Louis‐philippe Rochon
Datos Biográficos
| ID | 4424875 |
|---|---|
| NOMBRE | Louis‐philippe Rochon |
| NOMBRES | Louis‐philippe |
| APELLIDO | Rochon |
| FIRMA | ROCHON L P |
| AFILIACIONES | Laurentian University |
| ORCID | 0000-0002-8542-7497 |
| VERIFICADO | Sí |
| TOTAL DE OBRAS | 43 |
| TOTAL DE CITAS | 79 |
| TOTAL COMO AUTOR | 41 |
| TOTAL COMO EDITOR | 2 |
| PRIMER AÑO DE PUBLICACIÓN | 1997 |
| AÑO MÁS RECIENTE DE PUBLICACIÓN | 2026 |
| ÍNDICE H | 5 |
Central Bank Digital Currencies—An Introductory Note
The rapid expansion of digital currencies—including cryptocurrencies, stable coins and central bank digital currencies (CBDCs)—has reshaped the monetary landscape. As is usual, moments of technological leaps are accompanied by debate over larger and smaller considerations, from how the new technology will effect the course of human development, to what the new thing should be called and how it should be classified within the realm of already exis…
Reclaiming the Narrative
Distributional Regimes in the US — The Pasinetti Index and the Monetary Policy Effects on Income Distribution
Monetary Policy and Income Distribution
The End of Laissez-Faire — or was it
A Lost Joan Robinson Paper
Honouring and Moving Forward
The History of Post-Keynesian Economics
Some Unexplored Financial Issues in the Monetary Circuit since the Financial Crisis
This article aims to extend the theory of the monetary circuit by taking into account the so-called financialization of the economy. While the existing literature on the subject includes the financialization of households in the classic circuit, which increasingly supplements income from work with consumer loans and for the purchase of housing, not much space has been dedicated to other aspects of financialization. In the article, we examine the …
The Political (and Monetary) Aspects of Full Employment
Money and Production
Sellers' Inflation and Distributive Conflict
The paper offers a post-Keynesian explanation of the soaring inflation experienced during the post-COVID recovery, coherent both at the microeconomic and macroeconomic levels. The microeconomic argument is rooted on the premise that price-making firms consider both their costs and their desired share of profits when setting prices. To defend profit margins in the aftermath of the pandemic, the initial cost-push shock was passed to consumers throu…
Conflict Inflation
Monetary Policy and Income Distribution
Introduction to Post-Keynesian Economics
Post-Keynesian Economics
This article focuses on an analysis of chapter 4 of Lavoie’s magnus opus, Post-Keynesian Economics: New Foundations. It is the opening chapter of the macroeconomic section of the book. As we argue, following Keynes’s ‘monetary theory of production’, but also in line with Schumpeter, starting the discussion over macroeconomics with money makes sense. It is impossible, in post-Keynesian economics, to discuss the real economy independently of the mo…
Monetary Policy and Income Distribution
This paper examines the post-Keynesian and Sraffian perspectives on the relationship between monetary policy and income distribution, highlighting their endogenous demand-led money approach and rejection of the neutrality of interest rates, and monetary policy as tool of redistribution among social classes. Both approaches acknowledge that the central bank can influence interest rates and hence, the functional distribution of income. These shared…
The Legacy of Alain Parguez and his Ongoing Research Agenda
This article traces the pedigree of ideas and the personal and institutional connections that led us to collaborate with Alain Parguez, whose academic legacy we celebrate here by exploring the roots, the current relevance, and the future of his research agenda
The Euro-Area Crisis and the Monetary Policy Response of the ECB
This paper investigates the monetary–structural origins of the euro-area crisis and offers a critical analysis of the monetary policy decisions of the European Central Bank in this regard. The first section explains that the euro-area crisis is the unavoidable result of the monetary architecture of the European Monetary Union, where the TARGET2 payment system lacks an international settlement institution to make sure that every cross-border trans…
Understanding Full Investment and the Potential Role of Public Banks
In this paper, we argue that Keynes correctly diagnosed the principles of ‘sound finance' as limiting human progress, but did not map out a viable alternate solution of ‘full investment', and seems to even warn against it. E.F. Schumacher critiqued Keynes's position that until the problem of production is solved, only following ‘the money motive' could lead humanity out of the tunnel of economic need. Now a half century since Schumacher’s critiqu…
