POST-KEYNESIANS 21 2 BALANCE SHEETS, TRANSACTION MATRICES AND THE
MONETARY CIRCUIT 23 2.1 COHERENT STOCK-FLOW ACCOUNTING 23 2.2 BALANCE
SHEETS OR STOCK MATRICES 25 2.3 THE CONVENTIONAL INCOME AND EXPENDITURE
MATRIX 33 2.4 THE TRANSACTIONS FLOW MATRIX 37 2.5 FULL INTEGRATION OF
THE BALANCE SHEET AND THE TRANSACTIONS FLOW MATRICES 43 2.6 APPLICATIONS
OF THE TRANSACTIONS FLOW MATRIX: THE MONETARY CIRCUIT 47 3 THE SIMPLEST
MODEL WITH GOVERNMENT MONEY 57 3.1 GOVERNMENT MONEY VERSUS PRIVATE MONEY
57 3.2 THE SERVICE ECONOMY WITH GOVERNMENT MONEY AND NO PORTFOLIO CHOICE
58 3.3 FORMALIZING MODEL SIM 61 3.4 A NUMERICAL EXAMPLE AND THE STANDARD
KEYNESIAN MULTIPLIER 68 3.5 STEADY-STATE SOLUTIONS 71 3.6 THE
CONSUMPTION FUNCTION AS A STOCK-FLOW NORM 74 3.7 EXPECTATIONS MISTAKES
IN A SIMPLE STOCK-FLOW MODEL 78 3.8 OUT OF THE STEADY STATE 83 3.9 A
GRAPHICAL ILLUSTRATION OF MODEL SIM 88 VI CONTENTS 3.10 PRELIMINARY
CONCLUSION 91 A3.1 EQUATION LIST OF MODEL SIM 91 A3.2 EQUATION LIST OF
MODEL SIM WITH EXPECTATIONS (SIMEX) 92 A3.3 THE MEAN LAG THEOREM 92 A3.4
GOVERNMENT DEFICITS IN A GROWING ECONOMY 95 4 GOVERNMENT MONEY WITH
PORTFOLIO CHOICE 99 4.1 INTRODUCTION 99 4.2 THE MATRICES OF MODEL PC 99
4.3 THE EQUATIONS OF MODEL PC 102 4.4 EXPECTATIONS IN MODEL PC 107 4.5
THE STEADY-STATE SOLUTIONS OF THE MODEL 111 4.6 IMPLICATIONS OF CHANGES
IN PARAMETER VALUES ON TEMPORARY AND STEADY-STATE INCOME 116 4.7 A
GOVERNMENT TARGET FOR THE DEBT TO INCOME RATIO 124 A4.1 EQUATION LIST OF
MODEL PC 126 A4.2 EQUATION LIST OF MODEL PC WITH EXPECTATIONS (PCEX) 126
A4.3 ENDOGENOUS MONEY 127 A4.4 ALTERNATIVE MAINSTREAM CLOSURES 129 5
LONG-TERM BONDS, CAPITAL GAINS AND LIQUIDITY PREFERENCE 131 5.1 NEW
FEATURES OF MODEL LP 131 5.2 THE VALUE OF A PERPETUITY 131 5.3 THE
EXPECTED RATE OF RETURN ON LONG-TERM BONDS 132 5.4 ASSESSING CAPITAL
GAINS ALGEBRAICALLY AND GEOMETRICALLY 134 5.5 MATRICES WITH LONG-TERM
BONDS 136 5.6 EQUATIONS OF MODEL LP 137 5.7 THE SHORT-RUN AND LONG-RUN
IMPACT OF HIGHER INTEREST RATES ON REAL DEMAND 150 5.8 THE EFFECT OF
HOUSEHOLD LIQUIDITY PREFERENCE ON LONG RATES 153 5.9 MAKING GOVERNMENT
EXPENDITURES ENDOGENOUS 160 A5.1 EQUATIONS OF MODEL LP 165 A5.2 THE
LIQUIDITY TRAP 167 A5.3 AN ALTERNATIVE, MORE ORTHODOX, DEPICTION OF THE
BOND MARKET 168 6 INTRODUCING THE OPEN ECONOMY 170 6.1 A COHERENT
FRAMEWORK 170 6.2 THE MATRICES OF A TWO-REGION ECONOMY 171 6.3 THE
EQUATIONS OF A TWO-REGION ECONOMY 173 6.4 THE STEADY-STATE SOLUTIONS OF
MODEL REG 176 6.5 EXPERIMENTS WITH MODEL REG 180 6.6 THE MATRICES OF A
TWO-COUNTRY ECONOMY 187 6.7 THE EQUATIONS OF A TWO-COUNTRY ECONOMY 191
6.8 REJECTING THE MUNDELL-FLEMING APPROACH AND ADOPTING THE COMPENSATION
APPROACH 194 CONTENTS VII 6.9 ADJUSTMENT MECHANISMS 201 6.10 CONCLUDING
THOUGHTS 207 A6.1 EQUATIONS OF MODEL REG 209 A6.2 EQUATIONS OF MODEL
OPEN 211 A6.3 HISTORICAL AND EMPIRICAL EVIDENCE CONCERNING THE
COMPENSATION PRINCIPLE 213 A6.4 OTHER INSTITUTIONAL FRAMEWORKS: THE
CURRENCY BOARD 214 A6.5 HOW TO EASILY BUILD AN OPEN MODEL 215 7 A SIMPLE
MODEL WITH PRIVATE BANK MONEY 217 7.1 PRIVATE MONEY AND BANK LOANS 217
7.2 THE MATRICES OF THE SIMPLEST MODEL WITH PRIVATE MONEY 218 7.3 THE
EQUATIONS OF MODEL BMW 222 7.4 THE STEADY STATE 227 7.5
OUT-OF-EQUILIBRIUM VALUES AND STABILITY ANALYSIS 233 7.6 THE ROLE OF THE
RATE OF INTEREST 240 7.7 A LOOK FORWARD 247 A7.1 THE EQUATIONS OF MODEL
BMW 247 8 TIME, INVENTORIES, PROFITS AND PRICING 250 8.1 THE ROLE OF
TIME 250 8.2 THE MEASURE OF PROFITS 252 8.3 PRICING 263 8.4 NUMERICAL
