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Teorie peněz Josefa Macka a jeho názory na monetární politiku
[Theory of money of Josef Macek and his monetary policy view]

Author

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  • Milan Sojka

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.

Suggested Citation

  • Milan Sojka, 2006. "Teorie peněz Josefa Macka a jeho názory na monetární politiku
    [Theory of money of Josef Macek and his monetary policy view]
    ," Politická ekonomie, University of Economics, Prague, vol. 2006(3).
  • Handle: RePEc:prg:jnlpol:v:2006:y:2006:i:3:id:563
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    References listed on IDEAS

    as
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    4. Knut Røed & Peter Jensen & Anna Thoursie, 2008. "Unemployment duration and unemployment insurance: a comparative analysis based on Scandinavian micro data," Oxford Economic Papers, Oxford University Press, vol. 60(2), pages 254-274, April.
    5. Hunt, Jennifer, 1995. "The Effect of Unemployment Compensation on Unemployment Duration in Germany," Journal of Labor Economics, University of Chicago Press, vol. 13(1), pages 88-120, January.
    6. Olympia Bover & Manuel Arellano & Samuel Bentolila, 2002. "Unemployment Duration, Benefit Duration and the Business Cycle," Economic Journal, Royal Economic Society, vol. 112(479), pages 223-265, April.
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    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

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

    JEL classification:

    • B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Wicksellian)
    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B29 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Other
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E59 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Other

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