A Tribute to Alain Parguez 1940–2022
International audience
On the Theoretical and Institutional Roots of Post-Keynesian Economics
This article explores both the institutional and theoretical roots of post-Keynesian economics, treated separately. I argue that while there seems to be two accounts of the institutional roots, each emphasize a different narrative and can be reconciled. As for the theoretical roots, I argue that ‘everything started with the Accumulation of Capital’ — Joan Robinson’s so-called Magnum Opus. The book contains all the elements of what characterizes p…
Understanding Central Bank Independence
This article asks a simple question that does not have a simple answer: whose interests do independent central banks serve? Employing a Polanyian lens, we explore the many facets of independent central banks, including their history, their institutional nature and functions, and the academic debate surrounding them, in order to reach several conclusions that can hopefully continue to expand the debate regarding the issue
What Have We Yet to Learn From the Covid-19 Crisis
It has been more than a year and a half since the world woke up to the COVID-19 reality/ies. There was considerable confusion at the beginning as to what this was, and how long it would last, even
Introduction
2020 marks the 50th anniversary of the passing of Michal Kalecki (1899–1970). Born in Lodz, Poland on 22nd June 1899, Kalecki passed away on 18 April 1970. In his biography of the author, Feiwel (1
The Political Economy of Interest-Rate Setting, Inflation, and Income Distribution
En el texto se analiza el proyecto de política económica que se está ejecutando desde finales de 2018 por el gobierno de México. Es una propuesta que expresamente y según sus propios términos se distancia del neoliberalismo. Es el caso de otros proyectos de gobierno presentes en varios países de la región durante gran parte de la primera década hasta mediados de la pasada del siglo actual. En todos los casos son propuestas específicas que toman d…
Public Banking and Post-Keynesian Economic Theory
In this article, we make an appeal for the incorporation of public banking into public discourse regarding the management of the U.S. economy. We argue that the history of post-Keynesian thinking shows a perennial interest in offering solutions to financial and economic problems that often involve the participation of the State. However, in more recent history, discussion has revolved around fiscal and monetary policy, with little consideration g…
Monetary Policy and Income Distribution
This paper examines the post-Keynesian and Sraffian perspectives on the relationship between monetary policy and income distribution, highlighting their endogenous demand-led money approach and rejection of the neutrality of interest rates, and monetary policy as tool of redistribution among social classes. Both approaches acknowledge that the central bank can influence interest rates and hence, the functional distribution of income. These shared…
On the Theoretical and Institutional Roots of Post-Keynesian Economics
This article explores both the institutional and theoretical roots of post-Keynesian economics, treated separately. I argue that while there seems to be two accounts of the institutional roots, each emphasize a different narrative and can be reconciled. As for the theoretical roots, I argue that ‘everything started with the Accumulation of Capital’ — Joan Robinson’s so-called Magnum Opus. The book contains all the elements of what characterizes p…
Money Creation and the State
The article discusses various issues related to money creation and the state. Chartalists believe that attempts at separating the central bank's and the treasury's functions is merely confused discussion. Indeed, as economist L. Wray clearly states in response to previous critiques, it should be obvious, but it usually does not appear to be so that central bank liabilities do not differ in any significant degree from treasury liabilities; in othe…
Central Banking and Post-Keynesian Economics
The Post-Keynesian theory of endogenous money has given much attention to the role of the central bank in the money creation process. Circuit theory has neglected this role, in so far as it has focused on the relationship between banks and firms within a monetary production economy. The aim of this paper is therefore twofold. First, it intends to fill this gap in circuit theory, by providing a role for the central bank in settlement of interbank …
The New Consensus and Post-Keynesian Interest Rate Policy
