IMF Staff papers : Volume 19 No. 1.

Format:

Book

Government document

Author/Creator:

International Monetary Fund. Research Department.

Contributor:

International Monetary Fund, Contributor.

Series:

IMF Staff Papers; IMF Staff Papers ; No. 1972/001

IMF Staff Papers

Language:

English

Physical Description:

1 online resource (274 pages)

Place of Publication:

Washington, D.C. : International Monetary Fund, 1972.

Language Note:

English

Summary:

This paper focuses on current issues on the transmission process of monetary policy. The main process by which monetary forces influence the real economy in Keynesian income/expenditure models is through the cost-of-capital channel. In addition to the cost-of-capital channel, post-Keynesians also recognized two other channels, namely, the wealth effect on consumption expenditure and the credit rationing linkage between the financial and real sectors. One of the most significant post-Keynesian developments has been the emphasis on net private wealth as well as income as a factor influencing real flows of expenditures. The flow of services of outside money is the saving of time in barter transactions, which stems from the role of money as a medium of exchange. The saving of time may be used either for leisure or to produce capital goods. A fundamental and basic development in monetary theory subsequent to Keynes' liquidity preference theory has been the capital theoretic formulation of the demand for money.

Notes:

Bibliographic Level Mode of Issuance: Monograph

Description based on print version record.

ISBN:

9781463994839

1463994834

9781475500639

1475500637