Monetary economics

Lavoie, M. (2024), ‘Modern Monetary Theory: the good, the bad and the ugly’, in Therese Jefferson & John E. King (ed.), Post Keynesian Economics, chapter 5, pages 71-88, Edward Elgar Publishing

Lavoie, M. (2022), ‘MMT, sovereign currencies and the Eurozone’Review of Political Economy, Vol. 34, no. 4, October 2022, pp. 633-646.

Lavoie, M. (2022), ‘The Godley-Tobin Memorial Lecture’Review of Keynesian Economics, 10 (1), pp. 1-24.

Lavoie, M. (2021), ‘Two post-Keynesian approaches to international finance: the compensation thesis and the cambist view’,in Bonizzi, B., A. Kaltenbrunner and R. Ramos (eds), Emerging Economies and the Global Financial System: Post-Keynesian Analysis, London: Routledge, pp. 14-27.

Lavoie, M. (2021), ‘Wynne Godley’s monetary circuit’Journal of Post Keynesian Economics, 44 (1), pp. 6-23.

Fiebiger, B. and M. Lavoie (2021), ‘Central bankers and the rationale for unconventional monetary policies: Reasserting, renouncing or recasting monetarism?’Cambridge Journal of Economics, 45 (1), pp. 37-52.

Fiebiger, B. and M. Lavoie (2020), ‘Helicopter Ben, monetarism, the New Keynesian credit view and loanable funds’Journal of Economic Issues, 54 (1), pp. 77–96.

Lavoie, M. (2020), ‘Le monde étrange des taux d’intérêt négatifs: causes et consequences’Les Possibles, (22), pp. 7–13.

Lavoie, M. (2019), ‘Advances in the post-Keynesian analysis of money and finance’, in Arestis, P. and M. Sawyer (eds), Frontiers of Heterodox Macroeconomics, Basingstoke, UK: Palgrave Macmillan, pp. 89–129.

Lavoie, M. (2019), ‘A system with zero reserves and with clearing outside of the central bank: the Canadian case’Review of Political Economy, 31 (2), pp. 145–158.

Lavoie, M. and M. Seccareccia (2019), ‘Some reflections on Pasinetti’s fair rate of interest’, Bulletin of Political Economy, 13 (2), pp. 85–111.

Lavoie, M. and S. Reissl (2019), ‘Further insights on endogenous money and the liquidity preference theory of interest’Journal of Post Keynesian Economics, 42 (4), pp. 503–526.

Lavoie,   M.   (2019),   ‘Modern   monetary   theory   and   post- Keynesian economics’Real World Economics Review, (89), October, pp. 97–108.

Lavoie, M. and B. Fiebiger (2018), ‘Unconventional monetary policies, with a focus on quantitative easing’European Journal of Economics and Economic Policies: Intervention, 15 (2), pp. 139–146. (Reprinted in Lavoie, M., Post-Keynesian Monetary Theory: Selected Essays, Cheltenham, UK and Northampton, MA: Edward Elgar Publishing, 2020.)

Rahimi, A., B. Chu and M. Lavoie (2017), ‘Linear and nonlinear Granger causality between short-term and long-term interest rates: a rolling- window strategy’Metroeconomica, 68 (4), November, pp. 882–902.

Lavoie, M. (2016), ‘Rethinking monetary theory in light of  Keynes and the crisis’Brazilian Keynesian Review, 2 (2), pp. 174–188. (Reprinted in Lavoie, M., Post-Keynesian Monetary Theory: Selected Essays, Cheltenham, UK and Northampton, MA: Edward Elgar Publishing, 2020).

Cahen-Fourot, L. and M. Lavoie (2016), ‘Ecological monetary economics: a post-Keynesian critique’Ecological Economics, (126), pp. 163–168.

Lavoie, M. (2016), ‘Understanding of the global financial crisis: contributions of post-Keynesian economics’Studies in Political Economy, 97 (1), pp. 58–75.

