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Long-term Bonds, Capital Gains and Liquidity Preference

In: Monetary Economics

Author

Listed:
  • Wynne Godley
  • Marc Lavoie

Abstract

The definition of wealth in Model PC in Chapter 4 comprised only two assets, money and bills. In this chapter a third asset, long-term government bonds, is introduced and this will provide an opportunity to discuss the notion of liquidity preference — hence the name Model LP — and also to introduce capital gains and losses into the system of accounts. An important feature of the new model will be that an increase in long-term interest rates will have a short-run negative effect on demand.

Suggested Citation

  • Wynne Godley & Marc Lavoie, 2007. "Long-term Bonds, Capital Gains and Liquidity Preference," Palgrave Macmillan Books, in: Monetary Economics, chapter 5, pages 131-169, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-62654-6_5
    DOI: 10.1057/9780230626546_5
    as

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