On exogenous money and bank behaviour: The Pandora's box kept shut in Keynes' theory of liquidity preference?

European Journal of the History of Economic Thought

Volumn 7, Issue 4, 2000, Pages 532-568

  Bibow, Jörg ^a,b  

^a UNIVERSITY OF HAMBURG   (Germany)

^b BARD COLLEGE   (United States)

Author keywords

Bank behaviour; Exogenous endogenous money; Keynes; Liquidity preference; Rate of interest

Indexed keywords

EID: 0000921746     PISSN: 09672567     EISSN: 14695936     Source Type: Journal    
DOI: 10.1080/09672560050210106     Document Type: Article

References (85)

1. Arestis, P., and Howells, P., 1996. Theoretical reflections on endogenous money: the problem with ‘convenience lending. Cambridge Journal of Economics, 20 (5): 539–551.
2. Bibow, J., 1995. Some reflections on Keynes's ‘finance motive’ for the demand for money. Cambridge Journal of Economics, 19 (5): 647–666.
3. Bibow, J., 1996. The loanable funds fallacy in retrospect. History of Political Economy, forthcoming
4. Bibow, J., 1997. The loanable funds fallacy: exercises in the analysis of disequilibrium. Cambridge Journal of Economics, forthcoming
5. Bibow, J., 1998. On Keynesian theories of liquidity preference. The Manchester School, 66 (2): 238–273.
6. Black, F., 1987. Business Cycles and Equilibrium, Oxford: Basil Blackwell.
7. Black, F., 1995. Interest rates as options. Journal of Finance, 50 (7): 1371–1376.
8. Borio, C. E. V., July. 1997. The implementation of monetary policy in industrial countries: a survey, Bank for International Settlement Economic Papers, 47 July.
9. Carabelli, A. M., 1988. On Keynes's Method, London: Macmillan.
10. Chick, V., 1983. Macroeconomics after Keynes, Cambridge, Mass: MIT Press.
11. Ciocca, P., and Nardozzi, G., 1996. The High Price of Money, Oxford: Clarendon Press.
12. Cottrell, A., 1994. Post-Keynesian monetary economics. Cambridge Journal of Economics, 18 (6): 587–605.
13. Desai, M., 1989. “ Endogenous and exogenous money ”. In The New Palgrave - Money, Edited by: Eatwell, J., London: Macmillan.
14. Dow, S. C., 1996. Horizontalism: a critique. Cambridge Journal of Economics, 20 (4): 497–508.
15. Dow, S. C., 1997. “ Endogenous money ”. In A Second edition of Keynes's General Theory, Edited by: Harcourt, G. C., and Riach, P., London: Routledge.
16. Dymski, G., 1988. A Keynesian theory of bank behaviour. Journal of Post Keynesian Economics, 10 (4): 499–526.
17. Feavearyear, A. E., 1963. The Pound Sterling, 2nd edn., Oxford: Oxford University Press. ed. [1931]
18. Friedman, M., 1968. The role of monetary policy. American Economic Review, 58 (1): 117
19. Friedman, M., 1971. A theoretical framework for monetary analysis, NBER. Occasional Paper 112
20. Friedman, M., and Schwartz, A. J., 1982. Monetary Trends in the United States and the United Kingdom, Chicago: University of Chicago Press.
21. Goodhart, C. A. E., 1989. Has Moore become too horizontal?. Journal of Post Keynesian Economics, 12 (1)
22. Graziani, A., 1989. Thames Papers in Political Economy, Spring
23. Greenspan, A., Problems of price measurement. Chairman's remarks on deflation at the AEA annual meeting. Chicago. http://www.bog.frb.fed.us/boarddocs/speeches/19989193.htm
24. Greenwald, B., and Stiglitz, J., 1993. New and old Keynesians. Journal of Economic Perspectives, 7 (1): 23–44.
25. Harcourt, G. C., 1987. “ The legacy of Keynes — Theoretical methods and unfinished business ”. In On Political Economists & Modern Political Economy, Edited by: Sardoni, C., London: Routledge. 1992
