Keynes on Monetary Policy, Finance and Uncertainty

Liquidity Preference Theory and the Global Financial Crisis
1. Auflage 2009
ISBN: 978-0-415-35262-8
Verlag: Routledge

Buch, Englisch, 272 Seiten, Format (B × H): 161 mm x 240 mm, Gewicht: 575 g

Reihe: Routledge Studies in the History of Economics

This book provides a reassessment of Keynes’ theory of liquidity preference. It argues that the failure of the Keynesian revolution to be made in either theory or practice owes importantly to the fact that the role of liquidity preference theory as a pivotal element in Keynes’ General Theory has remained underexplored and indeed widely misunderstood even among Keynes’ followers and until today. The book elaborates on and extends Keynes’ conceptual framework, moving it from the closed economy to the global economy context, and applies liquidity preference theory to current events and prominent hypotheses in global finance.

Jörg Bibow presents Keynes’ liquidity preference theory as a distinctive and highly relevant approach to monetary theory offering a conceptual framework of general applicability for explaining the role and functioning of the financial system. He argues that, in a dynamic context, liquidity preference theory may best be understood as a theory of financial intermediation. Through applications to current events and prominent hypotheses in global finance, this book underlines the richness, continued relevance, and superiority of Keynes’ theory of liquidity preference; with Hyman Minsky standing out for developing Keynes’ vision of financial capitalism.

Zielgruppe

Postgraduate and Professional

Autoren/Hrsg.

Bibow, Jorg

Fachgebiete

• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Finanzsektor & Finanzdienstleistungen: Allgemeines
• Geisteswissenschaften Geschichtswissenschaft Geschichtliche Themen Wirtschaftsgeschichte
• Wirtschaftswissenschaften Wirtschaftswissenschaften Wirtschaftsgeschichte
• Wirtschaftswissenschaften Volkswirtschaftslehre Wirtschaftspolitik, politische Ökonomie
• Wirtschaftswissenschaften Volkswirtschaftslehre Internationale Wirtschaft Internationale Finanzmärkte
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Internationale Finanzmärkte

Inhaltsverzeichnis

1. The triumph of Keynesianism? The role of liquidity preference theory in Keynes’ heresy 2. Some reflections on Keynes’ "finance motive" for the demand for money 3. The loanable funds fallacy: exercises in the analysis of disequilibrium 4. On Keynesian theories of liquidity preference 5. On exogenous money and bank behavior: The Pandora’s box kept shut in Keynes’ theory of liquidity preference? 6. Keynes on central banking and the structure of monetary policy 7. The international monetary order and global finance: Keynes’ vision and ideas 8. On what became of Keynes’ vision at Bretton Woods and some recent issues in global finance 9. Taking liquidity preference theory seriously

Über Autor(innen)

Jorg Bibow is Associate Professor of Economics at Skidmore College, New York, USA and Research Associate at the Levy Economics Institute of Bard College, Annandale-on-Hudson, New York, USA