Money Matters

Syed F. Mahmud / Kaoru Yamaguchi /
Murat A. Yülek

Money Matters

Some Puzzles, Anomalies and Crises
in the Standard Macroeconomic Model

Bibliographic Information published by the Deutsche Nationalbibliothek

The Deutsche Nationalbibliothek lists this publication in the Deutsche Nationalbibliografie; detailed bibliographic data is available in the internet at http://dnb.d-nb.de.

Library of Congress Cataloging-in-Publication Data

A CIP catalog record for this book has been applied for at the Library of Congress

ISBN 978-3-631-72145-2 (Print)

E-ISBN 978-3-631-72146-9 (E-PDF)

E-ISBN 978-3-631-72147-6 (EPUB)

E-ISBN 978-3-631-72148-3 (MOBI)

DOI 10.3726/b11047

© Peter Lang GmbH

Internationaler Verlag der Wissenschaften

Frankfurt am Main 2017

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About the authors

Syed F. Mahmud is a professor of economics at Bilkent University. He holds a Ph.D. degree in economics from McMaster University (Canada). In recent years, his research has been primarily focused on banking and finance.

Kaoru Yamaguchi is Director at Japan Futures Research Center. He holds a Ph.D. degree in economics from the University of California, Berkeley.

Murat Yülek is a professor of economics at Istanbul Ticaret University and the Director of the Center for Industrial Policy and Development. He holds a Ph.D. degree in economics from Bilkent University and has published widely in the field of economic and financial development.

About the book

The 2007 financial crisis and the Great Recession have prompted a debate about the state of macroeconomics, and many orthodox economists have argued that macroeconomics has entered a dark age.

This book discusses the short-comings of the standard macroeconomic model (SMM). The SMM has failed to explain the real world nor did it anticipate the global financial crisis. The main reasons for this failure have been attributed to its inability to assign an active role to money and by the absence of appropriate modelling of financial markets.

The book also discusses how the SMM can be reformed to better account for the real world and policy prescriptions, such as the Chicago Plan, which can reduce the risks emanating from excessive money creation by banks.

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