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Možnosti měnové regulace z pohledu postkeynesovské ekonomie
[Possibilities of monetary regulation in post-keynesian economics]

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  • Miroslav Svoboda

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.

Suggested Citation

  • Miroslav Svoboda, 2001. "Možnosti měnové regulace z pohledu postkeynesovské ekonomie [Possibilities of monetary regulation in post-keynesian economics]," Politická ekonomie, Prague University of Economics and Business, vol. 2001(6).
    • Handle: RePEc:prg:jnlpol:v:2001:y:2001:i:6:id:339
    DOI: 10.18267/j.polek.339
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