Abstract

CESARATTO, Sergio. Initial and final finance in the monetary circuit and the theory of effective demand. Rev.econ.inst. [online]. 2016, vol.18, n.35, pp.47-78. ISSN 0124-5996.  https://doi.org/10.18601/01245996.v18n35.04.

One remarkable aspect of modern heterodox theory is the detachment between demand-led growth models and endogenous money theories. This paper suggests a possible integration of the Keynesian theory of the multiplier (and the supermultiplier) with Keynes's endogenous money and finance theories. Focussing upon Graziani's version of the Monetary Circuit Theory (TCM), the paper is a contribution towards reconciling the preoccupation of this theory with initial production financing, and the concern of demand-side oriented heterodox growth theories with final financing of autonomous demand.

Keywords : heterodox modern theory; endogenous money; Keynesian theory.

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