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Monetary Policy of the European Central Bank and Its Theoretical Resources in the View of Postkeynesian Economy

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  • Milan Sojka
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    Abstract

    The paper deals with the monetary policy of the European Central Bank and its effects on economic development of the Czech economy and other new members of EU from the perspective of Post-Keynesian monetary economics. In the first part the basic principles of contemporary Post-Keynesian monetary theory of relative endogeneity of money are shortly presented. The second part concentrates on the Post-Keynesian criticism of the institutional arrangement of the ECB and its monetary policy. The closing part treats issues concerning potential effects of the policy of ECB in the given institutional framework on economic development of the Czech economy and economies of other less developed members of EU after joining the Eurozone. Possible adverse effects on the process of real convergence are discussed and alternative policies eliminating this danger are presented.

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    Bibliographic Info

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

    Volume (Year): 2010 (2010)
    Issue (Month): 1 ()
    Pages: 3-19

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    Handle: RePEc:prg:jnlpol:v:2010:y:2010:i:1:id:717:p:3-19

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    Related research

    Keywords: small open economies; real convergence; Post-Keynesian monetary economics; monetary policy of ECB; endogeneous money supply; Economic and Monetary Union;

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    References

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    1. Peter Kriesler & Marc Lavoie, 2007. "The New Consensus on Monetary Policy and its Post-Keynesian Critique," Review of Political Economy, Taylor & Francis Journals, vol. 19(3), pages 387-404.
    2. Davidson, Paul, 1972. "Money and the Real World," Economic Journal, Royal Economic Society, vol. 82(325), pages 101-15, March.
    3. Stiglitz, Joseph E & Weiss, Andrew, 1981. "Credit Rationing in Markets with Imperfect Information," American Economic Review, American Economic Association, vol. 71(3), pages 393-410, June.
    4. John B. Taylor, 1999. "A Historical Analysis of Monetary Policy Rules," NBER Chapters, in: Monetary Policy Rules, pages 319-348 National Bureau of Economic Research, Inc.
    5. Davidson, Paul, 1988. "A Technical Definition of Uncertainty and the Long-run Non-neutrality of Money," Cambridge Journal of Economics, Oxford University Press, vol. 12(3), pages 329-37, September.
    6. Taylor, John B., 1993. "Discretion versus policy rules in practice," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 39(1), pages 195-214, December.
    7. Hyman Minsky, 1993. "On the non-neutrality of money," Quarterly Review, Federal Reserve Bank of New York, issue Spr, pages 77-82.
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