This paper outlines the fundamental arguments of the New Consensus, critiques it from a Post-Keynesian perspective, and offers a Post-Keynesian alternative to the Taylor Rule. While Post-Keynesian economics provides a theory of endogenous money with exogenous interest rates, it has no clear description of a central bank reaction function. We attempt to remedy this oversight by identifying some of the difficulties attached to developing a Post-Key…
Credit, Money and Production
This thought-provoking book clearly and systematically analyses the post-Keynesian approaches to endogenous money and, in doing so, provides an informed critique of the development of post-Keynesian economics
Circuit with Multi-period Credit
We develop a circuit model in which firms finance part of their investment using bank credit issued and reimbursed over several periods. The model has three main properties: profits originate in the overlap of investments financed by bank credit that remain to be repaid; Say's Law is not verified, even when households do not save within a period; and the rate of investment must increase and then level off over time to avoid an overproduction cris…
Sellers' Inflation and Distributive Conflict
The paper offers a post-Keynesian explanation of the soaring inflation experienced during the post-COVID recovery, coherent both at the microeconomic and macroeconomic levels. The microeconomic argument is rooted on the premise that price-making firms consider both their costs and their desired share of profits when setting prices. To defend profit margins in the aftermath of the pandemic, the initial cost-push shock was passed to consumers throu…
Understanding Full Investment and the Potential Role of Public Banks
In this paper, we argue that Keynes correctly diagnosed the principles of ‘sound finance' as limiting human progress, but did not map out a viable alternate solution of ‘full investment', and seems to even warn against it. E.F. Schumacher critiqued Keynes's position that until the problem of production is solved, only following ‘the money motive' could lead humanity out of the tunnel of economic need. Now a half century since Schumacher’s critiqu…
Understanding Central Bank Independence
This article asks a simple question that does not have a simple answer: whose interests do independent central banks serve? Employing a Polanyian lens, we explore the many facets of independent central banks, including their history, their institutional nature and functions, and the academic debate surrounding them, in order to reach several conclusions that can hopefully continue to expand the debate regarding the issue
In pursuit of the holy grail
This article argues that mainstream economics’ approach to monetary policy and theory is based on two erroneous arguments: the existence of a natural rate of interest, and a predictable causality between monetary policy and inflation. The article then discusses an alternative post-Keynesian approach to monetary policy that rests on the presence of a strong fiscal policy
Cambridge's Contribution to Endogenous Money
It is often claimed by American Post Keynesians that the theories of endogenous money originated in the mid-1950s as a result of articles published by Nicholas Kaldor and Hyman Minsky. This paper offers another possibility. It argues that, in the mid-1950s, both Joan Robinson and Richard Kahn offered insights into the workings of a credit economy that have been largely ignored by Post Keynesians and that are consistent with Post Keynesian monetar…
Conflict Inflation
Monetary Policy and Income Distribution
Introduction
2020 marks the 50th anniversary of the passing of Michal Kalecki (1899–1970). Born in Lodz, Poland on 22nd June 1899, Kalecki passed away on 18 April 1970. In his biography of the author, Feiwel (1
Engagement with the Mainstream in the Future of Post Keynesian Economics
This paper examines the reasons for the difficulties Post Keynesian economics has had in supplanting mainstream neoclassical theory and for its resulting marginalization. Three explanations are given: intellectual, sociological and political, where the latter two are largely responsible for the current relationship of Post Keynesian economics to the mainstream. The paper also reviews various strategies for improving the future of Post Keynesian e…
Has "It" Happened Again
The ongoing global financial crisis, which originated in the United States, quickly spread to a number of countries around the world. Since it began to unravel in the summer of 2007, it has spread with an intensity rarely seen and claimed a great number of victims. The rise of a finance-dominated capitalist system implies profound changes in the way domestic economies operate. In particular, financialization contributed to the decoupling of finan…
Economic Power and the Real World
Keynes's Finance Motive