Rahimi, A., M. Lavoie and B. Chu (2016), ‘Linear and nonlinear Granger causality between short-term and long-term interest rates during business cycles’International Review of Applied Economics, 30 (6), November, pp. 714–728.

Lavoie, M. and M. Seccareccia (2016), ‘Money and banking’, in Rochon, L.-P. and S. Rossi (eds), Introduction to Heterodox Macroeconomics, Cheltenham, UK and Northampton, MA:  Edward  Elgar  Publishing, pp. 97–116.

Lavoie, M. (2015), ‘The Eurozone crisis: a balance-of-payment problem or a crisis due to a flawed monetary design?’International Journal of Political Economy, 44 (2), Summer, pp. 57–60.

Lavoie, M. (2015), ‘The Eurozone: similarities to and differences from Keynes’s Plan’International Journal of Political Economy, 44 (1), Spring, pp. 1–15. (Reprinted in Lavoie, M., Post-Keynesian Monetary Theory: Selected Essays, Cheltenham, UK and Northampton, MA: Edward Elgar Publishing, 2020.)

Lavoie, M. (2015), ‘Teaching monetary theory and monetary policy implementation after the crisis’European Journal of Economics and Economic Policies: Intervention, 12 (2), pp. 220–228.

Lavoie, M. (2014), ‘A comment on ‘Endogenous money and effective demand’: a revolution or a step backward?’Review of Keynesian Economics, 2 (3), Autumn, pp. 321–332.

Lavoie, M. (2013), ‘The monetary and fiscal nexus of neo-chartalism: a friendly critique’Journal of Economic Issues, 47 (1), March, pp. 1–32. (Reprinted in Rochon, L.-P. and S. Rossi (eds), Post-Keynesian Economics, Volume II: Credit, Money and Production, The International Library of Critical Writings in Economics, Cheltenham, UK and Northampton, MA: Edward Elgar Publishing, 2017; and in Lavoie, M., Post-Keynesian Monetary Theory: Selected Essays, Cheltenham, UK and Northampton, MA: Edward Elgar Publishing, 2020).

Lavoie, M. and M. Seccareccia (2013), ‘Reciprocal influences: a tale of two central banks on the North American continent’International Journal of Political Economy, 42 (3), Fall, pp. 63–84.

Lavoie, M. and M. Seccareccia (2013), ‘Influencias reciprocas: una historia de dos bancos centrales en le continente norteamericano’Ola Financiera, 6 (16), September–December, pp. 105–144.

Lavoie, M. (2013), ‘Post-Keynesian monetary economics – Godley like’, in Harcourt, G. and P. Kriesler (eds), Oxford Handbook of Post- Keynesian Economics, volume 1, Oxford:Oxford University Press, pp. 203-217.

Lavoie, M. (2013), ‘The State, the central bank and the monetary circuit’, in Rochon, L.-P. and M. Seccareccia (eds), Monetary Economies of Production: Banking and Financial Circuits and the Role of the State, Cheltenham, UK and Northampton, MA:  Edward  Elgar  Publishing, pp. 11–22.

Lavoie, M. (2012–13), ‘Financialization, neo-liberalism and securitization’Journal of Post Keynesian Economics, 35 (2), Winter, pp. 211–229.

Lavoie, M. and P. Wang (2012), ‘The “compensation” thesis, as exemplified by the case of the Chinese central bank’International Review of Applied Economics, 26 (3), May, pp. 287–302.

Lavoie, M. and M. Seccareccia (2012), ‘Monetary policy in a period of financial chaos: the political economy of the Bank of Canada in extraordinary times’, in Rochon, L.-P. and S.Y. Olawoye (eds), Monetary Policy and Central Banking: New Directions in Post-Keynesian Thought, Cheltenham, UK and Northampton, MA: Edward Elgar Publishing, pp. 166–189.

