- 著者
-
加納 正雄
- 出版者
- The Japanese Society for the History of Economic Thought
- 雑誌
- 経済学史学会年報 (ISSN:04534786)
- 巻号頁・発行日
- vol.30, no.30, pp.63-70, 1992 (Released:2010-08-05)
- 参考文献数
- 11
The purpose of our paper is to investigate the aggregative structure of assets in Keynes' General Theory and to investigate the relation between this structure and Keynes' view about the effectiveness of monetary policy. According to Leijonhufvud, Keynes aggregated the long-term assets including financial assets and physical assets as non-money assets. Then relative price of bonds and capital goods is constant, and the interest elasticity of investment is high. We examine Leijonhufvud's this view, and investigate how Keynes considered the differences in non-money assets.In General Theory, as a basic model, the relative prices of non-money assets are not treated as endogenous variables, then in this sense, non-money assets are aggregated, but this is rather convenient treatment for simplicity, and this does not mean the differences in non-money assets are not important. We consider that changes in estimate of risk and liquidity of non-money assets are important factors in Keynes' view about the effectiveness of monetary policy, even if these are not theoretically analyzed.