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Credit supply, credit demand and unemployment in the mode of Augusto Graziani

Author

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  • Guglielmo Forges Davanzati

    (University of Salento, Italy)

Abstract

Evidence shows that, in most European countries, both credit restriction on the part of banks and reduction of the demand for credit on the part of firms are in operation. This is particularly intense in Italy. The aim of this paper is to show that both phenomena ultimately depend on the decline of aggregate demand, insofar as it negatively affects firms' current and expected profits. A macroeconomic schema is presented, based on Graziani's view that the operation of the credit market can trigger economic crises. Keynesian and Institutional arguments are also considered in order to analyse the links existing between the dynamics of the credit market and the path of wages and employment.

Suggested Citation

  • Guglielmo Forges Davanzati, 2016. "Credit supply, credit demand and unemployment in the mode of Augusto Graziani," Review of Keynesian Economics, Edward Elgar Publishing, vol. 4(3), pages 264-278, July.
    • Handle: RePEc:elg:rokejn:v:4:y:2016:i:3:p264-278
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    Citations

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    Cited by:

    1. Guglielmo Forges Davanzati & Rosario Patalano & Guido Traficante, 2019. "The Italian economic stagnation in a Kaldorian theoretical perspective," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 36(3), pages 841-861, October.
    2. Guglielmo Forges Davanzati & Rosario Patalano & Guido Traficante, 2016. "The Italian economic decline in a Kaldorian theoretical perspective," Working Papers PKWP1606, Post Keynesian Economics Society (PKES).
    3. Guglielmo Forges Davanzati & Nicolò Giangrande, 2018. "The theoretical basis of the CGIL's analysis of the Italian economic decline," Working Papers PKWP1801, Post Keynesian Economics Society (PKES).

    More about this item

    Keywords

    endogenous money; bank credit; labour market;
    All these keywords.

    JEL classification:

    • B00 - Schools of Economic Thought and Methodology - - General - - - History of Economic Thought, Methodology, and Heterodox Approaches
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
    • J01 - Labor and Demographic Economics - - General - - - Labor Economics: General

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