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Alternativní postkeynesovské modely determinace peněžní zásoby
[Alternative post-keynesian models of money supply determination]

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  • Aleš Krejdl

Abstract

This article presents three competing models of money supply determination as derived in Palley (1996). Two of the models can be considered post-keynesian in nature and identified with accommodationist and structuralist approach to money endogeneity. Post-keynesian models are contrasted with orthodox money multiplier model. Presentation of the models enables not only to derive hypothesis for empirical testing but also to compare the two post-keynesian models. The accommodationist and structuralist models are not viewed as mutually inconsistent but rather as complements. Scope for potential synthesis and future research is indicated.

Suggested Citation

  • Aleš Krejdl, 2003. "Alternativní postkeynesovské modely determinace peněžní zásoby [Alternative post-keynesian models of money supply determination]," Politická ekonomie, Prague University of Economics and Business, vol. 2003(2), pages 263-285.
    • Handle: RePEc:prg:jnlpol:v:2003:y:2003:i:2:id:404
    DOI: 10.18267/j.polek.404
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    References listed on IDEAS

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    3. Dow, Sheila C, 1996. "Horizontalism: A Critique," Cambridge Journal of Economics, Oxford University Press, vol. 20(4), pages 497-508, July.
    4. Giuseppe Fontana, 2000. "Post Keynesians and Circuitists on Money and Uncertainty: An Attempt at Generality," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 23(1), pages 27-48, September.
    5. James Tobin, 1963. "Commercial Banks as Creators of 'Money'," Cowles Foundation Discussion Papers 159, Cowles Foundation for Research in Economics, Yale University.
    6. Basil J. Moore, 1989. "On the Endogeneity of Money Once More," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 11(3), pages 479-487, March.
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    More about this item

    Keywords

    post-Keynesianism; money endogeneity; money supply determination; credit demand and credit supply;
    All these keywords.

    JEL classification:

    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers

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