Lavoie, M. (2011), ‘Money, credit and central banks in post-Keynesian economics’, in Hein, E. and E. Stockhammer (eds), A Modern Guide to Keynesian Macroeconomics and Economic Policies, Cheltenham, UK and Northampton, MA: Edward Elgar Publishing, pp. 34–60.

Lavoie, M. (2010), ‘Changes in central bank procedures during the subprime crisis and their repercussions on monetary theory’International Journal of Political Economy, 39 (3), Fall, pp. 3–23. (Reprinted in Lavoie, M., Post-Keynesian Monetary Theory: Selected Essays, Cheltenham, UK and Northampton, MA: Edward Elgar Publishing, 2020.)

Seccareccia, M. and M. Lavoie (2010), ‘Inflation targeting in Canada: myth versus reality’, in Fontana, G., J. McCombie and M. Sawyer (eds), Macroeconomics, Finance and Money: Essays in Honour of Philip Arestis, Basingstoke, UK: Palgrave Macmillan, pp. 35–53.

Lavoie, M. (2010), ‘Eichner’s monetary economics: ahead of its time’, in Lavoie, M., L.-P. Rochon and M. Seccareccia (eds), Money and Macroeconomic Issues: Alfred Eichner and Post-Keynesian Economics, Armonk, NY: M.E. Sharpe, pp. 155–171. (Reprinted in Lavoie, M., Post-Keynesian Monetary Theory: Selected Essays, Cheltenham, UK and Northampton, MA: Edward Elgar Publishing, 2020.)

Lavoie, M. (2009), ‘Taming the New Consensus: hysteresis and some other post-Keynesian amendments’, in Fontana, G. and M. Setterfield (eds), Macroeconomic Theory and Macroeconomic Pedagogy, London: Palgrave Macmillan, pp. 191–212.

Kriesler, P. and M. Lavoie (2007), ‘The new view on monetary policy: the New Consensus and its Post-Keynesian critique’Review of Political Economy, 19 (3), July, pp. 387–404.

Lavoie, M. and M. Seccareccia (2006), ‘The Bank of Canada and the modern view of central banking’International Journal of Political Economy, 35 (1), Spring, pp. 58–82.

Lavoie, M. (2006), ‘A post-Keynesian amendment to the New Consensus on monetary policy’Metroeconomica, 57 (2), May, pp. 165–192.

Lavoie, M. (2006), ‘Endogenous money: accommodationist’, in Arestis, P. and M. Sawyer (eds), Handbook on Alternative Monetary Economics, Cheltenham, UK and Northampton, MA:  Edward  Elgar  Publishing, pp. 17–34. (Reprinted in Lavoie, M., Post-Keynesian Monetary Theory: Selected Essays, Cheltenham, UK and Northampton, MA:  Edward Elgar Publishing, 2020.)

Lavoie, M. and W. Godley (2006), ‘Features of a realistic banking system within a post-Keynesian stock–flow consistent model’, in Setterfield, M. (ed.), Complexity, Endogenous Money and Macroeconomic Theory: Essays in Honour of Basil J. Moore, Cheltenham, UK and Northampton, MA: Edward Elgar Publishing, pp. 251–268.

Lavoie, M. (2006), ‘A fully coherent post-Keynesian model of currency boards’, in Cnos, C. and L.-P. Rochon (eds), Post-Keynesian Principles of Economic Policy, Cheltenham, UK and Northampton, MA: Edward Elgar Publishing, pp. 185–207.

Lavoie, M. (2006), ‘El dinero endógeno en un cuadro teórico y contable coherente’, in Piégay, P. and L.-P. Rochon (eds), Teorías monetarias poskeynesianas, Madrid: Akal, pp. 134–149.

Kriesler, P. and M. Lavoie (2005), ‘A critique of the new consensus view of monetary policy’Economic and Labour Relations Review, 16 (1), July, pp. 7–15.

