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Full Description
During a distinguished career, Basil Moore has made numerous important contributions to macroeconomics and monetary economics, and is renowned as the progenitor of the 'horizontalist' analysis of endogenous money. More recently, he has embraced complexity theory as part of an ongoing effort to understand macroeconomics as an evolving, path-dependent process. This book celebrates and explores Basil Moore's interests in and contributions to monetary and macroeconomic theory. Complexity, Endogenous Money and Macroeconomic Theory features original essays by internationally acclaimed and expert authors. It comprises a selection of papers on five distinct but interrelated themes: economic concepts, tools and methodology; complexity, uncertainty and path dependence; the macroeconomics of endogenous money; the macroeconomics of exogenous interest rates; and unemployment, inflation and the determination of aggregate income. These papers combine to provide a comprehensive methodological and theoretical discussion of the macroeconomics of a monetary-production economy.
The book will be of interest to professionals and research students in the fields of macroeconomics and monetary economics - especially those with an interest in the Post Keynesian approach to analyzing these fields, including the wide audience that has been reached by the contributions of Basil Moore himself.
Contents
Contents:
Foreword by G.C. Harcourt
Preface
A Tribute to Basil J. Moore and an Introduction to Complexity, Endogenous Money and Macroeconomic Theory
Mark Setterfield
PART I: ECONOMIC CONCEPTS, TOOLS, AND METHODOLOGY
1. Accounting Identities: More Than Just Bookkeeping Conventions
Claude Gnos
2. The Need and Some Methods for Dynamic Modelling in Post Keynesian Economics
Steve Keen
PART II: COMPLEXITY, UNCERTAINTY AND PATH DEPENDENCE
3. The Complex Problem of Modelling Economic Complexity
Richard Day
4. Complex Dynamics and Post Keynesian Economics
J. Barkley Rosser, Jr.
5. Corridor of Viability: Complexity Analysis for Enterprise and Investment
Jerry Courvisanos and Colin Richardson
6. Effective Demand and Endogenous Money in a Path-Dependent Economy: Towards a 'Moorian' Credit Supply Curve - and a Reconciliation between Horizontalists and Structuralists?
Mark Setterfield
PART III: THE MACROECONOMICS OF ENDOGENOUS MONEY
7. Exogenous versus Endogenous Money: The Conceptual Foundations
Paul Davidson
8. The Endogeneity of Money and the Eurosystem: A Contribution to the Theory of Central Banking
Otto Steiger
9. Endogenous Money, Central Banks and the Banking System: Basil Moore and the Supply of Credit
Louis-Philippe Rochon
10. The Demand for Endogenous Money: A Lesson in Institutional Change
Peter Howells
11. Tax-driven Money: Additional Evidence from the History of Economic Thought, Economic History and Economic Policy
Mathew Forstater
12. Monetary Policy when Money is Endogenous
Philip Arestis and Malcolm Sawyer
13. ICT, Financial Innovation and Monetary Policy: Some Critical Considerations
Claudio Sardoni
14. Features of a Realistic Banking System within a Post-Keynesian Stock-flow Consistent Model
Marc Lavoie and Wynne Godley
PART IV: THE MACROECONOMICS OF EXOGENOUS INTEREST RATES
15. When are Interest Rates Exogenous?
L. Randall Wray
16. Exogenous Interest Rates and Modern Monetary Theory and Policy: Moore in Perspective
Colin Rogers
17. Gradualism in the Adjustment of Official Interest Rates: Some Partial Explanations
Charles Goodhart
PART V: UNEMPLOYMENT, INFLATION AND THE DETERMINATION OF AGGREGATE INCOME
18. Limitations to Keynesian Demand Management through Monetary Policy: Whither Cartesian Policy Control?
Arne Heise
19. Telling Better Stories in Macroeconomic Textbooks: Monetary Policy, Endogenous Money and Aggregate Demand
Giuseppe Fontana
20. Institutionalist-Post Keynesian Economics and the Post Monetarist New Consensus
Chris Niggle
21. A Future for Keynesian Macroeconomics
Wendy Cornwall and John Cornwall
Selected Works by Basil J. Moore
Index
