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Loanable funds, liquidity preference, and endogenous money: do credit cards make a difference?

L. Randall Wray

Journal of Post Keynesian Economics, 2003, vol. 26, issue 2, 309-323

Abstract: This paper criticizes attempts to mix financial stocks and flows to offer a theory of interest rate determination that is consistent with loanable funds theory. It offers an alternative interpretation, using Keynes's liquidity preference theory combined with endogenous money theory. Balance sheet analysis is used to demonstrate operation of fiscal and monetary policy, as well as to analyze how growing use of credit cards affects money "demand and supply." It concludes that orthodox equilibrium approaches are not useful for interest rate determination.

Date: 2003
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