Politická ekonomie 2011, 59(5):680-705 | DOI: 10.18267/j.polek.814

Monetární nerovnováha v teorii endogenních peněz

Jan Korda
Ministry of Finance of the Czech Republic, Letenská 15, CZ - 118 10, Praha 1

Monetary Disequilibrium in the Theory of Endogenous Money

The article deals with monetary disequilibrium in the theory of endogenous money. In new consensus economics, monetary disequilibrium is not considered whereas money is endogenous and passive. In post-Keynesian economics, there is an explicit discussion about reconciliation of money demand and supply. Based on careful distinction between money and credit markets, it is argued that monetary disequilibrium can occur even when money is endogenous and therefore money is endogenous and active. This is because of  insufficiency of reflux mechanism. The article suggests ways in which new consensus should be supplemented to incorporate this issue. This is also important for monetary policy otherwise a part of transmission mechanism is left out.

Keywords: Post-Keynesian economics, endogenous money, monetary disequilibrium, new consensus economics, reflux mechanism
JEL classification: E31, E41, E51, E52

Published: October 1, 2011  Show citation

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Korda, J. (2011). Monetary Disequilibrium in the Theory of Endogenous Money. Politická ekonomie, 59(5), 680-705. doi: 10.18267/j.polek.814
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