Monetary Disequilibrium, Endogenous Money, Stability and the Determinacy of Inflation

Chappell, David and Matthews, Kent Gerard Patrick ORCID: https://orcid.org/0000-0001-6968-3098 2001. Monetary Disequilibrium, Endogenous Money, Stability and the Determinacy of Inflation. Economic Notes 30 (1) , pp. 145-161. 10.1111/1468-0300.00050

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Abstract

This paper examines the stability of the disequilibrium money model, with endogenous money and transitory interest rate control by the Central Bank. In the tradition of the post-Keynesian literature, the money supply is determined by bank lending and disequilibrium between money demand and supply determines the business cycle. The rate of interest is assumed to react to an inflation target and inflation responds to the business cycle. The paper examines the stability of the model under three inflation response systems: the accelerationist model, adaptive expectations and rational expectations.

Item Type:	Article
Date Type:	Publication
Status:	Published
Schools:	Business (Including Economics)
Subjects:	H Social Sciences > H Social Sciences (General) H Social Sciences > HB Economic Theory H Social Sciences > HG Finance
Publisher:	Wiley Blackwell
ISSN:	0391-5026
Last Modified:	21 Oct 2022 10:40
URI:	https://orca.cardiff.ac.uk/id/eprint/40996

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