Politická ekonomie 2010, 58(1):92-104 | DOI: 10.18267/j.polek.721

Komparace nového konsensu jako teoretického rámce cílování inflace s postkeynesovskou ekonomií

Jan Korda
Vysoká škola ekonomická v Praze.

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.

Keywords: inflation targeting, Post-Keynesian economics, new consensus, endogenous money
JEL classification: E31, E51, E52, E58

Published: February 1, 2010  Show citation

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Korda, J. (2010). A Comparison of New Consensus as a Theoretical Framework of Inflation Targeting with Post-Keynesian Economics. Politická ekonomie, 58(1), 92-104. doi: 10.18267/j.polek.721
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