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Theory of money of Josef Macek and his monetary policy view

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  • Milan Sojka
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    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.

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    Bibliographic Info

    Article provided by University of Economics, Prague in its journal Politická ekonomie.

    Volume (Year): 2006 (2006)
    Issue (Month): 3 ()
    Pages:

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    Handle: RePEc:prg:jnlpol:v:2006:y:2006:i:3:id:563

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    Keywords: monetary policy; Czech Keynesians; history of the Czech economic thought; Josef Macek; theory of money; anti-recessionary policy;

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