Možnosti měnové regulace z pohledu postkeynesovské ekonomie

Possibilities of monetary regulation in post-keynesian economics

Miroslav Svoboda

Politická ekonomie, 2001, vol. 2001, issue 6

Abstract: Post-Keynesian approach to the nature of money brings some strong conclusions for the monetary policy of a central bank. Money is created by provision of loans. Loans make deposits. Deposits make reserves, since central banks play the role of a lender of last resort. Banks thus may provide as much of credit, as they want and as is demanded. Money is credit-driven and demand-determined. Central bank has no control over the high-powered money and the money stock. The base interest rate is exogenous, set by the central bank. It does not affect the stock of money but it is fundamentally a distributive variable. Central bank should set its level consistently with the growth of productivity. To fight with inflation, central bank should use direct-credit-control facilities.

Keywords: central bank; post-Keynesianism; money endogeneity; supply of money and credit (search for similar items in EconPapers)
Date: 2001
References: Add references at CitEc
Citations:

Downloads: (external link)
http://polek.vse.cz/doi/10.18267/j.polek.339.html (text/html)
free of charge

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:prg:jnlpol:v:2001:y:2001:i:6:id:339

Ordering information: This journal article can be ordered from
Redakce Politické ekonomie, Vysoká škola ekonomická, nám. W. Churchilla 4, 130 67 Praha 3
http://polek.vse.cz

DOI: 10.18267/j.polek.339

Access Statistics for this article

Politická ekonomie is currently edited by Jiřina Bulisová

More articles in Politická ekonomie from Prague University of Economics and Business Contact information at EDIRC.
Bibliographic data for series maintained by Stanislav Vojir ().