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Keynes in the General Theory, explains the monetary nature of the interest rate by means of the liquidity preference theory. The objective of this paper is twofold. First, to point out the limits of the liquidity preference theory. Second, to present an explanation of the monetary nature of the...
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Since the 1960s, Tobin has set himself the objective of developing a macroeconomic model more general than that specified by Keynes in the General Theory. In his works, he explicitly deals with financial intermediaries and elaborates a ‘new view’ which, in contrast with the ‘old view’,...
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