Some Puzzles, Anomalies and Crises in the Standard Macroeconomic Model
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
- About the authors
- About the book
- This eBook can be cited
- About the Authors
- List of Tables
- List of Figures
- I Introduction
- II The Standard Macroeconomic Model (SMM): A Critical Review
- III Endogenous Money, Minskian Financial Crises and the Balance Sheet Recession: Resolving Puzzles and Anomalies
- IV Two Different Faces of Money Creation
- Appendix to Chapter IV
- V The Alternative System Design of Public Money
- VI Conclusions and Some Free Thoughts on Money, Banking and Macroeconomics
- Subject Index
- Name Index
Syed F. Mahmud / Kaoru Yamaguchi /
Murat A. Yülek
Some Puzzles, Anomalies and Crises
in the Standard Macroeconomic Model
Bibliographic Information published by the Deutsche Nationalbibliothek
The Deutsche Nationalbibliothek lists this publication in the Deutsche Nationalbibliografie; detailed bibliographic data is available in the internet at http://dnb.d-nb.de.
Library of Congress Cataloging-in-Publication Data
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ISBN 978-3-631-72145-2 (Print)
E-ISBN 978-3-631-72146-9 (E-PDF)
E-ISBN 978-3-631-72147-6 (EPUB)
E-ISBN 978-3-631-72148-3 (MOBI)
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About the book
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 short-comings of the standard macroeconomic model (SMM). The SMM has failed to explain the real world nor did it anticipate the global financial crisis. The main reasons for this failure have been attributed to its inability to assign an active role to 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, which can reduce the risks emanating from excessive money creation by banks.
This eBook can be cited
This edition of the eBook can be cited. To enable this we have marked the start and end of a page. In cases where a word straddles a page break, the marker is placed inside the word at exactly the same position as in the physical book. This means that occasionally a word might be bifurcated by this marker.
- ISBN (PDF)
- ISBN (ePUB)
- ISBN (MOBI)
- ISBN (Softcover)
- Publication date
- 2017 (June)
- Quantity theory of money System dynamic approach Intermediation loanable funds theory Fractional reserve banking Balance sheet recession Endogenous money view Velocity of money Debt money Chicago Plan
- Frankfurt am Main, Bern, Bruxelles, New York, Oxford, Warszawa, Wien, 2017. 146 pp., 34 fig., 5 tabl.