Traditional inflation theories

Bol

The text traces the evolution of the main theories explaining inflation. Four historical approaches are distinguished: the monetary explanation, inflation by costs, inflation by excess demand and the structural and institutional approach developed by heterodox currents. Keynesianism initially combined cost and demand explanations, before monetaro-Keynesianism integrated money as the central factor in excess demand.To the right of the mainstream, monetarists and rational expectations theorists see inflation as a strictly monetary phenomenon, based on the neutrality of money and its exogenous nature, controlled by the monetary authorities.To the left of the mainstream, post-Keynesians and the regulation school analyze inflation as a structural and institutional phenomenon linked to the functioning of capitalism. They defend an endogenous conception of money and oppose monetarism, taking the monetary economy of production as their starting point.

Amazon

Pagina's: 60, Paperback, Our Knowledge Publishing