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
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- Material Type
- 記事
- Author/Editor
- 鍋島 直樹
- Author Heading
- Alternative Title
- A Critical Appraisal of New Consensus Macroeconomics : A Post Keynesian Perspective
- Periodical title
- 季刊経済理論 = Political economy quarterly / 経済理論学会 編
- No. or year of volume/issue
- 48(4):2012.1
- Volume
- 48
- Issue
- 4
- Pages
- 75-85
- Publication date of volume/issue (W3CDTF)
- 2012-01
- ISSN (Periodical Title)
- 1882-5184
- ISSN-L (Periodical Title)
- 1882-5184
- Publication (Periodical Title)
- 東京 : 経済理論学会事務局 ; 2004-
- Place of Publication (Country Code)
- JP
- Text Language Code
- jpn
- NDLC
- Target Audience
- 一般
- Holding library
- 国立国会図書館
- Call No.
- Z41-1347
- Data Provider (Database)
- 国立国会図書館 : 国立国会図書館雑誌記事索引
- Bibliographic ID (NDL)
- 023435264
- Bibliographic Record Category (NDL)
- 632
- Summary, etc.
- 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.
- DOI
- 10.20667/peq.48.4_75
- Access Restrictions
- インターネット公開
- Data Provider (Database)
- 科学技術振興機構 : J-STAGE
- Summary, etc.
- 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.
- DOI
- 10.20667/peq.48.4_75
- Related Material (URI)
- Data Provider (Database)
- 国立情報学研究所 : CiNii Research
- Original Data Provider (Database)
- Japan Link Center雑誌記事索引データベースCiNii Articles科学研究費助成事業データベース
- Bibliographic ID (NDL)
- 023435264
- NAID
- 110009820371