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Monetární politika evropské centrální banky a její teoretická východiska pohledem postkeynesovské ekonomie
[Monetary Policy of the European Central Bank and Its Theoretical Resources in the View of Postkeynesian Economy]

Author

Listed:
  • Milan Sojka

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.

Suggested Citation

  • Milan Sojka, 2010. "Monetární politika evropské centrální banky a její teoretická východiska pohledem postkeynesovské ekonomie [Monetary Policy of the European Central Bank and Its Theoretical Resources in the View of," Politická ekonomie, Prague University of Economics and Business, vol. 2010(1), pages 3-19.
    • Handle: RePEc:prg:jnlpol:v:2010:y:2010:i:1:id:717:p:3-19
    DOI: 10.18267/j.polek.717
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    More about this item

    Keywords

    real convergence; Economic and Monetary Union; Post-Keynesian monetary economics; endogeneous money supply; monetary policy of ECB; small open economies;
    All these keywords.

    JEL classification:

    • 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
    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions

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