This paper attempts to reconcile Keynes's post-General Theory writings on the finance motive with the horizontalist approach, as advocated by Moore, Lavoie, Kaldor and many proponents of the Franco-Italian Circuit school. It is argued here that, as Keynes felt himself lsquo;gradually getting into an outside positionrsquo; with respect to the General Theory—which he saw as a transition away from classical theory—he came to adopt many aspects of th…
Credit, Money and Production
This thought-provoking book clearly and systematically analyses the post-Keynesian approaches to endogenous money and, in doing so, provides an informed critique of the development of post-Keynesian economics
Cambridge's Contribution to Endogenous Money
It is often claimed by American Post Keynesians that the theories of endogenous money originated in the mid-1950s as a result of articles published by Nicholas Kaldor and Hyman Minsky. This paper offers another possibility. It argues that, in the mid-1950s, both Joan Robinson and Richard Kahn offered insights into the workings of a credit economy that have been largely ignored by Post Keynesians and that are consistent with Post Keynesian monetar…
Money Creation and the State
The article discusses various issues related to money creation and the state. Chartalists believe that attempts at separating the central bank's and the treasury's functions is merely confused discussion. Indeed, as economist L. Wray clearly states in response to previous critiques, it should be obvious, but it usually does not appear to be so that central bank liabilities do not differ in any significant degree from treasury liabilities; in othe…
Modern Theories of Money
Joan Robinson and Keynes
Joan Robinson's views on credit and money are discussed only rarely. Of late, however, some Post-Keynesians have sought to revive these views, claiming that Robinson was one of the original contributors to the theory of endogenous money, post Keynes. This paper has two objectives. First, it seeks to develop Robinson's views on credit, money and finance and to show that not only did she have a clear understanding of the theory of endogenous money,…
Dollarization Out, Euroization In
(2003). Dollarization Out, Euroization In. International Journal of Political Economy: Vol. 33, No. 1, pp. 21-41
Economic Power and the Real World
Central Banking and Post-Keynesian Economics
The Post-Keynesian theory of endogenous money has given much attention to the role of the central bank in the money creation process. Circuit theory has neglected this role, in so far as it has focused on the relationship between banks and firms within a monetary production economy. The aim of this paper is therefore twofold. First, it intends to fill this gap in circuit theory, by providing a role for the central bank in settlement of interbank …
The New Consensus and Post-Keynesian Interest Rate Policy
This paper outlines the fundamental arguments of the New Consensus, critiques it from a Post-Keynesian perspective, and offers a Post-Keynesian alternative to the Taylor Rule. While Post-Keynesian economics provides a theory of endogenous money with exogenous interest rates, it has no clear description of a central bank reaction function. We attempt to remedy this oversight by identifying some of the difficulties attached to developing a Post-Key…
The Political Economy of Interest-Rate Setting, Inflation, and Income Distribution
En el texto se analiza el proyecto de política económica que se está ejecutando desde finales de 2018 por el gobierno de México. Es una propuesta que expresamente y según sus propios términos se distancia del neoliberalismo. Es el caso de otros proyectos de gobierno presentes en varios países de la región durante gran parte de la primera década hasta mediados de la pasada del siglo actual. En todos los casos son propuestas específicas que toman d…
Has "It" Happened Again
The ongoing global financial crisis, which originated in the United States, quickly spread to a number of countries around the world. Since it began to unravel in the summer of 2007, it has spread with an intensity rarely seen and claimed a great number of victims. The rise of a finance-dominated capitalist system implies profound changes in the way domestic economies operate. In particular, financialization contributed to the decoupling of finan…
Employment, growth and development
This topical book addresses unemployment in Europe, the wrong-headed reliance on NAIRU to formulate policy, distributional conflicts and financial factors, as well as problems faced in developing countries with respect to exchange rate policy, central banking, challenges to growth, and international financial flows. In the first part of the book the chapters deal with issues related to employment policies, economic growth and development while th…
Engagement with the Mainstream in the Future of Post Keynesian Economics