EXAMPLES OF FLUCTUATING INVENTORIES 276 A8.1 A NUMERICAL EXAMPLE OF
INVENTORY ACCOUNTING 278 9 A MODEL WITH PRIVATE BANK MONEY, INVENTORIES
AND INFLATION 284 9.1 INTRODUCTION 284 9.2 THE EQUATIONS OF MODEL DIS
285 9.3 ADDITIONAL PROPERTIES OF THE MODEL 293 9.4 STEADY-STATE VALUES
OF MODEL DIS 295 9.5 DEALING WITH INFLATION IN (A SLIGHTLY MODIFIED)
MODEL DIS 300 A9.1 EQUATION LIST OF MODEL DIS 308 A9.2 THE PECULIAR ROLE
OF GIVEN EXPECTATIONS 310 A9.3 EQUATION LIST OF MODEL DISINF 312 10 A
MODEL WITH BOTH INSIDE AND OUTSIDE MONEY 314 10.1 A MODEL WITH ACTIVE
COMMERCIAL BANKS 314 10.2 BALANCE SHEET AND TRANSACTION MATRICES 315
10.3 PRODUCING FIRMS 318 10.4 HOUSEHOLDS 322 10.5 THE GOVERNMENT SECTOR
AND THE CENTRAL BANK 331 10.6 THE COMMERCIAL BANKING SYSTEM 333 10.7
MAKING IT ALL SING WITH SIMULATIONS 342 10.8 CONCLUSION 374 VIII
CONTENTS A 10.1 OVERDRAFT BANKING SYSTEMS 374 A10.2 ARITHMETICAL EXAMPLE
OF A CHANGE IN PORTFOLIO PREFERENCE 376 11 A GROWTH MODEL PROTOTYPE 378
11.1 PROLEGOMENA 378 11.2 BALANCE SHEET, REVALUATION AND
TRANSACTIONS-FLOW MATRICES 379 11.3 DECISIONS TAKEN BY FIRMS 383 11.4
DECISIONS TAKEN BY HOUSEHOLDS 392 11.5 THE PUBLIC SECTOR 397 11.6 THE
BANKING SECTOR 399 11.7 FISCAL AND MONETARY POLICIES 404 11.8 HOUSEHOLDS
IN THE MODEL AS A WHOLE 422 11.9 FINANCIAL DECISIONS IN THE MODEL AS A
WHOLE 435 11.10 A CONCLUDING RECAP 441 12 A MORE ADVANCED OPEN ECONOMY
MODEL 445 12.1 INTRODUCTION 445 12.2 THE TWO MATRICES 446 12.3 EQUATIONS
OF THE GENERIC MODEL 450 12.4 ALTERNATIVE CLOSURES 462 12.5 EXPERIMENTS
WITH THE MAIN FIXED EXCHANGE RATE CLOSURE 466 12.6 EXPERIMENTS WITH
ALTERNATIVE FIXED EXCHANGE RATE CLOSURES 472 12.7 EXPERIMENTS WITH THE
FLEXIBLE EXCHANGE RATE CLOSURE 478 12.8 LESSONS TO BE DRAWN 487 A 12.1 A
FUNDAMENTAL AND USEFUL OPEN-ECONOMY FLOW-OF-FUNDS IDENTITY 490 A12.2 AN
ALTERNATIVE FLEXIBLE EXCHANGE RATE CLOSURE 492 13 GENERAL CONCLUSION 493
13.1 UNIQUE FEATURES OF THE MODELS PRESENTED HERE 493 13.2 A SUMMARY 499
REFERENCES 501 INDEX 514 |
| any_adam_object | 1 |
| any_adam_object_boolean | 1 |
| author | Godley, Wynne 1926-2010 |
| author_GND | (DE-588)17016716X (DE-588)170040208 |
| author_facet | Godley, Wynne 1926-2010 |
| author_role | aut |
| author_sort | Godley, Wynne 1926-2010 |
| author_variant | w g wg |
| building | Verbundindex |
| bvnumber | BV021714097 |
| callnumber-first | H - Social Science |
| callnumber-label | HG221 |
| callnumber-raw | HG221 |
| callnumber-search | HG221 |
| callnumber-sort | HG 3221 |
| callnumber-subject | HG - Finance |
| classification_rvk | QC 320 |
| ctrlnum | (OCoLC)441221938 (DE-599)BVBBV021714097 |
| dewey-full | 332.4 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.4 |
| dewey-search | 332.4 |
| dewey-sort | 3332.4 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| edition | 1. publ. |
| format | Book |
| fullrecord | <?xml version="1.0" encoding="UTF-8"?><collection xmlns="http://www.loc.gov/MARC21/slim"><record><leader>02913nam a2200553zc 4500</leader><controlfield tag="001">BV021714097</controlfield><controlfield tag="003">DE-604</controlfield><controlfield tag="005">20070309 </controlfield><controlfield tag="007">t</controlfield><controlfield tag="008">060831s2007 xxud||| |||| 00||| eng d</controlfield><datafield tag="010" ind1=" " ind2=" "><subfield code="a">2006049315</subfield></datafield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">0230500552</subfield><subfield