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Edwin Le Heron, Tarik Mouakil (2008) A Post Keynesian Stock-Flow Consistent Model for the Dynamic Analysis of Monetary Policy Shock on Banking Behavior”, Metroeconomica, vol. 53, n. 3, pp. 405-440


DOI: 10.1111/j.1467-999X.2008.00313.x

Abstract: We try to make Keynes’ approach compatible with an endogenous theory of the money supply. For that purpose, the principle of liquidity preference is generalized within a competitive banking framework. Private banks can impose a monetary rationing independently of the central bank. Then, we analyse the consequences of a monetary policy shock on the financial behaviour of banks. We clarify the dynamic process between the monetary policy and net investment within a Minskyan approach. First, we build a Post-Keynesian stock-flow consistent model with a private-bank sector introducing more realistic features. Second, we perform some simulations.

November 13, 2010 | Comments Closed