JOURNAL ARTICLE
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Kapitalkosten, Portfoliogleichgewicht und die Wirkung geldpolitischer Maßnahmen
Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 98 (1978), Iss. 1 : pp. 95–111
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Monissen, Hans G
References
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Abstract
The main criticism of Keynesian macroeconomic analysis centers on its narrow interpretation of the transmission mechanism of fiscal and monetary impulses, which is based on just one crucial interest rate. The present paper, starting with some simple portfolio models, tries to broaden the traditional approach by including an independent market for real capital, a spectrum of financial assets, a complex finance structure, and the money supply process. A semi-reduced form analogous to the well-known LM-relation is derived describing the simultaneous stock equilibrium in the asset markets. This equilibrium condition shows all characteristics of the Keynesian money market relation. The description of the macroeconomic structure is supplemented by the formulation of an equilibrium condition for the output market.