code="9">0-230-50055-2</subfield></datafield><datafield tag="020" ind1=" " ind2=" "><subfield code="a">9780230500556</subfield><subfield code="9">978-0-230-50055-6</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(OCoLC)441221938</subfield></datafield><datafield tag="035" ind1=" " ind2=" "><subfield code="a">(DE-599)BVBBV021714097</subfield></datafield><datafield tag="040" ind1=" " ind2=" "><subfield code="a">DE-604</subfield><subfield code="b">ger</subfield><subfield code="e">aacr</subfield></datafield><datafield tag="041" ind1="0" ind2=" "><subfield code="a">eng</subfield></datafield><datafield tag="044" ind1=" " ind2=" "><subfield code="a">xxu</subfield><subfield code="c">US</subfield></datafield><datafield tag="049" ind1=" " ind2=" "><subfield code="a">DE-12</subfield><subfield code="a">DE-703</subfield><subfield code="a">DE-188</subfield></datafield><datafield tag="050" ind1=" " ind2="0"><subfield code="a">HG221</subfield></datafield><datafield tag="080" ind1=" " ind2=" "><subfield code="a">336.74</subfield></datafield><datafield tag="082" ind1="0" ind2=" "><subfield code="a">332.4</subfield></datafield><datafield tag="084" ind1=" " ind2=" "><subfield code="a">QC 320</subfield><subfield code="0">(DE-625)141267:</subfield><subfield code="2">rvk</subfield></datafield><datafield tag="100" ind1="1" ind2=" "><subfield code="a">Godley, Wynne</subfield><subfield code="d">1926-2010</subfield><subfield code="e">Verfasser</subfield><subfield code="0">(DE-588)17016716X</subfield><subfield code="4">aut</subfield></datafield><datafield tag="245" ind1="1" ind2="0"><subfield code="a">Monetary economics</subfield><subfield code="b">an integrated approach to credit, money, income, production and wealth</subfield><subfield code="c">Wynne Godley and Marc Lavoie</subfield></datafield><datafield tag="250" ind1=" " ind2=" "><subfield code="a">1. publ.</subfield></datafield><datafield tag="264" ind1=" " ind2="1"><subfield code="a">Basingstoke [u.a.]</subfield><subfield code="b">Palgrave Macmillan</subfield><subfield code="c">2007</subfield></datafield><datafield tag="300" ind1=" " ind2=" "><subfield code="a">XLIII, 530 S.</subfield><subfield code="b">graph. Darst.</subfield></datafield><datafield tag="336" ind1=" " ind2=" "><subfield code="b">txt</subfield><subfield code="2">rdacontent</subfield></datafield><datafield tag="337" ind1=" " ind2=" "><subfield code="b">n</subfield><subfield code="2">rdamedia</subfield></datafield><datafield tag="338" ind1=" " ind2=" "><subfield code="b">nc</subfield><subfield code="2">rdacarrier</subfield></datafield><datafield tag="500" ind1=" " ind2=" "><subfield code="a">Includes bibliographical references and index</subfield></datafield><datafield tag="500" ind1=" " ind2=" "><subfield code="a">Erscheint: Februar 2007</subfield></datafield><datafield tag="520" ind1="3" ind2=" "><subfield code="a">This book challenges the mainstream paradigm, which is based on the inter-temporal optimisation of welfare by individual agents. It introduces a new methodology for studying how it is institutions which create flows of income, expenditure and production together with stocks of assets (including money) and liabilities, thereby determining how whole economies evolve throughtime. Starting with extremely simple stock flow consistent (SFC) models, the text describes a succession of increasingly complex models. Solutions of these models are used to illustrate ways in which whole economiesevolve when shocked in various ways. Readers will be able to downloadall the models and explore their properties for themselves. A major conclusion is that economies require management via fiscal and monetary policyif full employment without inflation is to be achieved.