Structural interdependence in monetary economics: theoretical assessment and policy implications

Duccio Cavalieri

MPRA Paper from University Library of Munich, Germany

Abstract: This is a theoretical analysis of structural interdependence in monetary economics and of its connections with the theories of value and capital. Some recent attempts to integrate money and finance in the theory of income and expenditure – those of the ‘Stock-Flow Consistent Approach’ to macroeconomics, of ‘Modern Monetary Theory’ and of Circuit Theories – are examined. The surplus approach to the theory of value and capital is then formally considered in a model devoid of Sraffian misleading dichotomic connotations, where money plays a fundamental role and flows and stocks are coherently reconciled. In such framework, a method for measuring the unit cost of real capital is indicated and some reasons for reconsidering the traditional approaches to monetary theory and policy in a ‘late Marxian’ updated analytical perspective are highlighted.

Keywords: monetary theory; monetary policy; fiscal policy; structural interdependence; Sraffian dichotomy; post-Keynesian economics; MEV. (search for similar items in EconPapers)
JEL-codes: B22 E12 E44 E52 M41 (search for similar items in EconPapers)
Date: 2015-07-10
New Economics Papers: this item is included in nep-cba, nep-hpe, nep-mac, nep-mon and nep-pke
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Related works:
Working Paper: Structural Interdependence in Monetary Economics: Theoretical Assessment and Policy Implications (2015)
Working Paper: Structural interdependence in monetary economics: theoretical assessment and policy implications (2015)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:65528

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