Komparace nového konsensu jako teoretického rámce cílování inflace s postkeynesovskou ekonomií
[A Comparison of New Consensus as a Theoretical Framework of Inflation Targeting with Post-Keynesian Economics]
The article deals with the relationship of post-Keynesian economics to new consensus as a theoretical framework of inflation targeting. First, new consensus with its roots in Wicksell´s approach is briefly introduced. In the next parts differences and meeting-points of new consensus and post-Keynesian economics are discussed. Among the main similarities is identified: short term interest rate management, endogeneity of monetary base, endogeneity of money supply. But a lot of basic differences are found (goals of monetary policy, interest rate functions, nature of inflation, shape of Phillips curve and others). As a result, on the general level new consensus and post-Keynesian economics seem to be rather incompatible.
Volume (Year): 2010 (2010)
Issue (Month): 1 ()
|Contact details of provider:|| Postal: nam. W. Churchilla 4, 130 67 Praha 3|
Phone: (02) 24 09 51 11
Fax: (02) 24 22 06 57
Web page: http://www.vse.cz/
More information through EDIRC
|Order Information:|| Postal: Redakce Politické ekonomie, Vysoká škola ekonomická, nám. W. Churchilla 4, 130 67 Praha 3|
Web: http://www.vse.cz/polek/ Email:
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Giuseppe Fontana, 2007. "Why money matters: Wicksell, Keynes, and the new consensus view on monetary policy," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 30(1), pages 43-60, October.
- Louis-Philippe Rochon, 2006. "The more things change . . . inflation targeting and central bank policy," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 28(4), pages 551-558, July.
- Bennett T. McCallum, 2001.
"Monetary policy analysis in models without money,"
Federal Reserve Bank of St. Louis, issue Jul, pages 145-164.
- Bennett T. McCallum, 2001. "Monetary Policy Analysis in Models Without Money," NBER Working Papers 8174, National Bureau of Economic Research, Inc.
- Philip Arestis & Malcolm Sawyer, 2006. "The nature and role of monetary policy when money is endogenous," Cambridge Journal of Economics, Oxford University Press, vol. 30(6), pages 847-860, November.
- Philip Arestis & Malcolm Sawyer, 2003. "The Nature and Role of Monetary Policy When Money Is Endogenous," Economics Working Paper Archive wp_374, Levy Economics Institute.
- Marc Lavoie, 2006. "A Post-Keynesian Amendment To The New Consensus On Monetary Policy," Metroeconomica, Wiley Blackwell, vol. 57(2), pages 165-192, 05.
- Giuseppe Fontana, 2002. "The Making of Monetary Policy in Endogenous Money Theory: An Introduction," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 24(4), pages 503-509, July.
- Philip Arestis & Malcolm Sawyer, 2003. "Inflation Targeting: A Critical Appraisal," Macroeconomics 0309015, EconWPA.
- Philip Arestis & Malcolm Sawyer, 2003. "Inflation Targeting: A Critical Appraisal," Economics Working Paper Archive wp_388, Levy Economics Institute.
- David Laidler, 1999. "Passive Money, Active Money, and Monetary Policy," Bank of Canada Review, Bank of Canada, vol. 1999(Summer), pages 15-25.
- David H. Romer, 2000. "Keynesian Macroeconomics without the LM Curve," Journal of Economic Perspectives, American Economic Association, vol. 14(2), pages 149-169, Spring.
- David Romer, 2000. "Keynesian Macroeconomics without the LM Curve," NBER Working Papers 7461, National Bureau of Economic Research, Inc.
- 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.
- Philip Arestis & Malcolm Sawyer, 2008. "A critical reconsideration of the foundations of monetary policy in the new consensus macroeconomics framework," Cambridge Journal of Economics, Oxford University Press, vol. 32(5), pages 761-779, September.
- John B. Taylor, 2000. "Teaching Modern Macroeconomics at the Principles Level," American Economic Review, American Economic Association, vol. 90(2), pages 90-94, May.
- Mark Setterfield, 2006. "Is inflation targeting compatible with Post Keynesian economics?," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 28(4), pages 653-671, July.
- Laurence H. Meyer, 2001. "Does money matter?," Review, Federal Reserve Bank of St. Louis, issue May, pages 1-16.
- M. Ruth & K. Donaghy & P. Kirshen, 2006. "Introduction," Chapters, in: Regional Climate Change and Variability, chapter 1 Edward Elgar Publishing. Full references (including those not matched with items on IDEAS)
When requesting a correction, please mention this item's handle: RePEc:prg:jnlpol:v:2010:y:2010:i:1:id:721:p:92-104. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Frantisek Sokolovsky)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.