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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]

Author

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  • Jan Korda

Abstract

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.

Suggested Citation

  • Jan Korda, 2010. "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 E," Politická ekonomie, Prague University of Economics and Business, vol. 2010(1), pages 92-104.
    • Handle: RePEc:prg:jnlpol:v:2010:y:2010:i:1:id:721:p:92-104
    DOI: 10.18267/j.polek.721
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    More about this item

    Keywords

    inflation targeting; Post-Keynesian economics; new consensus; endogenous money;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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