2011 Fiscal Year Final Research Report
A study on main steam monetary policy : A post-Keynesian view
| Project/Area Number |
21730169
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| Research Category |
Grant-in-Aid for Young Scientists (B)
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| Allocation Type | Single-year Grants |
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| Research Field |
Economic doctrine/Economic thought
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| Research Institution | Ohtsuki City College |
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Principal Investigator |
NAITO Atsushi 大月短期大学, 経済科, 准教授 (40461868)
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| Project Period (FY) |
2009 – 2011
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| Keywords | 金融政策 / ポストケインジアン / インフレーション目標政策 / 金融化 / 金利生活者の安楽死 / 所得分配 / マクロ経済学 / 内生的貨幣供給論 |
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| Research Abstract |
In this study, we critically examine the inflation targeting policy and the policy rule theory as mainstream monetary policy theory from the Post Keynesian perspective. The outcomes of this study are five points. First, we clarify that the inflation targeting policy is not only a kind of technocratic control and also reflects financial interests by emphasizing the communication with the financial market. Second, we examine the relationship between the monetary policy and the financialization that financial phenomenon becomes more important in the economy. We clarify that the liberal Anglo-Saxon countries that are evaluated as advancing the financialization basically adopt the inflation targeting policy. Third, by investigating the formation process of the Keynes's argument of the euthanasia of the rentier in detail, we contemplate its significance and applicability in the Keynes's theory. Fourth, we examine the status of finance in the endogenous monetary theory and the function of finance in relation to the mechanism of the money supply. Fifth, we examine the theory of monetary policy in the endogenous money supply theory.
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