Shaking the invisible hand: complexity, endogenous money and exogenous interest rates
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| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Basingstoke <<[u.a.]>>
Palgrave Macmillan
2006
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| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XXVI, 556 S. graph. Darst. |
| ISBN: | 1403999465 9781403999467 |
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| 245 | 1 | 0 | |a Shaking the invisible hand |b complexity, endogenous money and exogenous interest rates |c Basil John Moore |
| 264 | 1 | |a Basingstoke <<[u.a.]>> |b Palgrave Macmillan |c 2006 | |
| 300 | |a XXVI, 556 S. |b graph. Darst. | ||
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| adam_text | CONTENTS LIST OF TABLES X LIST OF FIGURES XI PREAMBLE: COMPLEX SYSTEMS
XIV PREFACE: COMPLEX ADAPTIVE SYSTEMS (CAS) XVI PART I COMPLEXITY AND
ECONOMICS 1 MARSHALL S TIDES 3 1.1 INTRODUCTION: MARSHALL S TIDAL
METAPHOR 3 1.2 HAAVALMO S PROBABILITY REVOLUTION: LET THE DATA DECIDE
6 1.3 KEYNES SKEPTICISM: UNOBSERVABLE VARIABLES 7 1.4 CONCLUSIONS: THE
ECONOMY IS A COMPLEX SYSTEM 10 2 COMPLEXITY AND CONTINGENCY 13 2.1 AN
INTRODUCTION TO COMPLEX ADAPTIVE SYSTEMS 14 2.2 SOME UNIQUE
CHARACTERISTICS OF COMPLEX ADAPTIVE SYSTEMS: EMERGENT PROPERTIES,
SELF-ORGANIZED CRITICALITY, AND SANDPILES 17 2.3 THE RELATIONAL
STRUCTURE OF COMPLEX ADAPTIVE SYSTEMS 20 2.4 SCIENCE AND COMPLEXITY 22
2.5 CHALLENGES TO MODELING COMPLEX ADAPTIVE SYSTEMS 25 2.6 ARE THERE
LIMITS TO WHAT WE CAN KNOW? 28 2.7 THE HUMAN BRAIN 29 2.8 CONCLUSIONS:
AN ODE TO PLURALISM 33 APPENDIX: THE COPENHAGEN INTERPRETATION 36
BIBLIOGRAPHY ON COMPLEXITY AND CHAOS 39 3 CHAOS THEORY: UNPREDICTABLE
ORDER IN CHAOS 43 3.1 CHAOS THEORY 43 3.2 APPLICATION OF CHAOS THEORY 49
3.3 THE INNATE INSTABILITY OF ECONOMIC VARIABLES 56 3.4 DETERMINISM AND
PREDICTABILITY 59 3.5 FIVE NONTRADITIONAL TRUTHS 65 3.6 POSTMODERNISM
AND ECONOMICS 68 APPENDIX: PREDICTION AND DOMINATION 72 VI CONTENTS 4
ECONOMETRICS, DATA MINING, THE ABSENCE OF A STABLE STRUCTURE AND THE
PERVASIVENESS OF CONTINGENCY 75 4.1 THE ABSENCE OF A STABLE STRUCTURE
AND PERVASIVENESS OF CONTINGENCY 75 4.2 A BRIEF SURVEY OF THE
ECONOMETRIC ANALYSIS OF BUSINESS CYCLES 77 4.3 THE METHODOLOGY OF MODERN
ECONOMETRICS 85 4.4 THE IMPORTANCE OF STATIONARITY 94 4.5 ARE ECONOMIC
TIME SERIES TIME STATIONARY OR DIFFERENCE STATIONARY? 96 4.6
CONCLUSIONS: COMPLEX SYSTEMS CAN BE SIMULATED BUT NEVER SOLVED 102 5 THE
IMPLICATIONS OF COMPLEXITY FOR ECONOMIC ANALYSIS 104 5.1 TENSIONS IN
NEOCLASSICAL ECONOMICS 104 5.2 MISPLACED CONCRETENESS IN NEOCLASSICAL
