Loanable funds, liquidity preference: structure, past and present - Archive ouverte HAL Access content directly
Journal Articles Journal of Philosophical Economics Year : 2009

Loanable funds, liquidity preference: structure, past and present

Abstract

We appraise the canonical RobertsonKeynes discussion from the structural axis of exogeneity/endogeneity of the interest rate. The interest rate is shown to be an exogenous variable. It is only with Keynes' contribution of liquidity preference and, specifically, the introduction of the liquidity preference of banks that no more than the possibility of endogenising the interest rate arises. Given the tenuousness of the resolution, we pose the ethical question: should the rate of interest be endogenised? On the other hand, Keynes' theorem that the rate of interest is a monetary variable is validated. Both money and the rate of interest are codetermined in a capitalist economy.
Fichier principal
Vignette du fichier
4.pdf (313.33 Ko) Télécharger le fichier
Origin : Files produced by the author(s)

Dates and versions

hal-03704527 , version 1 (25-06-2022)

Licence

Attribution - NonCommercial - ShareAlike

Identifiers

Cite

Romar Correa. Loanable funds, liquidity preference: structure, past and present. Journal of Philosophical Economics, 2009, Volume III Issue 1 (1), pp.75-89. ⟨10.46298/jpe.10586⟩. ⟨hal-03704527⟩
32 View
105 Download

Altmetric

Share

Gmail Facebook Twitter LinkedIn More