članak: 1 od 1  
Panoeconomicus
2008, vol. 55, br. 1, str. 39-67
jezik rada: engleski
izvorni naučni članak
doi:10.2298/PAN0801039P

Money creation, employment and economic stability: The monetary theory of unemployment and inflation
(naslov ne postoji na srpskom)
University of Besançon, France

e-adresa: alain.parguez@neties.com

Sažetak

(ne postoji na srpskom)
This paper by building on the general theory of the monetary circuit, proves that money-as a pure bank credit liability-exists to overcome constraints on required expenditures by firms, household and mainly the State. From this perspective the paper derives the employment function in the modern monetary economy. Thereby it is explained that full employment policy is both always possible and required. It is proven that this conclusion holds in a perfectly open economy. Ultimately it is explained that there is no trade-off between full employment and sustainable price stability.

Ključne reči

Reference

Accoce, J.V., Mouakil, T. (2007) The monetary circuit approach: A stock-flow consistent model. u: Hein Eckhard, Truger Achim (ur.) Money, distribution and economic policy, Cheltenham: Edward Elgar
Bliek, J.G., Parguez, A. (2007) Full employment for Europe. International Journal of Political Economy, fall
Bliek, J.G., Parguez, A. (2008) The Mitterrand 1983 economic U turn: The untold story. Challenge, March-April
Bliek, J., Parguez, A. (2006) Le Plein Emploi ou le Chaos. Paris: Economica
Domar, E. (1957) Essays in the theory of economic growth. Oxford University Press
Ederer, S., Stockammer, E. (2007) Wages and aggregate demand: An empirical investigation for France. u: Hein Eckhard, Truger Achim (ur.) Money, distribution and economic policy, Cheltenham: Edward Elgar
Eisner, R. (1983) Which way for France. Challenge, July-August
Eisner, R. (1994) The misunderstood economy: What counts and how to count it. Harvard: Harvard Business School Press
Galbraith, J.K. (1998) Created unequal NY. u: A Twentieth Century Fund book, Free Press
Galbraith, J.K., Darity, W.J. (2005) Macroeconomics. VSSD Netherlands
Galbraith, J.K. (2006) The Keynesian devolution. Jerome Levy Institute
Galbraith, J.K., Giovannoni, O.G., Russo, A.J. (2007) The fed's real reaction function: Monetary policy, inflation, unemployment, inequality and presidential politics. UTIP, Working Paper n'42, presented before the House Financial and Banking Committee, July 17
Galbraith, J.K. (1967-2007) The new industrial state. Princeton University Press
Giovannoni, O. (2006) Répartition et croissance économique: Application aux Etats-Unis. Thèse de Doctorat en Sciences Economiques Université de Nice
Giovannoni, O. (2007) American growth: Stochastic interpretation à la Samuelson by Galbraith submitted to the journal of economic behavior and organisation
Giovannoni, O. (2007) Empirical study of the relationship between unemployment and inflation the case of the American economy
Giovannoni, O., Parguez, A. (2007) Social therapy of unemployment against full employment policy. u: International Conference on Social Models, Center for European Studies, University of Texas at Austin
Giovannoni, O.G., Parguez, A. (2007) What drives profits?: An income spending model. u: Hein Eckhard, Truger Achim (ur.) Money, distribution and economic policy, Cheltenham: Edward Elgar
Juselius, K. (2006) The cointegrated VAR model: Methodology and applications. Oxford: Oxford University Press
Kregel, J. (2006) The monetary circuit and the monetary production economy. Kansas City: University of Missouri, Working paper
Lindley, D. (2007) Uncertainty doubleclay. New York - London
Mishel, L., Berstein, J., Allegreto, S. (2007) The state of working America. Ithaca NY: Economic Policy Institute Cornell University Press
Parguez, A. (1998) The roots of austerity in France. u: Halevi J., Fontaine J.M. (ur.) Restoring demand in the world economy, Edward Elgar
Parguez, A. (2002) A monetary theory of public finance. International Journal of Political Economy, vol. 25, nº1
Parguez, A. (2003) The persuasive saving constraint in Minsky financial instability theory: Minsky as an Hayekian Post Keynesian. u: Rochon Louis Philippe, Rossi Sergio (ur.) Modern theory of money, Edward Elgar
Parker, R. (2005) John K. Galbraith his life, his politics, his economics. Chicago: University of Chicago Press
Stockhammer, E. (2004) The rise of unemployment in Europe: A Keynesian approach. Cheltenham: Edward Elgar