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Wednesday, September 18, 2019
 Startseite » Ökonomie  » Arbeit, Geld, Kapital, Produktion & Preise  » Geld & Finanzmärkte 
The continuing muddles of monetary theory: A steadfast refusal to face facts
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The continuing muddles of monetary theory: A steadfast refusal to face facts

19 Seiten · 3,14 EUR
(Oktober 2009)

 
Ich bin mit den AGB, insbesondere Punkt 10 (ausschließlich private Nutzung, keine Weitergabe an Dritte), einverstanden und erkenne an, dass meine Bestellung nicht widerrufen werden kann.
 
 

“The continuing muddles of monetary theory: A steadfast refusal to face facts” are addressed by Charles A.E. Goodhart. He holds that there has been a remarkable gulf between mainstream monetary theory and reality in recent decades. Amongst the worst examples are: (1) the IS/LM-model, assuming that the monetary authorities set the monetary base, and the interest rate is determined in the market; (2) the monetary base multiplier of bank deposits, and the role of reserve ratios; (3) the current three equation neo-classical consensus, which not only assumes perfect creditworthiness for all agents, but also an essentially nonmonetary system, e.g. no need for banks; and (4) the standard theory of the evolution of money. Monetary economics can only get better, but it has a long way yet to go, Goodhart concludes.

zitierfähiger Aufsatz aus ...
Macroeconomic Policies on Shaky Foundations – Whither Mainstream Economics?
Eckhard Hein, Torsten Niechoj, Engelbert Stockhammer (eds.):
Macroeconomic Policies on Shaky Foundations – Whither Mainstream Economics?
the author
Prof. Dr. Charles Goodhart
Charles Goodhart

geb. 1936; 1960 BA an der Univ. Cambridge; 1963 PhD an der Univ. Harvard; 1963-65 Assistant Lect. der Univ. Cambridge; 1967-68 Econ. Adviser des UK Dept. Econ. Affairs; 1967-69 Lect. of Monetary Econ. an der London School of Economics; 1968-85 Chief Economic Adviser der Bank von England; 1985-2001 Prof. an der LSE; 1997-2001 Member des Monetary Policy Committee der Bank von England.

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