Advances in Endogenous Money Analysis
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Advances in Endogenous Money Analysis

Edited by Louis-Philippe Rochon and Sergio Rossi

The endogenous nature of money is a fact that has been recognized rather late in monetary economics. Today, it is explained most comprehensively by the theory of money in post-Keynesian monetary theory. The expert contributors to this enlightening book revisit long-standing debates on the endogeneity of money from the position of both horizontalists and structuralists, and prescribe new areas of research and debate for post-Keynesian scholars to explore.
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Chapter 16: Assessing some structuralist claims through a coherent stock–flow framework

Marc Lavoie

Abstract

This chapter presents the principles of the stock–flow consistent framework put forth by Wynne Godley. It offers an illustration of this framework using a simple growth model without government debt but with private money. It then presents some results achieved by running simulations with this model, to enlighten the controversies that have arisen around Minsky’s financial instability hypothesis.

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