26. von Hayek, F. A., 1931. Reflections on the pure theory of money of Mr. J.M. Keynes. Economica, 11 August: 270–295.
27. Hawtrey, R., 1962. A Century of Bank Rate, 2nd edn., London: Frank Cass & Co. LTD.
28. Hicks, J. R., 1936. Mr. Keynes's theory of employment. Economic Journal, 46 June: 238–253.
29. Hicks, J. R., 1937. Mr. Keynes and the “Classics”: a suggested interpretation. Econometrica, 5 (1): 147–159.
30. Hicks, J. R., 1989. A Market Theory of Money, Oxford: Clarendon Press.
31. Homer, S., and Sylla, R., 1996. A History of Interest Rates, 3rd edn., New Brunswick: Rutgers University Press.
32. Howson, S., 1975. Domestic Monetary Management in Britain 1919–1938, Cambridge: Cambridge University Press.
33. Howson, S., 1988. “ Cheap money and debt management in Britain, 1932–1951 ”. In Money and Power: Essays in Honour of L.S. Pressnell, Edited by: Cottrell, P. L., and Moggridge, D. E., London: Macmillan.
34. Kahn, R. F., 1954. Some notes on liquidity preference. The Manchester School, 22 (3): 229–257.
35. Kaldor, N., 1970. The New Monetarism. Lloyds Bank Review, July
36. Kaldor, N., 1982. The Scourge of Monetarism, Oxford: Oxford University Press.
37. Kaldor, N., 1983. “ Keynesian economics after fifty years ”. In Keynes and the Modern World, Edited by: Worswick, G. D. N., and Trevithick, J. A., Cambridge: Cambridge University Press.
38. Keynes, J. M., 1923. “ A Tract on Monetary Reform ”. In The Collected Writings of John Maynard Keynes [JMK] vol. 4.
39. Keynes, J. M., 1930. A Treatise on Money. JMK, 5 and 6
40. Keynes, J. M., 1931a. The consequences to the banks of the collapse of money values. JMK, 9
41. Keynes, J. M., 1931b. The pure theory of money. A reply to Hayek. Economica, 13 November.: 243–256. JMK
42. Keynes, J. M., 1932a. Reflections on the Sterling exchange. Lloyds Bank Review, 21 April.: 63–82. JMK
43. Keynes, J. M., 1932b. A note on the longterm rate of interest in relation to the conversion scheme. Economic Journal, 21 September.: 114–125. JMK
44. Keynes, J. M., Excerpts from Speech. National Mutual Annual Meeting. vol. 21, pp. 312–317. JMK
45. Keynes, J. M., Excerpts from Speech. National Mutual Annual Meeting. vol. 21, pp. 349–352. JMK
46. Keynes, J. M., 1936. The General Theory of Employment, Interest and Money, Vol. 7, London: Macmillan. JMK
47. Keynes, J. M., Excerpts from Speech. National Mutual Annual Meeting;. vol. 21, JMK
48. Keynes, J. M., 1937a. The general theory of employment. Quarterly Journal of Economics, 14 February.: 109–123. JMK
49. Keynes, J. M., 1937b. Alternative theories of the rate of interest. Economic Journal, 14 June.: 201–215. JMK
50. Keynes, J. M., 1937c. The ‘ex ante’ theory of the rate of interest. Economic Journal, 14 December: 215–223. JMK
51. Keynes, J. M., 1938. Mr. Keynes ‘finance. Economic Journal, 14 June; JMK
52. Keynes, J. M., 1973. “ The general theory and after: Part 1 Preparation; Part 2: Defence and development ”. In JMK Edited by: Moggridge, D. E., Vol. 13 and 14.
53. Keynes, J. M., 1979. “ The General Theory and after: a supplement ”. In JMK Edited by: Moggridge, D. E., Vol. 29.
54. Keynes, J. M., 1989–1971. The Collected Writings of John Maynard Keynes, Vol. 30, London: Macmillan.
55. Kregel, J., 1988. “ The multiplier and liquidity preference: two sides of the theory of effective demand ”. In The Foundations of Keynesian Analysis, Edited by: Barriere, A., London: Macmillan.
