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Alternativní postkeynesovské modely determinace peněžní zásoby
[Alternative post-keynesian models of money supply determination]

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  • Aleš Krejdl

Abstract

This article presents three competing models of money supply determination as derived in Palley (1996). Two of the models can be considered post-keynesian in nature and identified with accommodationist and structuralist approach to money endogeneity. Post-keynesian models are contrasted with orthodox money multiplier model. Presentation of the models enables not only to derive hypothesis for empirical testing but also to compare the two post-keynesian models. The accommodationist and structuralist models are not viewed as mutually inconsistent but rather as complements. Scope for potential synthesis and future research is indicated.

Suggested Citation

  • Aleš Krejdl, 2003. "Alternativní postkeynesovské modely determinace peněžní zásoby [Alternative post-keynesian models of money supply determination]," Politická ekonomie, Prague University of Economics and Business, vol. 2003(2), pages 263-285.
    • Handle: RePEc:prg:jnlpol:v:2003:y:2003:i:2:id:404
    DOI: 10.18267/j.polek.404
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    References listed on IDEAS

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    3. Giuseppe Fontana, 2000. "Post Keynesians and Circuitists on Money and Uncertainty: An Attempt at Generality," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 23(1), pages 27-48, September.
    4. Basil J. Moore, 1989. "On the Endogeneity of Money Once More," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 11(3), pages 479-487, March.
    5. Thomas I. Palley, 1994. "Competing Views Of The Money Supply Process: Theory And Evidence," Metroeconomica, Wiley Blackwell, vol. 45(1), pages 67-88, February.
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    More about this item

    Keywords

    post-Keynesianism; money endogeneity; money supply determination; credit demand and credit supply;
    All these keywords.

    JEL classification:

    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
    • 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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