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Money Matters

Some Puzzles, Anomalies and Crises in the Standard Macroeconomic Model

by Syed F. Mahmud (Author) Kaoru Yamaguchi (Author) Murat Yülek (Author)
©2017 Monographs 146 Pages

Summary

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

  • Cover
  • Title
  • Copyright
  • About the authors
  • About the book
  • This eBook can be cited
  • Abstract
  • About the Authors
  • Acknowledgements
  • Preface
  • Contents
  • List of Tables
  • List of Figures
  • Abbreviations
  • 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
  • References
  • Subject Index
  • Name Index

Syed F. Mahmud / Kaoru Yamaguchi /
Murat A. Yülek

Money Matters

Some Puzzles, Anomalies and Crises
in the Standard Macroeconomic Model

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About the authors

Syed F. Mahmud is a professor of economics at Bilkent University. He holds a Ph.D. degree in economics from McMaster University (Canada). In recent years, his research has been primarily focused on banking and finance.

Kaoru Yamaguchi is Director at Japan Futures Research Center. He holds a Ph.D. degree in economics from the University of California, Berkeley.

Murat Yülek is a professor of economics at Istanbul Ticaret University and the Director of the Center for Industrial Policy and Development. He holds a Ph.D. degree in economics from Bilkent University and has published widely in the field of economic and financial development.

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.

Details

Pages
146
Year
2017
ISBN (PDF)
9783631721469
ISBN (ePUB)
9783631721476
ISBN (MOBI)
9783631721483
ISBN (Softcover)
9783631721452
DOI
10.3726/b11047
Language
English
Publication date
2017 (June)
Keywords
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
Published
Frankfurt am Main, Bern, Bruxelles, New York, Oxford, Warszawa, Wien, 2017. 146 pp., 34 fig., 5 tabl.

Biographical notes

Syed F. Mahmud (Author) Kaoru Yamaguchi (Author) Murat Yülek (Author)

Syed F. Mahmud is a professor of economics at Bilkent University. He holds a Ph.D. degree in economics from McMaster University (Canada). In recent years, his research has been primarily focused on banking and finance. Kaoru Yamaguchi is Director at Japan Futures Research Center. He holds a Ph.D. degree in economics from the University of California, Berkeley. Murat Yülek is a professor of economics at Istanbul Ticaret University and the Director of the Center for Industrial Policy and Development. He holds a Ph.D. degree in economics from Bilkent University and has published widely in the field of economic and financial development.

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Title: Money Matters