Description

Book Synopsis

The 2007 financial crisis and the Great Recession have prompted a debate about the state of macroeconomics, and many orthodox economists have argued that macroeconomics has entered a Dark Age.

This book discusses the shortcomings of the standard macroeconomic model (SMM). The SMM failed to explain the real world and anticipate the global financial crises. The main reasons for this failure have been attributed to its inability to assign an active role of money and by the absence of appropriate modelling of financial markets.

The book also discusses how the SMM can be reformed to better account for the real world and policy prescriptions, such as the Chicago Plan, that can reduce the risks emanating from excessive money creation by banks.



Table of Contents

Standard macroeconomic model – Financial crises – Velocity of money – Quantity theory of money – System dynamic approach – Intermediation loanable funds theory – Fractional reserve banking – Balance sheet recession – Endogenous money view – Debt money – Chicago Plan

Money Matters: Some Puzzles, Anomalies and Crises

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    A Paperback / softback by Kaoru Yamaguchi, Kaoru Yamaguchi, Kaoru Yamaguchi

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      Publisher: Peter Lang AG
      Publication Date: Publication Date: 30/06/2017
      ISBN13: 9783631721452, 978-3631721452
      ISBN10: 3631721455

      Description

      Book Synopsis

      The 2007 financial crisis and the Great Recession have prompted a debate about the state of macroeconomics, and many orthodox economists have argued that macroeconomics has entered a Dark Age.

      This book discusses the shortcomings of the standard macroeconomic model (SMM). The SMM failed to explain the real world and anticipate the global financial crises. The main reasons for this failure have been attributed to its inability to assign an active role of money and by the absence of appropriate modelling of financial markets.

      The book also discusses how the SMM can be reformed to better account for the real world and policy prescriptions, such as the Chicago Plan, that can reduce the risks emanating from excessive money creation by banks.



      Table of Contents

      Standard macroeconomic model – Financial crises – Velocity of money – Quantity theory of money – System dynamic approach – Intermediation loanable funds theory – Fractional reserve banking – Balance sheet recession – Endogenous money view – Debt money – Chicago Plan

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