</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Monetarisme</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Mathematisches Modell</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Wirtschaft</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Money</subfield></datafield><datafield tag="650" ind1=" " ind2="4"><subfield code="a">Economics</subfield><subfield code="x">Mathematical models</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Makroökonomie</subfield><subfield code="0">(DE-588)4037174-8</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Offene Volkswirtschaft</subfield><subfield code="0">(DE-588)4172486-0</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="650" ind1="0" ind2="7"><subfield code="a">Geldtheorie</subfield><subfield code="0">(DE-588)4121333-6</subfield><subfield code="2">gnd</subfield><subfield code="9">rswk-swf</subfield></datafield><datafield tag="689" ind1="0" ind2="0"><subfield code="a">Geldtheorie</subfield><subfield code="0">(DE-588)4121333-6</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2="1"><subfield code="a">Makroökonomie</subfield><subfield code="0">(DE-588)4037174-8</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2="2"><subfield code="a">Offene Volkswirtschaft</subfield><subfield code="0">(DE-588)4172486-0</subfield><subfield code="D">s</subfield></datafield><datafield tag="689" ind1="0" ind2=" "><subfield code="5">DE-188</subfield></datafield><datafield tag="700" ind1="1" ind2=" "><subfield code="a">Lavoie, Marc</subfield><subfield code="d">1954-</subfield><subfield code="e">Sonstige</subfield><subfield code="0">(DE-588)170040208</subfield><subfield code="4">oth</subfield></datafield><datafield tag="856" ind1="4" ind2="2"><subfield code="m">SWB Datenaustausch</subfield><subfield code="q">application/pdf</subfield><subfield code="u">http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014927860&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA</subfield><subfield code="3">Inhaltsverzeichnis</subfield></datafield><datafield tag="999" ind1=" " ind2=" "><subfield code="a">oai:aleph.bib-bvb.de:BVB01-014927860</subfield></datafield></record></collection> |
| id | DE-604.BV021714097 |
| illustrated | Illustrated |
| index_date | 2024-07-02T15:21:26Z |
| indexdate | 2024-07-09T20:42:19Z |
| institution | BVB |
| isbn | 0230500552 9780230500556 |
| language | English |
| lccn | 2006049315 |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-014927860 |
| oclc_num | 441221938 |
| open_access_boolean | |
| owner | DE-12 DE-703 DE-188 |
| owner_facet | DE-12 DE-703 DE-188 |
| physical | XLIII, 530 S. graph. Darst. |
| publishDate | 2007 |
| publishDateSearch | 2007 |
| publishDateSort | 2007 |
| publisher | Palgrave Macmillan |
| record_format | marc |
