Abstract

This article outlines the main points of full agreement between Wynne Godley and I. These explain why we managed to complete the task of writing our book Monetary Economics. The main points are the following: we had an identical conception of pricing procedures and the lack of impact of demand on prices relative to normal unit costs; we both had identified the compensation thesis in our previous work, that is, the belief that balance-of-payment surpluses have no impact on the stock of high-powered money in an economy set in a fixed-exchange-rate regime, in contrast to the Mundell–Fleming model; we both held very similar views about the endogeneity of the money supply and the essential role of banks versus the rest of the financial institutions; and finally, we both held a view of the monetary production economy that was in line with that presented by French circuit theorists and Augusto Graziani. This last point is developed in more detail, as it is pointed out that a number of scholars now combine the stock-flow consistent approach of Godley with the theory of the monetary circuit.

摘要

本文概述了Wynne Godley和我之间完全同意的要点。这些解释了我们为什么设法完成写《货币经济学》一书的任务。要点如下：我们对定价程序有相同的概念，相对于正常的单位成本，需求对价格没有影响；我们在先前的工作中都已经确定了补偿论点，即，在固定汇率制度下的经济体中，国际收支盈余对高动力货币的存量没有影响。 Mundell-Fleming模型；对于货币供应的内生性和银行与其他金融机构；最后，我们都认为货币生产经济与法国巡回理论家和奥古斯托·格拉齐亚尼（Augusto Graziani）提出的观点一致。最后一点得到了更详细的发展，因为指出现在有许多学者将戈德利的“存量-流量一致”方法与货币回路理论相结合。