THEORY 108 5.3 THE NON-PROBABILISTIC NATURE OF FUNDAMENTAL UNCERTAINTY
112 5.4 THE CASE AGAINST EQUILIBRIUM ANALYSIS 119 5.5 PROCESS ANALYSIS
122 PART II SOME THOUGHTS ON ECONOMIC DATA AND NATIONAL INCOME
ACCOUNTING 6 SORITES PARADOX: THE LOOSENESS OF ECONOMIC CONCEPTS 131
6.1 THE IMPORTANCE OF QUANTIFICATION 131 6.2 SORITES DILEMMA: LOOSE
CONCEPTS 132 6.3 MEASUREMENT IN ECONOMICS: THE EXCLUDED MIDDLE 134 6.4
THE MEASUREMENT AND QUANTIFICATION OF ECONOMIC CONCEPTS 136 6.5 THE
MISMEASUREMENT OF NATIONAL INCOME 138 6.6 EISNER S TOTAL INCOMES SYSTEM
OF ACCOUNTS 144 6.7 UNEMPLOYMENT, PRICE LEVELS, INFLATION RATES, AND
GROWTH RATES 150 6.8 CONCLUSIONS: WHERE MUST WE DRAW THE LINE? 154 7
SAVING IS THE ACCOUNTING RECORD OF INVESTMENT 156 7.1 VOLITIONAL AND
NON-VOLITIONAL SAVING 156 7.2 SAVING IS IDENTICAL TO INVESTMENT 159 7.3
WIDENING THE MODEL: THE GOVERNMENT SECTOR 162 7.4 WORDS AND TERMS:
SAVING IN ECONOMICS IS INTRANSITIVE 164 7.5 VOLITIONAL AND
NON-VOLITIONAL SAVING 167 7.6 CONCLUSIONS: SAVING IS THE ACCOUNTING
RECORD OF INVESTMENT 170 8 CAPITAL GAINS: TOWARDS A HICKSIAN DEFINITION
OF INCOME 174 8.1 MOST SAVING IS NON-VOLITIONAL 175 8.2 HICKSIAN INCOME
177 8.3 A PROPOSAL FOR A CAPITAL GAINS AND LOSSES ADDENDUM TO NATIONAL
INCOME ACCOUTING 183 CONTENTS VII 8.4 ESTIMATES OF HICKSIAN INCOME 188
8.5 CONCLUSIONS: HICKSIAN INCOME AND SAVING BEHAVIOR 192 PART III THE
ENDOGENEITY OF MONEY AND EXOGENEITY OF INTEREST RATES 9 THE ENDOGENEITY
OF CREDIT MONEY 197 9.1 COMMODITY, FIAT, AND CREDIT MONEY 198 9.2 THE
MONEY-MULTIPLIER IDENTITY 202 9.3 THE ENDOGENEITY OF THE HIGH-POWERED
BASE 205 9.4 CENTRAL BANKS: THE ULTIMATE SUPPLIER OF SYSTEM LIQUIDITY
208 9.5 CONCLUSIONS: CREDIT MONEY AND CONVENIENCE LENDING 212 10
COMMERCIAL BANK INTERMEDIATION 215 10.1 COMMERCIAL BANKS AS RETAILERS OF
CREDIT 216 10.2 BANK FINANCE OF WORKING CAPITAL 222 10.3 A MODEL OF BANK
INTERMEDIATION 224 10.4 THE SUPPLY OF CREDIT MONEY IS ENDOGENOUSLY
DEMAND-DETERMINED 230 10.5 MONEY MARKET MUTUAL FUNDS 235 10.6
CONCLUSIONS: HORIZONTALISM 236 11 THE EXOGENEITY OF INTEREST RATES 238
11.1 DIFFERENT THEORIES OF INTEREST 238 11.2 CENTRAL BANK INTEREST RATE
SETTING BEHAVIOR 241 11.3 THE US RESERVE SUPPLY PROCESS 243 11.4 THE NEW
CONSENSUS ON MONETARY POLICY 247 11.5 CONCLUSIONS: BANK RATE IS THE
EXOGENOUS POLICY INSTRUMENT OF THE CENTRAL BANK 252 APPENDIX: KEYNES
CHANGING VIEWS ON INTEREST RATES 255 PART IV THE DETERMINATION OF
PRICES, OUTPUT, AND GROWTH RATES 12 MARKUP PRICING AND THE AGGREGATE
SUPPLY RELATIONSHIP 261 12.1 THE IMPOSSIBILITY OF MAXIMIZATION 261 12.2
MARKUP PRICING: THE POST KEYNESIAN THEORY OF THE FIRM 262 12.3 THE
LIMITATIONS OF EMPIRICAL ANALYSIS 268 12.4 SURVEY EVIDENCE 270 12.5 THE
