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Různá pojetí endogenity peněz v postkeynesovské ekonomii: Reinterpretace do obecnější teorie

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Abstract

The theory of endogenous money supply forms one of the cornerstones of Post Keynesian economics. It has been developing rapidly during the last twenty years, but is still neglected as a theoretical background for practical central bank policy. This may be (among other reasons) due to the existence of different approaches to money endogeneity within Post Keynesian economics. Post Keynesian economics thus lacks a general formulation of money endogeneity. Naturally, one may ask whether reinterpretation of current approaches to endogeneity – structuralism and horizontalism – into more general theoretical framework is possible. This paper aims at finding an answer to this question. Two approaches to reinterpreting structuralism and horizontalism into more general theoretical framework are identified and discussed. Despite some progress in this area, however, the paper argues that a general formulation of money supply endogeneity is still an impossibility.

Suggested Citation

  • Ondřej Lopušník, 2010. "Různá pojetí endogenity peněz v postkeynesovské ekonomii: Reinterpretace do obecnější teorie," Working Papers IES 2010/05, Charles University Prague, Faculty of Social Sciences, Institute of Economic Studies, revised Apr 2010.
  • Handle: RePEc:fau:wpaper:wp2010_05
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    File URL: http://ies.fsv.cuni.cz/default/file/download/id/13132
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    References listed on IDEAS

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    1. Edward Altman & Andrea Resti & Andrea Sironi, 2004. "Default Recovery Rates in Credit Risk Modelling: A Review of the Literature and Empirical Evidence," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 33(2), pages 183-208, July.
    2. Greg M. Gupton, 2005. "Advancing Loss Given Default Prediction Models: How the Quiet Have Quickened," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 34(2), pages 185-230, July.
    3. Sudheer Chava & Catalina Stefanescu & Stuart Turnbull, 2011. "Modeling the Loss Distribution," Management Science, INFORMS, pages 1267-1287.
    4. Jiří Witzany, 2009. "Unexpected Recovery Risk and LGD Discount Rate Determination," European Financial and Accounting Journal, University of Economics, Prague, vol. 2009(1), pages 61-84.
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    More about this item

    Keywords

    Post Keynesian economics; Money supply; Structuralism; Horizontalism;

    JEL classification:

    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
    • 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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