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Monetary Economics

9780230301849

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This book challenges the mainstream paradigm with the introduction of a new methodology. Economies are represented realistically in a fully articulated system of national income and flow of funds accounts. The authors study how flows of income, expenditure and production are intertwined with stocks of assets and liabilities, determining how whole economies evolve through time. 

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Publisher Palgrave Macmillan
Author(s) Wynne Godley& Marc Lavoie
ISBN-13 9780230301849
Publication date March, 2012
Edition 2nd
Pages 576
Cover Paperback

Starting with extremely simple stock-flow consistent models, the text describes a succession of increasingly complex models constructed with such rigour that, in harmony with its basis in accounting, there is always one equation which is implied logically by all the others. Readers will be able to download all the models and explore their properties for themselves.

Contents:

  • IntroductionBalance Sheets, Transaction Matrices and The Monetary Circuit;
  • The Simplest Model with Government Money;
  • Government Money with Portfolio ChoiceLong-Term Bonds, Capital Gains and Liquidity Preference;
  • Introducing the Open EconomyA Simple Model with Private Bank MoneyTime, Inventories, Profits and Pricing;
  • A Model with Private Bank Money, Inventories and InflationA Model with both Inside and Outside MoneyA Growth Model Prototype;
  • Open Economy with Flexible Prices and Exchange Rates;
  • General Conclusion.

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Monetary Economics

Monetary Economics

This book challenges the mainstream paradigm with the introduction of a new methodology. Economies are represented realistically in a fully articulated system of national income and flow of funds accounts. The authors study how flows of income, expenditure and production are intertwined with stocks of assets and liabilities, determining how whole economies evolve through time. 

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