POST KEYNESIAN THEORY OF PRICING 275 12.6 CONCLUSIONS: AS A STYLIZED
FACT THE AGGREGATE SUPPLY (AS) CURVE MAY BE VIEWED AS HORIZONTAL 278 13
THE RAFFISHNESS OF MAINSTREAM MACROECONOMICS: A POST KEYNESIAN
CRITIQUE 281 13.1 THE FIVE CORE PROPOSITIONS OF MAINSTREAM
MACROECONOMICS 281 VIII CONTENTS 13.2 A CRITIQUE OF THE MAINSTREAM
CORE 286 13.3 A FUNDAMENTAL CRITIQUE OF THE MAINSTREAM THEORY OF
INCOME DETERMINATION 289 13.4 POST KEYNESIAN AS-AD ANALYSIS 300 13.5
CONCLUSIONS: THE CENTRAL IMPORTANCE OF CHANGES IN ANIMAL SPIRITS 301
14 INTEREST RATES AND AGGREGATE DEMAND 303 14.1 THE POST KEYNESIAN CASE
FOR AGGREGATE DEMAND MANAGEMENT 303 14.2 IS-LM ANALYSIS AND THE BR-AD
DIAGRAM 307 14.3 PROCESS ANALYSIS: THE BR-AAD DIAGRAM 309 14.4 PROCESS
ANALYSIS: THE ABR-AAD DIAGRAM 313 14.5 THE INTEREST ELASTICITY OF
AGGREGATE DEMAND 316 14.6 THE JAPANESE CONONDRUM 320 14.7 CONCLUSIONS:
CHANGES IN BANK RATE ARE A GOOD PROXY FOR CHANGES IN ANIMAL SPIRITS
327 15 MONETARY POLICY: NON-VOLITIONAL AND VOLITIONAL SAVING 331 15.1
THE CENTRAL ROLE OF MONETARY POLICY IN AD GROWTH 331 15.2 INTERNAL
BALANCE CONSTRAINTS ON REDUCING BANK RATE TO R F 340 15.3 EXTERNAL
BALANCE CONSTRAINTS ON REDUCING BANK RATE TO R F 345 15.4 INSUFFICIENT
SAVING IS NEVER A CONSTRAINT ON INVESTMENT 348 15.5 THE SHORT RUN
EXOGENEITY AND LONG RUN ENDOGENEITY OF BANK RATE 352 16 THE MONETARY
TRANSMISSION PROCESS 359 16.1 PROCESS ANALYSIS OF HOW AGGREGATE DEMAND
GROWS OVER TIME 359 16.2 CONVENIENCE LENDING : THE NON-VOLITIONAL
FINANCE OF DEFICIT-SPENDING 363 16.3 CONVENIENCE LENDING AND
CONVENIENCE SAVING 366 16.4 THE DEMISE OF THE KEYNESIAN MULTIPLIER
370 16.5 THE QUANTITY THEORY OF MONEY 375 16.6 THE SIMULTANEOUS
ACHIEVEMENT OF INTERNAL AND EXTERNAL BALANCE 377 APPENDIX: A CRITIQUE OF
THE QUANTITY THEORY OF MONEY 378 V OPEN ECONOMY CONSIDERATIONS 17 USING
NATIONAL CURRENCIES IN INTERNATIONAL TRADE: THE CASE FOR FIXED EXCHANGE
RATES 385 17.1 OPEN ECONOMY MACROECONOMICS 385 17.2 CONSISTENT CAPITAL
BUDGET ACCOUNTING FOR OPEN ECONOMIES 389 17.3 THE CLASSICAL VIEW OF
BALANCE OF PAYMENTS ADJUSTMENT 396 CONTENTS IX 17.4 THE KEYNESIAN VIEW
OF BALANCE OF PAYMENTS ADJUSTMENT 398 17.5 KEYNES PROPOSAL FOR AN
INTERNATIONAL CLEARING UNION (ICU) 403 17.6 CONCLUSIONS: THE BRETTON
WOODS SYSTEM*SUCCESS AND FAILURE 405 18 USING NATIONAL CURRENCIES IN
INTERNATIONAL TRANSACTIONS: THE CASE FOR FLEXIBLE EXCHANGE RATES 409
18.1 THE CURRENT INTERNATIONAL PAYMENTS SYSTEM: FLEXIBLE EXCHANGE RATES
410 18.2 THE CASE FOR FLEXIBLE EXCHANGE RATES 411 18.3 THE CASE AGAINST
FLEXIBLE EXCHANGE RATES 413 18.4 ENDOGENOUS SPECULATION IN FLEXIBLE
