Buckingham, Inglaterra : The University of Buckingham Press / Institute of International Monetary Research, 2016.

32 p. : il. ; 24 cm.

Research paper 1. -- The income-expenditure model: some familiar accounts. -- The significance of the value of transactions. -- The financial circulation and its leakages. -- The trick of the savings-investment identity. -- Leakages from the financial circulation and asset prices. -- Leakages from the financial circulation: their significance for forecasting. -- Cyclical instability in the savings ratio. -- Changes in net worth, compared with fiscal policy. -- Conclusion. -- Appendix: data on household net worth in the USA and UK. -- References. --

Research paper 1. -- The purpose of this paper is to discredit Keynesian income-expenditure analysis and the concept of the multiplier embedded within it. These two key concepts of the Keynesian textbook mainstream omit variables critical to the determination of macroeconomic outcomes. The omissions are so serious that the income-expenditure circular flow is incomplete and misleading if it pretends to constitute a policy-making framework. Critically, when organized in its familiar textbook form, income-expenditure analysis has no room for either the banking system or the quantity of money. But changes in the quantity of money have major impacts on asset portfolios and expenditure decisions. These changes must be integrated in all discussions of the macroeconomic conjuncture, if such discussions are to make any claim to real-world plausibility. --

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Incluye referencias bibliográficas (Pp. 28-31).

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