Lavoie, M. (2005), ‘Monetary base endogeneity and the new procedures of the Canadian and American monetary systems’Journal of Post Keynesian Economics, Summer, 27 (4), pp. 689–709. (Reprinted in Lavoie, M., Post-Keynesian Monetary Theory: Selected Essays, Cheltenham, UK and Northampton, MA: Edward Elgar Publishing, 2020.)

Lavoie, M. (2005), ‘Lessons from asset-based financial systems with zero-reserve requirements’, in Fontana, G. and R. Realfonzo (eds), Monetary Theory of Production: Tradition and Perspectives, London: Palgrave Macmillan, pp. 257–268.

Lavoie, M. (2004), ‘The New Consensus on monetary policy seen from a post-Keynesian perspective’, in Lavoie, M. and M. Seccareccia (eds) (2004), Central Banking in the Modern World: Alternative Perspectives, Cheltenham, UK and Northampton, MA: Edward Elgar Publishing, pp. 15-34.

Lavoie, M. and M. Seccareccia (2004), ‘Long-term interest rates, liquidity preference, and the limits of central banking’, in Lavoie, M. and M. Seccareccia (eds) (2004), Central Banking in the Modern World: Alternative Perspectives, Cheltenham, UK and Northampton, MA: Edward Elgar Publishing, pp. 164-182.

Lavoie, M. (2004), ‘Circuit and coherent stock–flow accounting’, in Arena, R. and N. Salvadori (eds), Money, Credit, and the Role of the State, Aldershot, UK: Ashgate, pp. 136–151.

Lavoie, M. (2003), ‘La monnaie endogène dans un cadre théorique et comptable coherent’, in Piégay, P. and L.-P. Rochon (eds), Théories monétaires post keynésiennes, Paris: Économica, pp. 143–161.

Lavoie, M. (2003), ‘A primer on endogenous credit-money’, in Rochon, L.-P. and S. Rossi (eds), Modern Theories of Money: The Nature and Role of Money in Capitalist Economies, Cheltenham, UK and Northampton, MA: Edward Elgar Publishing, pp. 506–543. (Reprinted in Lavoie, M., Post-Keynesian Monetary Theory: Selected Essays, Cheltenham, UK and Northampton, MA: Edward Elgar Publishing, 2020.)

Lavoie, M. (2002–2003), ‘Interest parity, risk premia and post Keynesian analysis’,  Journal  of  Post  Keynesian  Economics,  25  (2),  Winter, pp. 237–249.

Lavoie, M. and M. Seccareccia (2001), ‘Minsky’s financial fragility hypothesis: a missing macroeconomic link?’, in Bellofiore, R. and P. Ferri (eds), Financial Fragility and Investment in the Capitalist Economy: The Economic Legacy of Hyman Minsky, Volume II, Cheltenham, UK and Northampton, MA: Edward Elgar Publishing, pp. 76–96.

Lavoie, M. (2001), ‘The reflux mechanism in the open economy’, in Rochon, L.-P. and  M.  Vernengo  (eds),  Credit,  Interest  Rates  and the Open Economy: Essays on Horizontalism, Cheltenham, UK and Northampton, MA: Edward Elgar Publishing, pp. 215–242.

Lavoie, M. (2000), ‘A post Keynesian view of interest parity theorems’Journal of Post Keynesian Economics, 23 (1), Fall, pp. 163–179.

Lavoie, M. (1999), ‘Liability management’, in O’Hara, P. (ed.), Encyclopedia of Political Economy, London: Routledge, pp. 663–666.

Lavoie, M. (1999), ‘The credit-led supply of deposits and the demand for money: Kaldor’s reflux mechanism as previously endorsed by Joan Robinson’Cambridge Journal of Economics, 23 (1), January, pp. 103–114. (Reprinted in Rochon, L.-P. and S. Rossi (eds), Post-Keynesian Economics, Volume II: Credit, Money and Production, The International Library of Critical Writings in Economics, Cheltenham, UK and Northampton, MA: Edward Elgar Publishing, 2017; and in Lavoie, M., Post-Keynesian Monetary Theory: Selected Essays, Cheltenham, UK and Northampton, MA: Edward Elgar Publishing, 2020.)

