Teorie peněz Josefa Macka a jeho názory na monetární politiku

Theory of money of Josef Macek and his monetary policy view

Milan Sojka

Politická ekonomie, 2006, vol. 2006, issue 3, 351-365

Abstract: During 1930s and 1940s Josef Macek developed monetary theory leading to monetary policy recommendations which are deeply influenced by macroeconomic theory of John Maynard Keynes. Macek became leading Czech left-wing keynesian. His theory of money was nominalist and similarly to J. M. Keynes and G. Cassel he elaborated the concept of managed fiat money. He critisized and disapproved the quantity theory of money. In his monetary theory and his monetary policy conclusions he was a forerunner of contemporary post-keynesian monetary theories. Money supply is in his monetary theory highely endogenous and he expressed certain doubts about effeciency of monetary policy measures as antirecessionary remedy.

Keywords: monetary policy; Czech Keynesians; history of the Czech economic thought; Josef Macek; theory of money; anti-recessionary policy (search for similar items in EconPapers)
JEL-codes: B13 B22 B29 E31 E42 E50 E52 E59 (search for similar items in EconPapers)
Date: 2006
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DOI: 10.18267/j.polek.563

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