Fiche du document
1 décembre 2020
- handle: 10670/1.u2e83b
Ce document est lié à :
10.15446/cuad.econ.v39n81.78536
info:eu-repo/semantics/openAccess
Sujets proches
Liquidity preferenceCiter ce document
Marco Missaglia et al., « LIQUIDITY PREFERENCE IN A WORLD OF ENDOGENOUS MONEY: A SHORT-NOTE », Cuadernos de Economía, ID : 10670/1.u2e83b
Métriques
Partage / Export
Résumé
We argue that even in the case that banks are able to maintain the interest rate at a level that they want (the most "radical" version of the theory of endogenous money), liquidity preference continues to constitute a key element when determining the real equilibrium of the economy. In a framework of endogenous money, the Keynesian theory of liquidity preference still constitutes a theory that determines level of income. Financial markets matter, and the Kaldorian idea that liquidity preference "ceases to be of any importance" can only be defended under a set of very restrictive assumptions. JEL: E12; E40; E44; E51.