Alternativa Keynesiana Respecto Al Objetivo De La Inflacion
Páginas: 30 (7421 palabras)
Publicado: 23 de septiembre de 2012
Vol. 6 (2009), Number 1 | Jg. 6 (2009), Heft 1
Editorial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Forum Interview with Charles A.E. Goodhart . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gerd Grözinger: Achtung Lebensgefahr! Indirekte Effekte regionaler Arbeitslosigkeit auf Lebensweise und -qualität . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Special Forum on »Global imbalances« Sebastian Dullien: Divergences in EMU: Scope of the problem and policy options . . . . . . . . . Dorothee Bohle: East European capitalism – What went wrong?. . . . . . . . . . . . . . . . . . . . . . Hansjörg Herr: Global imbalances and the Chinese balance of payments . . . . . . . . . . . . .. Dimitri B. Papadimitriou: Global imbalances: Strategic prospects for the US and the world . . . . . . . . Articles | Artikel Special Issue on »Inflation targeting: Is there a credible alternative?« Editorial to the Special Issue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 24 32 44 53 5 3
12
2
Contents | Inhalt
Angel Asensio, Mark Hayes: ThePost Keynesian alternative to inflation targeting. . . . . . . . . . . . . . . . . . Malcolm Sawyer: Interest rates and inflation: What are the links? . . . . . . . . . . . . . . . . . . . . . Geoff Tily: The General Theory and monetary policy: Investment versus inflation . . . . . Book Reviews | Rezensionen
65 81 97
Ronald Schettkat, Jochem Langkau (Hg.): Aufschwung für Deutschland. Plädoyerinternational renommierter Ökonomen für eine bessere Wirtschaftspolitik (Achim Truger) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119 Alessandro Roncaglia, Paolo Sylos Labini: Geschichte des ökonomischen Denkens. Eine kurze Einführung (Hagen Krämer) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121 Luigi L.Pasinetti: Keynes and the Cambridge Keynesians. A ›Revolution in Economics‹ to be Accomplished (Eckhard Hein) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123 Alessandro Vercelli: Methodological Foundations of Macroeconomics: Keynes and Lucas (John E. King) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124John T. Harvey, Robert F. Garnett (eds.): Future Directions for Heterodox Economics (Wolfram Elsner). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127 Sergio Rossi: Money and Payments in Theory and Practice (Eckhard Hein) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 Steven Mark Cohn: ReintroducingMacroeconomics: A critical Approach (Bernd Berghuber). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132
The Post Keynesian alternative to inflation targeting
Angel Asensio*,*** and Mark Hayes**,***
While mainstream policies may be beyond improvement in the enchanted ›optimizable‹ world, Post Keynesians have to manage without a magic wand in our uncertainworld. We discuss the alternative policies proposed in the recent Post Keynesian literature and argue that control of interest rates is too imperfect for such policies to be feasible in general, although they provide useful guidelines and may be successful in favourable circumstances. Consequently, the question of credibility is irrelevant, if this means whether policy-makers will honour theircommitment to an unfeasible ideal target. The right question is whether policy is convincing enough to make the conventional state of expectation (and the related interest rate) consistent with full employment. It is all a matter of confidence. The basic principles involved in such an approach to monetary policy are discussed. JEL classifications: E12, E52 Keywords: interest rate rule, convention,...
Editorial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Forum Interview with Charles A.E. Goodhart . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gerd Grözinger: Achtung Lebensgefahr! Indirekte Effekte regionaler Arbeitslosigkeit auf Lebensweise und -qualität . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Special Forum on »Global imbalances« Sebastian Dullien: Divergences in EMU: Scope of the problem and policy options . . . . . . . . . Dorothee Bohle: East European capitalism – What went wrong?. . . . . . . . . . . . . . . . . . . . . . Hansjörg Herr: Global imbalances and the Chinese balance of payments . . . . . . . . . . . . .. Dimitri B. Papadimitriou: Global imbalances: Strategic prospects for the US and the world . . . . . . . . Articles | Artikel Special Issue on »Inflation targeting: Is there a credible alternative?« Editorial to the Special Issue. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61 24 32 44 53 5 3
12
2
Contents | Inhalt
Angel Asensio, Mark Hayes: ThePost Keynesian alternative to inflation targeting. . . . . . . . . . . . . . . . . . Malcolm Sawyer: Interest rates and inflation: What are the links? . . . . . . . . . . . . . . . . . . . . . Geoff Tily: The General Theory and monetary policy: Investment versus inflation . . . . . Book Reviews | Rezensionen
65 81 97
Ronald Schettkat, Jochem Langkau (Hg.): Aufschwung für Deutschland. Plädoyerinternational renommierter Ökonomen für eine bessere Wirtschaftspolitik (Achim Truger) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 119 Alessandro Roncaglia, Paolo Sylos Labini: Geschichte des ökonomischen Denkens. Eine kurze Einführung (Hagen Krämer) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 121 Luigi L.Pasinetti: Keynes and the Cambridge Keynesians. A ›Revolution in Economics‹ to be Accomplished (Eckhard Hein) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123 Alessandro Vercelli: Methodological Foundations of Macroeconomics: Keynes and Lucas (John E. King) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 124John T. Harvey, Robert F. Garnett (eds.): Future Directions for Heterodox Economics (Wolfram Elsner). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127 Sergio Rossi: Money and Payments in Theory and Practice (Eckhard Hein) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130 Steven Mark Cohn: ReintroducingMacroeconomics: A critical Approach (Bernd Berghuber). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132
The Post Keynesian alternative to inflation targeting
Angel Asensio*,*** and Mark Hayes**,***
While mainstream policies may be beyond improvement in the enchanted ›optimizable‹ world, Post Keynesians have to manage without a magic wand in our uncertainworld. We discuss the alternative policies proposed in the recent Post Keynesian literature and argue that control of interest rates is too imperfect for such policies to be feasible in general, although they provide useful guidelines and may be successful in favourable circumstances. Consequently, the question of credibility is irrelevant, if this means whether policy-makers will honour theircommitment to an unfeasible ideal target. The right question is whether policy is convincing enough to make the conventional state of expectation (and the related interest rate) consistent with full employment. It is all a matter of confidence. The basic principles involved in such an approach to monetary policy are discussed. JEL classifications: E12, E52 Keywords: interest rate rule, convention,...
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