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http://hdl.handle.net/10182/975
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| Title: | A Keynesian theory of monetary inflation without government |
| Author: | Dalziel, Paul |
| Date: | Jan-1996 |
| Publisher: | Lincoln University. Commerce Division. |
| Series/Report no.: | Department of Economics and Marketing discussion paper ; no. 15 |
| Item Type: | Discussion Paper |
| Abstract: | This paper presents a model of inflation that is generated by an excess supply of credit-money without any money base impulse from government. Instead, inflation turns out to depend on just three variables: the marginal debt-capital ratio of firms, the money-wealth ratio of households and the economy’s supply-side growth rate. The model is a standard equilibrium model of the money market presented within a process analysis framework based on the Keynesian investment saving identity and Keynes’s concept of the revolving fund of investment finance. The paper concludes with a discussion of the model’s implications for further research and policy development. |
| Description: | A paper presented at The Royal Economic Society Annual Conference, Swansea,
April 1-4, 1996. |
| Persistent URL (URI): | http://hdl.handle.net/10182/975 |
| ISBN: | 0-9583485-2-9 |
| ISSN: | 1173-0854 |
| Appears in Collections: | Commerce Division Discussion Paper series
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