56. Lavoie, M., 1996. Horizontalism, structuralism, liquidity preference and the principle of increasing risk. Scottish Journal of Political Economy, 43 August: 275–300.
57. Leijonhufvud, A., 1968. On Keynesian Economics and the Economics of Keynes, New York: Oxford University Press.
58. Leijonhufvud, A., 1981. Information and Coordination, Oxford: Oxford University Press.
59. Messori, M., 1991. Keynes' General Theory and the endogenous money supply. Economie Appliquee, January
60. Messori, M., 1995. Own rate of own interest and the liquidity preference. Economic Notes, 24 (2)
61. Minsky, H. P., 1975. John Maynard Keynes, London: Macmillan.
62. Moggridge, D. E., and Howson, S., 1974. Keynes on monetary policy, 1910–1946. Oxford Economic Papers, 26 September: 226–247.
63. Moggridge, D. E., Keynes and the postwar world. Paper presented at the 1997 HES conference.
64. Moore, B. J., 1988. Horizontalists and Verticalists: the Macroeconomics of Credit Money, Cambridge: Cambridge University Press.
65. Moore, B. J., 1991. Money supply endogeneity: reserve price setting or reserve quantity setting?. Journal of Post Keynesian Economics, 13 (3): 404–413.
66. Nevin, E., 1955. The Mechanics of Cheap Money, Cardiff: University of Wales Press.
67. Nevin, E. T., and Davis, E. W., 1970. The London Clearing Banks London
68. Panico, C., 1992. “ Liquidity preference ”. In The New Palgrave — A Dictionary of Money and Finance, Edited by: Newman, P., London: Macmillan.
69. Pasinetti, L. L., 1974. Growth and Income Distribution — Essays in Economic Theory, Cambridge: Cambridge University Press.
70. Patinkin, D., 1956. Money, Interest and Prices, New York: Harper and Row.
71. Radcliffe. 1959. Report of Committee on the Working of the Monetary System, London: HMSO.
72. Robertson, D. H., 1931. Mr. Keynes' theory of money. Economic Journal, 41 September: 395–411.
73. Robinson, J., 1970. Economic Heresies, London: Macmillan.
74. Rymes, T. K., 1989. Keynes's Lectures, 1932–1935, Ann Arbor: University of Michigan Press.
75. Rymes, T. K., 1998. Keynes and anchorless banking. Journal of the History of Economic Thought, March
76. Thirlwall, A., 1983. “ Comment on Kaldor ”. In Keynes and the Modern World, Edited by: Worswick, D., and Trevithick, J. A., Cambridge: Cambridge University Press.
77. Tobin, J., 1963. “ Commercial banks as creators of money ”. In Readings in Money, National Income and Stabilization Policy, Edited by: Smith, W. L., and Teigen, R. L., Homewood, Ill: Richard D. Irwin. 1965
78. Tobin, J., 1980. Asset Accumulation and Economic Activity, Oxford: Basil Blackwell.
79. Tobin, J., 1982. The commercial banking firm. Scandinavian Journal of Economics, 84 (4): 495–539.
80. Tobin, J., 1983. “ Comment on Kaldor ”. In Keynes and the Modern World, Edited by: Worswick, G. D. N., and Trevithick, J. A., Cambridge: Cambridge University Press.
81. Tobin, J., 1991. “ On the endogeneity of money supply ”. In Nicholas Kaldor and Mainstream Economics, Edited by: Nell, E., and Semmler, W., London: Macmillan.
82. Vicarelli, F., 1984. The Instability of Capitalism, Philadelphia: University of Philadelphia Press.
83. Wojnilower, A. M., 1980. The central role of credit crunches in recent financial history, Brookings Papers on Economic Activity, no. 2
84. Wray, L. R., 1990. Money and Credit in Capitalist Economies, Aldershot: Edward Elgar.
85. Wray, L. R., 1992. Alternative theories of the rate of interest. Cambridge Journal of Economics, 16 (1): 69–89.