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Some Reflections on Keynes's 'Finance Motive' for the Demand for Money

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  • Bibow, Jorg

Abstract

This essay offers a fresh interpretation of Keynes's 'finance motive.' Some competing interpretations are assessed, which, it is argued, are inconsistent with the conceptual framework of Keynes's monetary analysis. The finance motive is interpreted as an intrinsically dynamic conception, which displays important aspects of Keynes's monetary thought not brought out in the current macroeconomic paradigm. The essay attempts to show that liquidity preference theory should be understood in a dynamic context as a theory of financial intermediation. (c) 1995 Academic Press Ltd. Copyright 1995 by Oxford University Press.

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  • Bibow, Jorg, 1995. "Some Reflections on Keynes's 'Finance Motive' for the Demand for Money," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 19(5), pages 647-666, October.
    • Handle: RePEc:oup:cambje:v:19:y:1995:i:5:p:647-66
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    Cited by:

    1. Bertocco Giancarlo, 2006. "Some observations about the endogenous money theory," Economics and Quantitative Methods qf0602, Department of Economics, University of Insubria.
    2. Joerg Bibow, 2005. "Liquidity Preference Theory Revisited—To Ditch or to Build on It?," Method and Hist of Econ Thought 0508003, University Library of Munich, Germany.
    3. Giancarlo Bertocco, 2005. "The Role of credit in a Keynesian monetary economy," Review of Political Economy, Taylor & Francis Journals, vol. 17(4), pages 489-511.
    4. Giovanni Cesaroni, 2001. "The finance motive, the Keynesian theory of the rate of interest and the investment multiplier," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 8(1), pages 58-74.

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