Lavoie, M. and M. Seccareccia (1999), ‘Interest rate: fair’, in O’Hara, P. (ed.), Encyclopedia of Political Economy, London and New York: Routledge, pp. 543–545.

Lavoie, M. (1997), ‘Fair rates of interest in post-Keynesian political economy’, in Teixeira, J. (ed.), Issues in Modern Political Economy, Brasilia: University of Brasilia Press, pp. 123–137. (Reprinted in Lavoie, M., Post-Keynesian Monetary Theory: Selected Essays, Cheltenham, UK and Northampton, MA: Edward Elgar Publishing, 2020.)

Lavoie, M. (1997), ‘Loanable funds, endogenous money, and Minsky’s financial fragility hypothesis’, in Cohen, A.J., H. Hagemann and J. Smithin (eds), Money, Financial Institutions, and Macroeconomics, Boston: Kluwer Nijhoff, pp. 67–82.

Lavoie, M. (1996), ‘Horizontalism, structuralism, liquidity  preference and the principle of increasing risk’Scottish Journal of Political Economy, 43 (3), August, pp. 275–300. (Reprinted in Rochon, L.-P. and S. Rossi (eds), Post-Keynesian Economics, Volume II: Credit, Money and Production, The International Library of Critical Writings in Economics, Cheltenham, UK and Northampton, MA: Edward Elgar Publishing, 2017; and in Lavoie, M., Post-Keynesian Monetary Theory: Selected Essays, Cheltenham, UK and Northampton, MA: Edward Elgar Publishing, 2020.)

Lavoie, M. and M. Baslé (1996), ‘La pensée monétaire de Jacques Le Bourva: analyse et historique’Revue d’économie politique, 106 (2), March–April, pp. 269–291.

Seccareccia, M. and M. Lavoie (1996), ‘Central bank austerity policy, zero-inflation targets and productivity growth in Canada’Journal of Economic Issues, 30 (2), June, pp. 533–544.

Lavoie, M. (1996), ‘Monetary policy in an economy with endogenous credit money’, in Deleplace, G. and E.J. Nell (eds), Money in Motion: The Circulation and Post-Keynesian Approaches, London: Macmillan, pp. 532–545. (Reprinted in Lavoie, M., Post-Keynesian Monetary Theory: Selected Essays, Cheltenham, UK and Northampton, MA: Edward Elgar Publishing, 2020.)

Lavoie, M. (1994), ‘Money and credit’, in Arestis, P. and M. Sawyer (eds), The Elgar Companion of Radical Political Economy, Aldershot, UK and Brookfield, VT: Edward Elgar Publishing, pp. 278–282.

Lavoie, M. (1993), ‘A post-classical view of money, interest, growth and distribution’, in Mongiovi, G. and C. Ruhl (eds), Macroeconomic Theory: Diversity and Convergence, Aldershot, UK and Brookfield, VT: Edward Elgar Publishing, pp. 3–21.

Lavoie, M. (1992), ‘Jacques Le Bourva’s theory of endogenous credit-money’Review of Political Economy, 4 (4), pp. 436–446. (Reprinted in Lavoie, M., Post-Keynesian Monetary Theory: Selected Essays, Cheltenham, UK and Northampton, MA: Edward Elgar Publishing, 2020.)

Lavoie, M. (1991), ‘Change, continuity and originality in Kaldor’s monetary theory’, in Nell, E.J. and W. Semmler (eds), Nicholas Kaldor and Mainstream Economics: Confrontation or Convergence?, London: Macmillan, pp. 259–278. (Reprinted in Lavoie, M., Post-Keynesian Monetary Theory: Selected Essays, Cheltenham, UK and Northampton, MA: Edward Elgar Publishing, 2020.)