This paper examines the reasons for the difficulties Post Keynesian economics has had in supplanting mainstream neoclassical theory and for its resulting marginalization. Three explanations are given: intellectual, sociological and political, where the latter two are largely responsible for the current relationship of Post Keynesian economics to the mainstream. The paper also reviews various strategies for improving the future of Post Keynesian e…
Circuit with Multi-period Credit
We develop a circuit model in which firms finance part of their investment using bank credit issued and reimbursed over several periods. The model has three main properties: profits originate in the overlap of investments financed by bank credit that remain to be repaid; Say's Law is not verified, even when households do not save within a period; and the rate of investment must increase and then level off over time to avoid an overproduction cris…
In pursuit of the holy grail
This article argues that mainstream economics’ approach to monetary policy and theory is based on two erroneous arguments: the existence of a natural rate of interest, and a predictable causality between monetary policy and inflation. The article then discusses an alternative post-Keynesian approach to monetary policy that rests on the presence of a strong fiscal policy
Public Banking and Post-Keynesian Economic Theory
In this article, we make an appeal for the incorporation of public banking into public discourse regarding the management of the U.S. economy. We argue that the history of post-Keynesian thinking shows a perennial interest in offering solutions to financial and economic problems that often involve the participation of the State. However, in more recent history, discussion has revolved around fiscal and monetary policy, with little consideration g…
Introduction
2020 marks the 50th anniversary of the passing of Michal Kalecki (1899–1970). Born in Lodz, Poland on 22nd June 1899, Kalecki passed away on 18 April 1970. In his biography of the author, Feiwel (1
What Have We Learned from the Covid-19 Crisis? Domestic and International Dimensions and Policy Options for a Post-Coronavirus World
This introductory article describes how modern financialized capitalist economies of the 21st Century, which adopted the neoliberal creed over the last half-century, have been facing increasing vulnerabilities whose acceptance of this policy system has made them progressively susceptible to crises, of which the COVID-19 pandemic will not be the last. Government actions, especially on the fiscal side, have led to an unprecedented evolution of key …
What Have We Yet to Learn From the Covid-19 Crisis
It has been more than a year and a half since the world woke up to the COVID-19 reality/ies. There was considerable confusion at the beginning as to what this was, and how long it would last, even
Understanding Full Investment and the Potential Role of Public Banks
In this paper, we argue that Keynes correctly diagnosed the principles of ‘sound finance' as limiting human progress, but did not map out a viable alternate solution of ‘full investment', and seems to even warn against it. E.F. Schumacher critiqued Keynes's position that until the problem of production is solved, only following ‘the money motive' could lead humanity out of the tunnel of economic need. Now a half century since Schumacher’s critiqu…
A Tribute to Alain Parguez 1940–2022
International audience
On the Theoretical and Institutional Roots of Post-Keynesian Economics
This article explores both the institutional and theoretical roots of post-Keynesian economics, treated separately. I argue that while there seems to be two accounts of the institutional roots, each emphasize a different narrative and can be reconciled. As for the theoretical roots, I argue that ‘everything started with the Accumulation of Capital’ — Joan Robinson’s so-called Magnum Opus. The book contains all the elements of what characterizes p…
Understanding Central Bank Independence
This article asks a simple question that does not have a simple answer: whose interests do independent central banks serve? Employing a Polanyian lens, we explore the many facets of independent central banks, including their history, their institutional nature and functions, and the academic debate surrounding them, in order to reach several conclusions that can hopefully continue to expand the debate regarding the issue
Introduction to Post-Keynesian Economics
Economics (35 obras) · Economic Theory and Policy (32 obras) · Keynesian economics (25 obras) · Macroeconomics (18 obras) · Political Economy and Marxism (17 obras) · Monetary economics (16 obras) · Economic Theory and Institutions (15 obras) · Monetary policy (15 obras) · Neoclassical economics (12 obras) · Political science (12 obras)