| spelling | Godley, Wynne 1926-2010 Verfasser (DE-588)17016716X aut Monetary economics an integrated approach to credit, money, income, production and wealth Wynne Godley and Marc Lavoie 1. publ. Basingstoke [u.a.] Palgrave Macmillan 2007 XLIII, 530 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Includes bibliographical references and index Erscheint: Februar 2007 This book challenges the mainstream paradigm, which is based on the inter-temporal optimisation of welfare by individual agents. It introduces a new methodology for studying how it is institutions which create flows of income, expenditure and production together with stocks of assets (including money) and liabilities, thereby determining how whole economies evolve throughtime. Starting with extremely simple stock flow consistent (SFC) models, the text describes a succession of increasingly complex models. Solutions of these models are used to illustrate ways in which whole economiesevolve when shocked in various ways. Readers will be able to downloadall the models and explore their properties for themselves. A major conclusion is that economies require management via fiscal and monetary policyif full employment without inflation is to be achieved. Monetarisme Mathematisches Modell Wirtschaft Money Economics Mathematical models Makroökonomie (DE-588)4037174-8 gnd rswk-swf Offene Volkswirtschaft (DE-588)4172486-0 gnd rswk-swf Geldtheorie (DE-588)4121333-6 gnd rswk-swf Geldtheorie (DE-588)4121333-6 s Makroökonomie (DE-588)4037174-8 s Offene Volkswirtschaft (DE-588)4172486-0 s DE-188 Lavoie, Marc 1954- Sonstige (DE-588)170040208 oth SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014927860&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Godley, Wynne 1926-2010 Monetary economics an integrated approach to credit, money, income, production and wealth Monetarisme Mathematisches Modell Wirtschaft Money Economics Mathematical models Makroökonomie (DE-588)4037174-8 gnd Offene Volkswirtschaft (DE-588)4172486-0 gnd Geldtheorie (DE-588)4121333-6 gnd |
| subject_GND | (DE-588)4037174-8 (DE-588)4172486-0 (DE-588)4121333-6 |
| title | Monetary economics an integrated approach to credit, money, income, production and wealth |
| title_auth | Monetary economics an integrated approach to credit, money, income, production and wealth |
| title_exact_search | Monetary economics an integrated approach to credit, money, income, production and wealth |
| title_exact_search_txtP | Monetary economics an integrated approach to credit, money, income, production and wealth |
| title_full | Monetary economics an integrated approach to credit, money, income, production and wealth Wynne Godley and Marc Lavoie |
| title_fullStr | Monetary economics an integrated approach to credit, money, income, production and wealth Wynne Godley and Marc Lavoie |
| title_full_unstemmed | Monetary economics an integrated approach to credit, money, income, production and wealth Wynne Godley and Marc Lavoie |
| title_short | Monetary economics |
| title_sort | monetary economics an integrated approach to credit money income production and wealth |
| title_sub | an integrated approach to credit, money, income, production and wealth |
| topic | Monetarisme Mathematisches Modell Wirtschaft Money Economics Mathematical models Makroökonomie (DE-588)4037174-8 gnd Offene Volkswirtschaft (DE-588)4172486-0 gnd Geldtheorie (DE-588)4121333-6 gnd |
| topic_facet | Monetarisme Mathematisches Modell Wirtschaft Money Economics Mathematical models Makroökonomie Offene Volkswirtschaft Geldtheorie |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=014927860&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT godleywynne monetaryeconomicsanintegratedapproachtocreditmoneyincomeproductionandwealth AT lavoiemarc monetaryeconomicsanintegratedapproachtocreditmoneyincomeproductionandwealth |