Komparace nového konsensu jako teoretického rámce cílování inflace s postkeynesovskou ekonomií

A Comparison of New Consensus as a Theoretical Framework of Inflation Targeting with Post-Keynesian Economics

Jan Korda

Politická ekonomie, 2010, vol. 2010, issue 1, 92-104

Abstract: The article deals with the relationship of post-Keynesian economics to new consensus as a theoretical framework of inflation targeting. First, new consensus with its roots in Wicksell's approach is briefly introduced. In the next parts differences and meeting-points of new consensus and post-Keynesian economics are discussed. Among the main similarities is identified: short term interest rate management, endogeneity of monetary base, endogeneity of money supply. But a lot of basic differences are found (goals of monetary policy, interest rate functions, nature of inflation, shape of Phillips curve and others). As a result, on the general level new consensus and post-Keynesian economics seem to be rather incompatible.

Keywords: inflation targeting; Post-Keynesian economics; new consensus; endogenous money (search for similar items in EconPapers)
JEL-codes: E31 E51 E52 E58 (search for similar items in EconPapers)
Date: 2010
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DOI: 10.18267/j.polek.721

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