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THE POST‐KEYNESIAN ‘DEMAND FOR CREDIT’ MODEL *
Author(s) -
HEWITSON GILLIAN
Publication year - 1997
Publication title -
australian economic papers
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.351
H-Index - 15
eISSN - 1467-8454
pISSN - 0004-900X
DOI - 10.1111/j.1467-8454.1997.tb00826.x
Subject(s) - economics , cointegration , post keynesian economics , keynesian economics , supply and demand , empirical evidence , macroeconomics , econometrics , monetary economics , philosophy , epistemology
The post‐Keynesian ‘demand for credit’ model is a well‐cited piece of empirical evidence to support the contention that the money supply is endogenously rather than exogenously determined. In this paper, the model is critically examined and found to be problematic in several ways. Cointegration techniques are used to estimate a similar model using Australian data.