000			01355pab a2200157 454500
008			180718b1999 xxu||||| |||| 00| 0 eng d
100			_aGodley, Wynne
245			_aMoney and credit in a Keynesian model of income determination
260			_c1999
300			_ap.393-411
362			_aJul
520			_aThis paper integrates the theory of money and credit derived ultimately from Wicksell into the Keynesian theory of income determination, with assets allocated according to Tobinesque principles. The model deployed has much in common with the modern `endogenous money' school initiated by Kaldor which emphasises the essential role played by credit in any real life economy, since production takes time and the future is always uncertain. New ground is broken methodologically because all the propositions are justified by simulations of a rigorous (60-equation) model, making it possible to pin down exactly why the results come out as they do. One conclusion of the paper is that there is no such thing as a supply of money distinct from the money which agents wish to hold, or find themselves holding. This finding is inimical, possibly in the end lethal, to the way macroeconomics is currently taught as well as to the neoclassical paradigm itself. - Reproduced
650			_aIncome
773			_aCambridge Journal of Economics
909			_a41929
999			_c41929 _d41929