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Dirk Schoenmaker

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Dirk Schoenmaker

Banks have a special position in the financial system. Their exclusive link to the central bank puts them at the top of the financial system and enables banks to offer liquidity to the wider economy. They also provide loans and payment services to firms and households. This multifaceted nature of banking makes the economics of banking exciting. This Research Review assembles the best ‘banking’ papers on all these dimensions and will be invaluable for banking scholars and practitioners.
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Dirk Schoenmaker

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Jan Toporowski

This timely book studies the economic theories of credit cycles and disturbances in the 20th century, presenting a nuanced view of the role of finance in the economy after the financial crash of 2008. Focusing on the work of economists from Marx onwards, Jan Toporowski moves beyond conventional monetary theory to offer an insightful critical alternative to current financial macroeconomics.
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Marc Lavoie

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Louis-Philippe Rochon

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Marc Lavoie

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Marc Lavoie

The focus on a monetized production economy is, for many post-Keynesians, a distinctive feature of the post- Keynesian school. Thus, it comes as no surprise that post- Keynesian monetary theory claims to be distinct from orthodox monetary theory. In the next section of thischapter, we go over the main claims of the post- Keynesian theory of money, credit and finance. In the third section, we put these into historical perspective. The fourth section deals with what has perhaps attracted the greatest amount of attention – the controversies between horizontalists and structuralists in post- Keynesian monetary theory. The fifth section is a discussion of the new developments in monetary policy implementation. The sixth section deals with the implications of these developments in the aftermath of the subprime financial crisis, while in the seventh section we assess these implications for public finance theory, tackling the socalled ‘neo- chartalist’ view. Finally, in the eighth section we discuss the integration of post- Keynesian monetary economics into post- Keynesian macroeconomics.

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Marc Lavoie

Post-Keynesian Monetary Theory recaps the views of Marc Lavoie on monetary theory, seen from a post-Keynesian perspective over a 35-year period. The book contains a collection of twenty previously published papers, as well as an introduction which explains how these papers came about and how they were received. All of the selected articles avoid mathematical formalism.