The Keynesian-monetarist Controversy in International Economics PDF Download

Author: Kavous Ardalan
Publisher:
ISBN:
Category :
Languages : en
Pages : 612

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Author: John N. Smithin
Publisher: Edward Elgar Publishing
ISBN: 9781781957998
Category : Business & Economics
Languages : en
Pages : 236

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'John Smithin's erudite and eloquent Controversies in Monetary Economics (now in a revised second edition) reminds us that a cashless economy is by no means a moneyless economy. Drawing on Keynes's concept of monetary production and on the later work of Sir John Hicks, Smithin argues persuasively for the continuing central importance of money in understanding interest rate determination and economic fluctuations. This insightful book illuminates the role of monetary policy, notably within the European Monetary Union.' - Robert W. Dimand, Brock University, Canada 'This book provides an excellent overview of the controversies that have driven debate about monetary theory and policy over the last two centuries. I highly recommend the book for use in advanced undergraduate or graduate courses. This new edition revises and updates some of the arguments, with some additional treatment of orthodoxy so that it can serve as a stand-alone text in monetary theory courses.' - L. Randall Wray, University of Missouri, US 'John Smithin is one of the deepest thinkers writing today about monetary matters in modern economics. Not only has he a thorough and full knowledge of past contributions, he is also an original thinker in his own right. The processes he depicts at work in modern economies are immediately recognisable and make good sense. He allies his theoretical understanding with advocacy of wise and humane policies. In John Smithin's writings the spirits of Keynes and Hicks live on, with also, dare I say it, the insights of Marx about the relationship between the real and the monetary in capitalism. Any student brought up on Smithin's clear and lucid accounts of controversies in monetary economics will have a firm grounding on which to base their understanding of the world around them.' - G.C. Harcourt, Jesus College, Cambridge, UK This influential volume, which has been revised and updated for the twenty-first century, includes both new material and more detailed expositions of existing arguments. Although so-called 'real' theories of business cycles and growth are prevalent in contemporary mainstream economics, Controversies in Monetary Economics suggests that those economists who have instinctively focused on monetary factors in explaining macroeconomic behaviour are more genuinely 'realistic'. The author combines an explanation of past and present monetary controversy with practical proposals for the conduct of monetary policy in the contemporary global economy. Several alternative approaches are discussed, ranging from the traditional quantity theory to post Keynesian theories of endogenous money. This insightful book will be of interest to all those concerned with monetary economics and macroeconomics, including academic researchers, graduate and senior undergraduate students - particularly those looking for an alternative to current economic orthodoxy - and historians of economic thought. Practitioners in central banks, international financial institutions, the financial markets and finance ministries will also find this work invaluable.

Author: Harry Gordon Johnson
Publisher: Amsterdam : North-Holland Publishing Company
ISBN:
Category : Business & Economics
Languages : en
Pages : 130

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Monograph comprising the texts of three lectures on the keynesian economic theory approach to inflation, stabilization, monetary policy, monetary systems, etc. - Includes references.

Author: Tim Congdon
Publisher: Edward Elgar Publishing
ISBN: 1847206921
Category : Business & Economics
Languages : en
Pages : 357