EXCHANGE RATE REGIMES 420 18.5 THE DEFLATIONARY BIAS IN THE CURRENT
FLEXIBLE EXCHANGE RATES REGIME 424 18.6 EMPIRICAL ESTIMATES OF THE
DEFLATIONARY BIAS 428 19 USING A COMMON CURRENCY IN INTERNATIONAL
TRANSACTIONS: THE POST KEYNESIAN CASE FOR NO EXCHANGE RATES 433 19.1 THE
CHOICE OF A NATIONAL PAYMENTS MEDIUM: A CRITICALLY IMPORTANT POLICY
DECISION 434 19.2 EFFICIENCY GAINS FROM A COMMON CURRENCY 439 19.3
STABILIZATION GAINS FROM A COMMON CURRENCY 441 19.4 POST KEYNESIAN OPEN
ECONOMY MACROECONOMICS 442 19.5 CURRENCY UNIONS 446 19.6 DOLLARIZATION
AND EUROIZATION 449 20 FINANCIAL BARRIERS TO DEMAND-LED GROWTH 454 20.1
WHY MARKET ECONOMIES ARE DEMAND-CONSTRAINED? 454 20.2 NEOCLASSICAL
SUPPLY-SIDE MODELS OF ECONOMIC GROWTH 456 20.3 POST KEYNESIAN DEMAND-LED
MODELS OF ECONOMIC GROWTH 460 20.4 A DEMAND-SIDE EXPLANATION FOR THE LOW
GROWTH RATES OF AFRICAN ECONOMIES 463 20.5 CONCLUSIONS 472 NOTES 474
BIBLIOGRAPHY 522 INDEX 547
|
| adam_txt |
CONTENTS LIST OF TABLES X LIST OF FIGURES XI PREAMBLE: COMPLEX SYSTEMS
XIV PREFACE: COMPLEX ADAPTIVE SYSTEMS (CAS) XVI PART I COMPLEXITY AND
ECONOMICS 1 MARSHALL'S TIDES 3 1.1 INTRODUCTION: MARSHALL'S TIDAL
METAPHOR 3 1.2 HAAVALMO'S PROBABILITY REVOLUTION: "LET THE DATA DECIDE"
6 1.3 KEYNES' SKEPTICISM: UNOBSERVABLE VARIABLES 7 1.4 CONCLUSIONS: THE
ECONOMY IS A COMPLEX SYSTEM 10 2 COMPLEXITY AND CONTINGENCY 13 2.1 AN
INTRODUCTION TO COMPLEX ADAPTIVE SYSTEMS 14 2.2 SOME UNIQUE
CHARACTERISTICS OF COMPLEX ADAPTIVE SYSTEMS: EMERGENT PROPERTIES,
SELF-ORGANIZED CRITICALITY, AND SANDPILES 17 2.3 THE RELATIONAL
STRUCTURE OF COMPLEX ADAPTIVE SYSTEMS 20 2.4 SCIENCE AND COMPLEXITY 22
2.5 CHALLENGES TO MODELING COMPLEX ADAPTIVE SYSTEMS 25 2.6 ARE THERE
LIMITS TO WHAT WE CAN KNOW? 28 2.7 THE HUMAN BRAIN 29 2.8 CONCLUSIONS:
AN ODE TO PLURALISM 33 APPENDIX: THE COPENHAGEN INTERPRETATION 36
BIBLIOGRAPHY ON COMPLEXITY AND CHAOS 39 3 CHAOS THEORY: UNPREDICTABLE
ORDER IN CHAOS 43 3.1 CHAOS THEORY 43 3.2 APPLICATION OF CHAOS THEORY 49
3.3 THE INNATE INSTABILITY OF ECONOMIC VARIABLES 56 3.4 DETERMINISM AND
PREDICTABILITY 59 3.5 FIVE NONTRADITIONAL TRUTHS 65 3.6 POSTMODERNISM
AND ECONOMICS 68 APPENDIX: PREDICTION AND DOMINATION 72 VI CONTENTS 4
ECONOMETRICS, DATA MINING, THE ABSENCE OF A STABLE STRUCTURE AND THE
PERVASIVENESS OF CONTINGENCY 75 4.1 THE ABSENCE OF A STABLE STRUCTURE
AND PERVASIVENESS OF CONTINGENCY 75 4.2 A BRIEF SURVEY OF THE
ECONOMETRIC ANALYSIS OF BUSINESS CYCLES 77 4.3 THE METHODOLOGY OF MODERN
ECONOMETRICS 85 4.4 THE IMPORTANCE OF STATIONARITY 94 4.5 ARE ECONOMIC
TIME SERIES TIME STATIONARY OR DIFFERENCE STATIONARY? 96 4.6
CONCLUSIONS: COMPLEX SYSTEMS CAN BE SIMULATED BUT NEVER SOLVED 102 5 THE
