The Weintraub-Kaldor Models of Endogeneity

Stephen Rousseas
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Stephen Rousseas: Vassar College

Chapter 5 in Post Keynesian Monetary Economics, 1998, pp 91-116 from Palgrave Macmillan

Abstract: Abstract A full-fledged theory of an endogenous money supply requires an outright rejection of the quantity theory of money in three clear-cut ways: (1) rejection of the notion that a capitalist economy naturally tends toward a long-run, full-employment equilibrium; (2) rejection of the argument that the income velocity of money is stable and independent of the rate of interest (or, in more contemporary terms, that the demand for money is a stable function of real income per capita); and, most important of all, (3) rejection of the quantity theory’s causal arrow running from the money supply to either nominal income or the general price level.

Keywords: Interest Rate; Monetary Policy; Central Bank; Money Supply; Real Output (search for similar items in EconPapers)
Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-26456-8_5

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DOI: 10.1007/978-1-349-26456-8_5

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