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''Keynes, the Keynesians and Monetarism is an intriguing miscellaneous of essays by one of Britain''s leading monetarist economists in the 1980s and in the 1990s. The book indeed brings together the main academic papers written by the author revising and up-to-dating the previous collection titled, Reflections on Monetarism, with the new papers published in the first years of 2000. The book by this "advocate" of monetarism is very often appealing and provocative, covering topics that are fundamental to macroeconomic thinking and policy-making. . . certainly appealing for macroeconomists and researchers. . .'' Lino Sau, History of Economic Ideas ''In the context of the current economic climate, this volume provides an excellent opportunity for reappraising the arguments on both sides of the debate. . . The importance of this volume is that it provides the interested reader with an excellent summary of the monetarist position prior to the current crisis.'' Economic Outlook and Business Review ''Tim Congdon has been Britain''s leading monetarist for about three decades. . . He has a sharp eye for statistics, for history, for the twists and flows of intellectual fads, and for the political arena where debate hardens suddenly into the stone of decision. He is subtle, practical, bellicose and highly articulate. This volume is vintage Congdon in every sense.'' Peter Sinclair, The Business Economist ''Tim Congdon''s book revisits the intellectual battlefields of British monetary theory and policy. A doughty advocate of monetarism, he is stimulating, controversial and entertaining.'' Charles Goodhart, London School of Economics and Political Science, UK ''Whether rescuing Keynes from the "Keynesians" or finding support in his earlier works for a distinctly British version of Monetarism, Tim Congdon writes with engaging and provocative enthusiasm. This is a timely collection too, coming from a long-standing exponent of ideas that policy makers are once again beginning to take seriously. It deserves the careful attention of anyone interested in British monetary policy.'' David Laidler, University of Western Ontario, Canada ''As with all Tim Congdon''s writing, beautifully written and vigorously argued.'' Robert Sidelsky, author of the biography John Maynard Keynes: Economist, Philosopher, Statesman Keynes, the Keynesians and Monetarism is a major contribution to the continuing debate on macroeconomic policy-making. Tim Congdon has been a strong supporter of monetarist economic principles for over 30 years. His writings in the newspapers and for parliamentary committees, as well as in academic journals played an influential role in the transformation of British macroeconomic policy in the 1980s and 1990s. This book brings together the main papers written by the author since his 1992 collection, Reflections on Monetarism. It challenges several ''conventional wisdoms'' about UK macroeconomic policy (and thinking about policy), arguing for example that the Keynesians'' advocacy of incomes policy and fiscal activism in the immediate post-war decades did not have a clear basis in Keynes''s own writings. The book denies that the UK had a ''Keynesian revolution'', in the sense of a deliberately pursued fiscal activism to promote ''full employment''. Implicit throughout the volume is a distinctive view of how the economy works, with an account of the transmission mechanism (from money to the economy) in which movements in asset prices and aggregate demand are strongly influenced by the quantity of money. Congdon uses this approach to demonstrate that monetary policy has had more powerful effects on macroeconomic activity in the post-war period than fiscal policy. He also suggests that the now fashionable ''New Keynesian'' view of policy-making acknowledges the primacy of monetary policy and would be better termed ''output gap monetarism''. In short, Keynes, the Keynesians and Monetarism contends that monetarism defeated Keynesianism in the battle of ideas in the 1970s and 1980s. The achievement of greater macroeconomic stability in the last 15 years is largely due to the impact of monetarist thinking on policy-making. The book is clearly and attractively written, and covers topics that are fundamental to macroeconomic thinking and policy-making. It will be a provocative and appealing read for scholars at all levels of economics, macroeconomics and monetary theory. It will also find an audience among policymakers in central banks and finance ministries, business economists working in companies, and financial economists in the City of London and other centres.

Author: G.R. Steele
Publisher: Springer
ISBN: 1349099945
Category : Business & Economics
Languages : en
Pages : 161

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An examination of the role of money in a dynamic economy within the context of theoretical developments both within and in opposition to, the Quantity Theory tradition. Emphasis is on the dangers of basing economic policy on macroeconomic analysis.

Author: Charles P. Kindleberger
Publisher: Routledge
ISBN: 1134535031
Category : Business & Economics
Languages : en
Pages : 339

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First Published in 2005. Routledge is an imprint of Taylor & Francis, an informa company.

Author:
Publisher:
ISBN: 9781520820989
Category :
Languages : en
Pages : 66

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After World War II, Keynesianism became the first economic current, being overtaken by Monetarism (in the mid-1970s and during the 1980s), and regaining its predominant role since the 1990s, motivated by the reformulation of Keynesian Theory and the acceptance of certain Monetarist foundations, and neo-Classical microeconomic principles. Nowadays, continues the leadership of neo-Keynesians in the formulation and implementation of economic policies.The merits of Monetarists are awesome. They revealed the flaws of the Keynesian Theory, which forced the Keynesians to: modify some of their postulates, take into account the importance of monetary policies and recognize the need to grant autonomy to the central banks.Moreover, the views of the main exponent of the Monetarism, the professor Milton Friedman, originated three major controversies (discussions that are still in force):1. The objection to Theory of Economic Cycles.2. The natural rate of unemployment.3. The neutrality of moneyCONTENT:I. INTRODUCTIONII. KEYNESIANISM VS. MONETARISMII.1 THE RISE AND FALL OF KEYNESIANISMII.2 THE RISE OF MONETARISM II.3 THE GROWTH OF MONETARISMII 4 THE RISE OF NEO-KEYNESIANISMIII. THE GREAT CONTROVERSIES OF MILTON FRIEDMANIII.1 THE OBJECTION TO THEORY OF ECONOMIC CYCLESIII.2 THE NATURAL RATE OF UNEMPLOYMENTIII.3 THE NEUTRALITY OF MONEYIV. CONCLUSIONSV. BIBLIOGRAPHY

Author: Robert William Dimand
Publisher: Taylor & Francis US
ISBN: 9780415315647
Category : Balance of payments
Languages : en
Pages : 532

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Book Description
A collection of materials reprinted from various sources.

Author: Milton Friedman
Publisher: Wiley-Blackwell
ISBN: 9780631171119
Category : Business & Economics
Languages : en
Pages : 188

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Author: International Monetary Fund. External Relations Dept.
Publisher: International Monetary Fund
ISBN: 1475566980
Category : Business & Economics
Languages : en
Pages : 60

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This chapter discusses various past and future aspects of the global economy. There has been a huge transformation of the global economy in the last several years. Articles on the future of energy in the global economy by Jeffrey Ball and on measuring inequality by Jonathan Ostry and Andrew Berg are also illustrated. Since the 2008 global crisis, global economists must change the way they look at the world.