IMPLICATIONS OF COMPLEXITY FOR ECONOMIC ANALYSIS 104 5.1 TENSIONS IN
NEOCLASSICAL ECONOMICS 104 5.2 "MISPLACED CONCRETENESS" IN NEOCLASSICAL
THEORY 108 5.3 THE NON-PROBABILISTIC NATURE OF FUNDAMENTAL UNCERTAINTY
112 5.4 THE CASE AGAINST EQUILIBRIUM ANALYSIS 119 5.5 PROCESS ANALYSIS
122 PART II SOME THOUGHTS ON ECONOMIC DATA AND NATIONAL INCOME
ACCOUNTING 6 SORITES' PARADOX: THE "LOOSENESS" OF ECONOMIC CONCEPTS 131
6.1 THE IMPORTANCE OF QUANTIFICATION 131 6.2 SORITES' DILEMMA: "LOOSE"
CONCEPTS 132 6.3 MEASUREMENT IN ECONOMICS: "THE EXCLUDED MIDDLE" 134 6.4
THE MEASUREMENT AND QUANTIFICATION OF ECONOMIC CONCEPTS 136 6.5 THE
MISMEASUREMENT OF NATIONAL INCOME 138 6.6 EISNER'S TOTAL INCOMES SYSTEM
OF ACCOUNTS 144 6.7 UNEMPLOYMENT, PRICE LEVELS, INFLATION RATES, AND
GROWTH RATES 150 6.8 CONCLUSIONS: WHERE MUST WE DRAW THE LINE? 154 7
SAVING IS THE ACCOUNTING RECORD OF INVESTMENT 156 7.1 VOLITIONAL AND
NON-VOLITIONAL SAVING 156 7.2 SAVING IS IDENTICAL TO INVESTMENT 159 7.3
WIDENING THE MODEL: THE GOVERNMENT SECTOR 162 7.4 WORDS AND TERMS:
"SAVING" IN ECONOMICS IS INTRANSITIVE 164 7.5 VOLITIONAL AND
NON-VOLITIONAL SAVING 167 7.6 CONCLUSIONS: SAVING IS THE ACCOUNTING
RECORD OF INVESTMENT 170 8 CAPITAL GAINS: TOWARDS A HICKSIAN DEFINITION
OF INCOME 174 8.1 MOST SAVING IS NON-VOLITIONAL 175 8.2 HICKSIAN INCOME
177 8.3 A PROPOSAL FOR A "CAPITAL GAINS AND LOSSES ADDENDUM" TO NATIONAL
INCOME ACCOUTING 183 CONTENTS VII 8.4 ESTIMATES OF HICKSIAN INCOME 188
8.5 CONCLUSIONS: HICKSIAN INCOME AND SAVING BEHAVIOR 192 PART III THE
ENDOGENEITY OF MONEY AND EXOGENEITY OF INTEREST RATES 9 THE ENDOGENEITY
OF CREDIT MONEY 197 9.1 COMMODITY, FIAT, AND CREDIT MONEY 198 9.2 THE
MONEY-MULTIPLIER IDENTITY 202 9.3 THE ENDOGENEITY OF THE HIGH-POWERED
BASE 205 9.4 CENTRAL BANKS: THE ULTIMATE SUPPLIER OF SYSTEM LIQUIDITY
208 9.5 CONCLUSIONS: CREDIT MONEY AND "CONVENIENCE LENDING" 212 10
COMMERCIAL BANK INTERMEDIATION 215 10.1 COMMERCIAL BANKS AS RETAILERS OF
CREDIT 216 10.2 BANK FINANCE OF WORKING CAPITAL 222 10.3 A MODEL OF BANK
INTERMEDIATION 224 10.4 THE SUPPLY OF CREDIT MONEY IS ENDOGENOUSLY
DEMAND-DETERMINED 230 10.5 MONEY MARKET MUTUAL FUNDS 235 10.6
CONCLUSIONS: "HORIZONTALISM" 236 11 THE EXOGENEITY OF INTEREST RATES 238
11.1 DIFFERENT THEORIES OF INTEREST 238 11.2 CENTRAL BANK INTEREST RATE
SETTING BEHAVIOR 241 11.3 THE US RESERVE SUPPLY PROCESS 243 11.4 THE NEW
CONSENSUS ON MONETARY POLICY 247 11.5 CONCLUSIONS: BANK RATE IS THE
EXOGENOUS POLICY INSTRUMENT OF THE CENTRAL BANK 252 APPENDIX: KEYNES'
CHANGING VIEWS ON INTEREST RATES 255 PART IV THE DETERMINATION OF
PRICES, OUTPUT, AND GROWTH RATES 12 MARKUP PRICING AND THE AGGREGATE
