Monetary Policy with Endogenous Money and Liquidity Preference: A Nondualistic Treatment

Victoria Chick · Sheila Dow

78 citations0/0 files storedJournal of Post Keynesian Economics

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Monetary Policy and Economic Impact Economic Theory and Policy Economic theories and models

Abstract

:This paper builds on a synthesis of endogenous money and liquidity preference theory to address the mechanisms by which monetary policy takes effect. We focus on the United Kingdom, under a range of institutional arrangements. Rather than operating solely by means of “the” exogenous interest rate, we consider the real process by which the central bank exerts its influence on the banking system, and how that is transmitted to the credit market and the money market. The focus is on process rather than equilibrium, and on the state of expectations, departing from the usual dualism between the interest rate and the money supply.

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References

1936The General Theory of Employment, Interest and Money.1958Liquidity Preference as Behavior Towards Risk 1972Money and the Real World 1992The Evolution of the Banking System and the Theory of Saving, Investment and Interest 1996Theoretical reflections on endogenous money: the problem with 'convenience lending'

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