Horizontalism and New Keynesian Economics: The Role of Scarcity, Savings and Sticky Prices

Louis-Philippe Rochon

Chapter 5 in Credit, Interest Rates and the Open Economy, 2000, pp 120-140 from Edward Elgar Publishing

Abstract: The authors compare and contrast the horizontalist position with various orthodox and non-orthodox views on money. They argue that horizontalism is perfectly compatible with liquidity preference, credit constraints, and a flexible interest-rate mark-up, and address recent developments in banking that reinforce the validity of a horizontal schedule of credit-money. The overall intention is to place horizontalism within the current heterodox tradition as a general theory of the creation of money that is consistent with the post-Keynesian view on macroeconomic policy.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2000
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