SUPPLY RELATIONSHIP 261 12.1 THE IMPOSSIBILITY OF MAXIMIZATION 261 12.2
MARKUP PRICING: THE POST KEYNESIAN THEORY OF THE FIRM 262 12.3 THE
LIMITATIONS OF EMPIRICAL ANALYSIS 268 12.4 SURVEY EVIDENCE 270 12.5 THE
POST KEYNESIAN THEORY OF PRICING 275 12.6 CONCLUSIONS: AS A "STYLIZED
FACT" THE AGGREGATE SUPPLY (AS) CURVE MAY BE VIEWED AS HORIZONTAL 278 13
THE "RAFFISHNESS" OF MAINSTREAM MACROECONOMICS: A POST KEYNESIAN
CRITIQUE 281 13.1 THE FIVE "CORE" PROPOSITIONS OF MAINSTREAM
MACROECONOMICS 281 VIII CONTENTS 13.2 A CRITIQUE OF THE MAINSTREAM
"CORE" 286 13.3 A FUNDAMENTAL CRITIQUE OF THE MAINSTREAM THEORY OF
INCOME DETERMINATION 289 13.4 POST KEYNESIAN AS-AD ANALYSIS 300 13.5
CONCLUSIONS: THE CENTRAL IMPORTANCE OF CHANGES IN "ANIMAL SPIRITS" 301
14 INTEREST RATES AND AGGREGATE DEMAND 303 14.1 THE POST KEYNESIAN CASE
FOR AGGREGATE DEMAND MANAGEMENT 303 14.2 IS-LM ANALYSIS AND THE BR-AD
DIAGRAM 307 14.3 PROCESS ANALYSIS: THE BR-AAD DIAGRAM 309 14.4 PROCESS
ANALYSIS: THE ABR-AAD DIAGRAM 313 14.5 THE INTEREST ELASTICITY OF
AGGREGATE DEMAND 316 14.6 THE JAPANESE CONONDRUM 320 14.7 CONCLUSIONS:
CHANGES IN BANK RATE ARE A GOOD PROXY FOR CHANGES IN "ANIMAL SPIRITS"
327 15 MONETARY POLICY: NON-VOLITIONAL AND VOLITIONAL SAVING 331 15.1
THE CENTRAL ROLE OF MONETARY POLICY IN AD GROWTH 331 15.2 INTERNAL
BALANCE CONSTRAINTS ON REDUCING BANK RATE TO R F 340 15.3 EXTERNAL
BALANCE CONSTRAINTS ON REDUCING BANK RATE TO R F 345 15.4 INSUFFICIENT
"SAVING" IS NEVER A CONSTRAINT ON INVESTMENT 348 15.5 THE SHORT RUN
"EXOGENEITY" AND LONG RUN "ENDOGENEITY" OF BANK RATE 352 16 THE MONETARY
TRANSMISSION PROCESS 359 16.1 PROCESS ANALYSIS OF HOW AGGREGATE DEMAND
GROWS OVER TIME 359 16.2 "CONVENIENCE LENDING": THE NON-VOLITIONAL
FINANCE OF DEFICIT-SPENDING 363 16.3 "CONVENIENCE LENDING" AND
"CONVENIENCE SAVING" 366 16.4 THE DEMISE OF THE KEYNESIAN "MULTIPLIER"
370 16.5 THE QUANTITY THEORY OF MONEY 375 16.6 THE SIMULTANEOUS
ACHIEVEMENT OF INTERNAL AND EXTERNAL BALANCE 377 APPENDIX: A CRITIQUE OF
THE QUANTITY THEORY OF MONEY 378 V OPEN ECONOMY CONSIDERATIONS 17 USING
NATIONAL CURRENCIES IN INTERNATIONAL TRADE: THE CASE FOR FIXED EXCHANGE
RATES 385 17.1 OPEN ECONOMY MACROECONOMICS 385 17.2 CONSISTENT CAPITAL
BUDGET ACCOUNTING FOR OPEN ECONOMIES 389 17.3 THE CLASSICAL VIEW OF
BALANCE OF PAYMENTS ADJUSTMENT 396 CONTENTS IX 17.4 THE KEYNESIAN VIEW
OF BALANCE OF PAYMENTS ADJUSTMENT 398 17.5 KEYNES' PROPOSAL FOR AN
INTERNATIONAL CLEARING UNION (ICU) 403 17.6 CONCLUSIONS: THE BRETTON
WOODS SYSTEM*SUCCESS AND FAILURE 405 18 USING NATIONAL CURRENCIES IN
INTERNATIONAL TRANSACTIONS: THE CASE FOR FLEXIBLE EXCHANGE RATES 409
18.1 THE CURRENT INTERNATIONAL PAYMENTS SYSTEM: FLEXIBLE EXCHANGE RATES