Lavoie, M. (1990), ‘Le circuit dans la pensée post-keynésienne américaine’, Économie, 6, pp. 105–118.

Lavoie, M. (1988), ‘La théorie post-keynésienne du circuit macro-économique, les échanges internationaux et les relations monétaires’, in Destanne de Bernis, G. (ed.), Théories économiques et fonctionnement de l’économie mondiale, Grenoble: Presses Universitaires de Grenoble, pp. 135–153.

Lavoie, M. and M. Seccareccia (1988), ‘Money, interest and rentiers: the twilight of rentier capitalism in Keynes’ “General Theory”’, in Hamouda, O. and J. Smithin (eds), Keynes and Public Policy After 50 Years, Aldershot, UK and Brookfield, VT: Edward Elgar Publishing, pp. 145-158.

Lavoie, M. (1987), ‘Monnaie et production: une synthèse de la théorie du circuit’Economies et sociétés, 20 (9), pp. 65–101.

Lavoie, M. (1987), ‘La teoria del circuito monetario’Metamorfosi, 5, pp. 7–36.

Lavoie, M. (1986–87), ‘Systemic financial fragility: a simplified view’Journal of Post Keynesian Economics, 9 (2), Winter, pp. 258–266.

Lavoie, M. (1986), ‘Minsky’s Law or the theorem of systemic financial fragility’Studi Economici, 29, pp. 3–28.

Lavoie, M. (1986), ‘L’endogénéité de la monnaie chez Keynes’Recherches Économiques de Louvain, 52 (1), March, pp. 67–84.

Lavoie, M. (1985), ‘La thèse de la monnaie endogène face à la non-validation des credits’Économies et sociétés, 18 (8), September, pp. 169–196.

Lavoie, M. (1985), ‘The post Keynesian theory of endogenous money: a reply’Journal of Economic Issues, 19 (3) September, pp. 843–848. (Reprinted in Lavoie, M., Post-Keynesian Monetary Theory: Selected Essays, Cheltenham, UK and Northampton, MA: Edward Elgar Publishing, 2020.)

Lavoie, M. (1985), ‘Credit and money: the dynamic circuit, overdraft economics and Post Keynesian economics’, in Jarsulic, M. (ed.), Money and Macro Policy, Boston: Kluwer-Nijhoff, pp. 63–85. (Reprinted in Lavoie, M., Post-Keynesian Monetary Theory: Selected Essays, Cheltenham, UK and Northampton, MA: Edward Elgar Publishing, 2020.)

Lavoie, M. (1984), ‘The endogenous credit flow and the post Keynesian theory of money’, Journal of  Economic  Issues,  18  (3),  September, pp. 233–258. (Reprinted in Musella, M. and C. Panico (eds), The Money Supply in the Economic Process: A Post Keynesian PerspectiveThe International Library of Critical Writings in  Economics,  Aldershot, UK and Brookfield, VT: Edward Elgar Publishing, 1995; in Rochon, L.-P. and S. Rossi (eds), Post-Keynesian Economics, Volume II: Credit, Money and Production, The International Library of  Critical Writings in Economics, Cheltenham, UK and Northampton, MA: Edward Elgar Publishing, 2017; and in Lavoie, M., Post-Keynesian Monetary Theory: Selected Essays, Cheltenham, UK and Northampton, MA:  Edward Elgar Publishing, 2020.)

Lavoie, M. (1984), ‘Un modèle post-keynésien d’économie monétaire fondé sur la théorie du circuit’Économies et sociétés, 59 (1), April, pp. 233–258.

Lavoie, M.  (1982), ‘Structures  financières,  endettement  et  profits’, Économie appliquée, 35 (3), pp. 39–70.

Lavoie, M.  (1982), ‘Les post-keynésiens et la monnaie endogène’, L’Actualité économique, 58 (1–2), January–June, pp. 191–222.