著者
鍋島 直樹
出版者
経済理論学会
雑誌
季刊経済理論 (ISSN:18825184)
巻号頁・発行日
vol.48, no.4, pp.75-85, 2012-01-20 (Released:2017-04-25)

Nowadays, mainstream macroeconomics has evolved into a new framework, which is labeled "new consensus macroeconomics", by integrating research results both of new classicals and of new Keynesians. It is said that oppositions between schools of thought over the analytical framework have nearly disappeared within mainstream macroeconomics today. It is notable that the new consensus recognizes the exogeneity of the shortterm interest rate and the endogeneity of the money supply. Nevertheless, the new consensus model exhibits strong classical features. In the model, the longrun equilibrium of the economy is exclusively determined by the supply-side factors, and effective demand has no influence on it. Therefore, in the long-run, monetary policy only impacts on the rate of inflation and doesn't improve the levels of production and employment. Further, proponents of the new consensus accept Wicksell's concept of the "natural rate of interest", and they consider that the departure of the market rate of interest from the natural rate gives rise to the movement of the aggregate price level. In addition, they inherit Wicksell's idea that the natural rate of interest acts as a center of gravitation. In contrast, Post Keynesian economists argue that aggregate demand not only determines the short-run output, but also plays a crucial role in directing the long-run growth path of the economy. Hence government economic policies have lasting effects on the real economy. Furthermore, Post Keynesians deny the existence of a unique natural rate of interest, and they maintain that the interest rate determined by monetary factors constitutes a center of gravitation. We can regard the rivalry between the new consensus and the Post Keynesian views as a modern manifestation of the rivalry between "real analysis" and "monetary analysis" that has shaped the history of economics. Today, Post Keynesian economics makes great contributions to the theoretical foundation of monetary analysis that believes capitalist economies inherently contain monetary and financial instability.

言及状況

外部データベース (DOI)

Twitter (5 users, 9 posts, 5 favorites)

"金利の引き上げのような総需要抑制策では,持続的な高失業を生み出すことなしに,このようなコストプッシュインフレーションを回避することができない。金融政策は,需要インフレーションだけにしか効力をもたないのである(Aresti[s 2… https://t.co/9V7NVqERuU
現代主流派マクロ経済学批判の一視角 ─ ポスト・ケインズ派の挑戦 鍋島直樹 2012 https://t.co/AtX4FzydBQ #経論 #経論PK #経論MMT
現代主流派マクロ経済学批判の一視角 ─ ポスト・ケインズ派の挑戦 鍋島直樹 2012 https://t.co/AtX4FzydBQ #経論 #経論PK #経論貨幣
現代主流派マクロ経済学批判の一視角 ─ ポスト・ケインズ派の挑戦 鍋島直樹 2012 https://t.co/AtX4FzydBQ #経論

収集済み URL リスト