410 18.2 THE CASE FOR FLEXIBLE EXCHANGE RATES 411 18.3 THE CASE AGAINST
FLEXIBLE EXCHANGE RATES 413 18.4 ENDOGENOUS SPECULATION IN FLEXIBLE
EXCHANGE RATE REGIMES 420 18.5 THE DEFLATIONARY BIAS IN THE CURRENT
FLEXIBLE EXCHANGE RATES REGIME 424 18.6 EMPIRICAL ESTIMATES OF THE
DEFLATIONARY BIAS 428 19 USING A COMMON CURRENCY IN INTERNATIONAL
TRANSACTIONS: THE POST KEYNESIAN CASE FOR NO EXCHANGE RATES 433 19.1 THE
CHOICE OF A NATIONAL PAYMENTS MEDIUM: A CRITICALLY IMPORTANT POLICY
DECISION 434 19.2 EFFICIENCY GAINS FROM A COMMON CURRENCY 439 19.3
STABILIZATION GAINS FROM A COMMON CURRENCY 441 19.4 POST KEYNESIAN OPEN
ECONOMY MACROECONOMICS 442 19.5 CURRENCY UNIONS 446 19.6 DOLLARIZATION
AND EUROIZATION 449 20 FINANCIAL BARRIERS TO DEMAND-LED GROWTH 454 20.1
WHY MARKET ECONOMIES ARE DEMAND-CONSTRAINED? 454 20.2 NEOCLASSICAL
SUPPLY-SIDE MODELS OF ECONOMIC GROWTH 456 20.3 POST KEYNESIAN DEMAND-LED
MODELS OF ECONOMIC GROWTH 460 20.4 A DEMAND-SIDE EXPLANATION FOR THE LOW
GROWTH RATES OF AFRICAN ECONOMIES 463 20.5 CONCLUSIONS 472 NOTES 474
BIBLIOGRAPHY 522 INDEX 547 |
| any_adam_object | 1 |
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| author | Moore, Basil J. 1933- |
| author_GND | (DE-588)132787148 |
| author_facet | Moore, Basil J. 1933- |
| author_role | aut |
| author_sort | Moore, Basil J. 1933- |
| author_variant | b j m bj bjm |
| building | Verbundindex |
| bvnumber | BV023533934 |
| callnumber-first | H - Social Science |
| callnumber-label | HB172 |
| callnumber-raw | HB172.5.M6523 2005 |
| callnumber-search | HB172.5.M6523 2005 |
| callnumber-sort | HB 3172.5 M6523 42005 |
| callnumber-subject | HB - Economic Theory and Demography |
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| ctrlnum | (OCoLC)845925439 (DE-599)BVBBV023533934 |
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| dewey-ones | 339 - Macroeconomics and related topics |
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| dewey-search | 339 22 |
| dewey-sort | 3339 222 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| discipline_str_mv | Wirtschaftswissenschaften |
| format | Book |
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| id | DE-604.BV023533934 |
| illustrated | Illustrated |
| index_date | 2024-07-02T22:35:39Z |
| indexdate | 2024-07-09T21:24:06Z |
| institution | BVB |
| isbn | 1403999465 9781403999467 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-016853970 |
| oclc_num | 845925439 |
| open_access_boolean | |
| owner | DE-521 DE-634 DE-188 DE-2070s DE-19 DE-BY-UBM |
| owner_facet | DE-521 DE-634 DE-188 DE-2070s DE-19 DE-BY-UBM |
| physical | XXVI, 556 S. graph. Darst. |
