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Appears in Collections:Economics Journal Articles
Peer Review Status: Refereed
Title: Monetary policy with endogenous money and liquidity preference: a nondualistic treatment
Author(s): Chick, Victoria
Dow, Sheila
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Keywords: endogenous money
liquidity preference
monetary policy
Issue Date: 1-Jun-2002
Date Deposited: 21-Jan-2016
Citation: Chick V & Dow S (2002) Monetary policy with endogenous money and liquidity preference: a nondualistic treatment. Journal of Post Keynesian Economics, 24 (4), pp. 587-607.
Abstract: This paper builds on a synthesis of endogenous money and liquidity preference theory to address the mechanisms by which monetary policy takes effect. We focus on the United Kingdom, under a range of institutional arrangements. Rather than operating solely by means of "the" exogenous interest rate, we consider the real process by which the central bank exerts its influence on the banking system, and how that is transmitted to the credit market and the money market. The focus is on process rather than equilbrium, and on the state of expectations, departing from the usual dualism between the interest rate and the money supply.
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