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Monetary Policy Implementation in the Eurozone - the Concept of Endogenous Money

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  • Svatopluk Kapounek

    ()
    (Department of Finance, Faculty of Business and Economics, Mendel University in Brno)

Abstract

The author focuses on the current problems of the common monetary policy implementation in the Eurozone in context of output stabilization function. The author focuses on the money demand function stability and its estimation. The stable money demand function ensures that the money supply would have predictable impact on the macroeconomic variables such as inflation and real economic growth. The instability is described by PoskeynesiansÌ assumptions of money endogeneity. Although central banks may have certain control over the money supply, they cannot fix the stock of money in a country. According to the PostkeynesiansÌ assumptions, the enterprises do not need ex ante stock of savings in order to carry out investment decisions. The causality is directed from economic activity to money demand. Interaction between the money demand and supply is arranged by multiplier effect of deposits.

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Bibliographic Info

Paper provided by Mendel University in Brno, Faculty of Business and Economics in its series MENDELU Working Papers in Business and Economics with number 2011-12.

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Length: 21
Date of creation: Oct 2011
Date of revision:
Handle: RePEc:men:wpaper:12_2011

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Keywords: monetary transmission mechanism; money endogeneity; European integration process; Post- Keynesian economics;

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  1. Pomenkova, Jitka & Kapounek, Svatopluk, 2009. "Interest rates and prices causality in the Czech Republic - Granger approach," MPRA Paper 27390, University Library of Munich, Germany.
  2. Chatelain, J-B. & Generale, A. & Hernando, I. & Von Kalckreuth, U. & Vermeulen, P., 2002. "Firm Investment and Monetary Policy Transmission in the Euro Area," Working papers 97, Banque de France.
  3. Makram El-Shagi & Sebastian Giesen, 2010. "Money and Inflation: The Role of Persistent Velocity Movements," IWH Discussion Papers 2, Halle Institute for Economic Research.
  4. Basil J. Moore, 1979. "The Endogenous Money Stock," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 2(1), pages 49-70, October.
  5. Sims, Christopher A, 1972. "Money, Income, and Causality," American Economic Review, American Economic Association, vol. 62(4), pages 540-52, September.
  6. Hansen, Bruce E., 1992. "Testing for parameter instability in linear models," Journal of Policy Modeling, Elsevier, vol. 14(4), pages 517-533, August.
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