| publishDate | 2006 |
| publishDateSearch | 2006 |
| publishDateSort | 2006 |
| publisher | Palgrave Macmillan |
| record_format | marc |
| spelling | Moore, Basil J. 1933- Verfasser (DE-588)132787148 aut Shaking the invisible hand complexity, endogenous money and exogenous interest rates Basil John Moore Basingstoke <<[u.a.]>> Palgrave Macmillan 2006 XXVI, 556 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Macroeconomics Dynamische Makroökonomie (DE-588)4200428-7 gnd rswk-swf Komplexes System (DE-588)4114261-5 gnd rswk-swf Adaptives System (DE-588)4247928-9 gnd rswk-swf Dynamische Makroökonomie (DE-588)4200428-7 s Komplexes System (DE-588)4114261-5 s Adaptives System (DE-588)4247928-9 s DE-604 SWB Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016853970&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Moore, Basil J. 1933- Shaking the invisible hand complexity, endogenous money and exogenous interest rates Macroeconomics Dynamische Makroökonomie (DE-588)4200428-7 gnd Komplexes System (DE-588)4114261-5 gnd Adaptives System (DE-588)4247928-9 gnd |
| subject_GND | (DE-588)4200428-7 (DE-588)4114261-5 (DE-588)4247928-9 |
| title | Shaking the invisible hand complexity, endogenous money and exogenous interest rates |
| title_auth | Shaking the invisible hand complexity, endogenous money and exogenous interest rates |
| title_exact_search | Shaking the invisible hand complexity, endogenous money and exogenous interest rates |
| title_exact_search_txtP | Shaking the invisible hand complexity, endogenous money and exogenous interest rates |
| title_full | Shaking the invisible hand complexity, endogenous money and exogenous interest rates Basil John Moore |
| title_fullStr | Shaking the invisible hand complexity, endogenous money and exogenous interest rates Basil John Moore |
| title_full_unstemmed | Shaking the invisible hand complexity, endogenous money and exogenous interest rates Basil John Moore |
| title_short | Shaking the invisible hand |
| title_sort | shaking the invisible hand complexity endogenous money and exogenous interest rates |
| title_sub | complexity, endogenous money and exogenous interest rates |
| topic | Macroeconomics Dynamische Makroökonomie (DE-588)4200428-7 gnd Komplexes System (DE-588)4114261-5 gnd Adaptives System (DE-588)4247928-9 gnd |
| topic_facet | Macroeconomics Dynamische Makroökonomie Komplexes System Adaptives System |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=016853970&sequence=000001&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
| work_keys_str_mv | AT moorebasilj shakingtheinvisiblehandcomplexityendogenousmoneyandexogenousinterestrates |