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Monetärer Keynesianismus: Versuch einer Rekonstruktion von Hajo Rieses "Theorie der Geldwirtschaft"
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Monetärer Keynesianismus: Versuch einer Rekonstruktion von Hajo Rieses "Theorie der Geldwirtschaft"

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  • Spahn, Peter

Abstract

Hajo Riese (FU Berlin) was a pioneer of the "Berlin School of Monetary Keynesianism", particularly in the 1980s and 1990s. His research work was based on the roots of monetary theory in the work of J. M. Keynes, with a particular focus on the theory of capital and interest rates. While in Keynes liquidity preference remained an element of money demand, for Riese it formed the central variable of a theory of credit supply. The credit contract is not based on goods or goods equivalents, but on the nominal category of money, because this is the sole medium for the fulfilment of contracts. In addition to the interest rate, the rate of return on real capital is also determined by the liquidity premium. The central bank has to take into account the regulatory-theoretical significance of monetary stability, which runs counter to the "easy money policy" usually demanded by Keynesians.

Suggested Citation

  • Spahn, Peter, 2024. "Monetärer Keynesianismus: Versuch einer Rekonstruktion von Hajo Rieses "Theorie der Geldwirtschaft"," Hohenheim Discussion Papers in Business, Economics and Social Sciences 02-2024, University of Hohenheim, Faculty of Business, Economics and Social Sciences.
    • Handle: RePEc:zbw:hohdps:290399
    DOI: 10.60848/2121
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    References listed on IDEAS

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    1. Giancarlo Bertocco, 2013. "On Keynes's Criticism of the Loanable Funds Theory," Review of Political Economy, Taylor & Francis Journals, vol. 25(2), pages 309-326, April.
    2. J. Tobin, 1958. "Liquidity Preference as Behavior Towards Risk," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 25(2), pages 65-86.
    3. Paul Davidson, 1978. "Money and the Real World," Palgrave Macmillan Books, Palgrave Macmillan, edition 0, number 978-1-349-15865-2, March.
    4. Hajo Riese, 1972. "ORDNUNGSIDEE UND ORDNUNGSPOLITIK ‐KRITIK EINER WIRTSCHAFTSPOLITISCHEN KONZEPTION: Edgar Salin zum 10. Februar 1972," Kyklos, Wiley Blackwell, vol. 25(1), pages 24-48, February.
    5. Hajo Riese, 1970. "Das Ende Einer Wachstumstheorie," Kyklos, Wiley Blackwell, vol. 23(4), pages 756-774, November.
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    Keywords

    Keynesianismus; Monetarismus;

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