A Macroeconomic Monetary Circuit

Marc Lavoie

Chapter 3 in Introduction to Post-Keynesian Economics, 2009, pp 54-82 from Palgrave Macmillan

Abstract: Abstract A necessary first step in understanding macroeconomics is a full discussion of monetary and financial issues. The principle of effective demand which is one of the two essential features of post-Keynesian economics — that is, the causality that runs from investment to saving — is best understood within the context of a macroeconomic explanation of the monetary circuit. This is why it is preferable to start with the monetary dimension of macroeconomics before we proceed to an explanation of employment and growth.

Keywords: Central Bank; Commercial Bank; Treasury Bill; Bank Deposit; Lending Rate (search for similar items in EconPapers)
Date: 2009
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DOI: 10.1057/9780230235489_3

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