A Post-Keynesian look at countercyclical monetary policy in dollarized countries: role of endogenous money and liquidity preference theories
The Post-Keynesian paradigm is the one that has most analyzed the monetary nature of a production economy. In the words of Keynes (1936), fluctuations in effective demand is a monetary problem, with which, this theoretical basis will allow us to understand how monetary processes affect the real sect...
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| Язык: | spa |
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2021
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| Online-ссылка: | https://estudioseconomicos.bce.fin.ec/index.php/RevistaCE/article/view/338 |
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| author | Llerena, Grace |
| author_facet | Llerena, Grace |
| author_role | author |
| collection | Revista Cuestiones Económicas |
| dc.creator.none.fl_str_mv | Llerena, Grace |
| dc.date.none.fl_str_mv | 2021-11-22 |
| dc.format.none.fl_str_mv | application/pdf |
| dc.identifier.none.fl_str_mv | https://estudioseconomicos.bce.fin.ec/index.php/RevistaCE/article/view/338 10.47550/RCE/MEM/31.17 |
| dc.language.none.fl_str_mv | spa |
| dc.publisher.none.fl_str_mv | Banco Central del Ecuador |
| dc.relation.none.fl_str_mv | https://estudioseconomicos.bce.fin.ec/index.php/RevistaCE/article/view/338/239 |
| dc.rights.none.fl_str_mv | Derechos de autor 2021 Cuestiones Económicas https://creativecommons.org/licenses/by-nc/4.0 info:eu-repo/semantics/openAccess |
| dc.source.none.fl_str_mv | Cuestiones Económicas; Vol. 31 Núm. 3 (2021): Edición Especial: Memorias IV Encuentro Internacional de Economía EPN; Autor: Grace Llerena 2697-3367 2697-3367 reponame:Revista Cuestiones Económicas instname:Banco Central del Ecuador instacron:BCE |
| dc.subject.none.fl_str_mv | Dinero endógeno Preferencia por liquidez Política monetaria contracíclica Recesión Dolarización Postkeynesianos |
| dc.title.none.fl_str_mv | A Post-Keynesian look at countercyclical monetary policy in dollarized countries: role of endogenous money and liquidity preference theories Una mirada Post-Keynesiana a la política monetaria contracíclica en países dolarizados: rol de las teorías del dinero endógeno y de la preferencia por liquidez |
| dc.type.none.fl_str_mv | info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion Artículos de Investigación |
| description | The Post-Keynesian paradigm is the one that has most analyzed the monetary nature of a production economy. In the words of Keynes (1936), fluctuations in effective demand is a monetary problem, with which, this theoretical basis will allow us to understand how monetary processes affect the real sector of the economy, not only in the short term, but particularly, the medium and long term; and, therefore, study the macroeconomic dynamics of countries that do not have their own currency. While Post-Keynesians incorporate endogenous money theory into their analytical framework of 'money, credit, and interest' to explain the configuration of modern monetary policy and the role of central banks, they seem to have forgotten a purely Keynesian category in the monetary debate, the theory of liquidity preference. Therefore, in this document it is proposed to reincorporate in this debate the theory of liquidity preference as a key piece to have a theoretical framework consisting and complete of 'money, credit and interest' that makes it possible to understand the macroeconomic effects of the monetary policy tools in dollarized countries, particularly in times of downturn in the economic cycle. |
| eu_rights_str_mv | openAccess |
| format | article |
| id | REVCUESTEC_116a50dbac7eb72446eab91d51845266 |
| identifier_str_mv | 10.47550/RCE/MEM/31.17 |
| instacron_str | BCE |
| institution | BCE |
| instname_str | Banco Central del Ecuador |
| language | spa |
| network_acronym_str | REVCUESTEC |
| network_name_str | Revista Cuestiones Económicas |
| oai_identifier_str | oai:estudioseconomicos.bce.fin.ec:article/338 |
| publishDate | 2021 |
| publisher.none.fl_str_mv | Banco Central del Ecuador |
| reponame_str | Revista Cuestiones Económicas |
| repository.mail.fl_str_mv | |
| repository.name.fl_str_mv | Revista Cuestiones Económicas - Banco Central del Ecuador |
| repository_id_str | |
| rights_invalid_str_mv | Derechos de autor 2021 Cuestiones Económicas https://creativecommons.org/licenses/by-nc/4.0 |
| spelling | A Post-Keynesian look at countercyclical monetary policy in dollarized countries: role of endogenous money and liquidity preference theoriesUna mirada Post-Keynesiana a la política monetaria contracíclica en países dolarizados: rol de las teorías del dinero endógeno y de la preferencia por liquidezLlerena, Grace Dinero endógenoPreferencia por liquidezPolítica monetariacontracíclicaRecesiónDolarizaciónPostkeynesianosThe Post-Keynesian paradigm is the one that has most analyzed the monetary nature of a production economy. In the words of Keynes (1936), fluctuations in effective demand is a monetary problem, with which, this theoretical basis will allow us to understand how monetary processes affect the real sector of the economy, not only in the short term, but particularly, the medium and long term; and, therefore, study the macroeconomic dynamics of countries that do not have their own currency. While Post-Keynesians incorporate endogenous money theory into their analytical framework of 'money, credit, and interest' to explain the configuration of modern monetary policy and the role of central banks, they seem to have forgotten a purely Keynesian category in the monetary debate, the theory of liquidity preference. Therefore, in this document it is proposed to reincorporate in this debate the theory of liquidity preference as a key piece to have a theoretical framework consisting and complete of 'money, credit and interest' that makes it possible to understand the macroeconomic effects of the monetary policy tools in dollarized countries, particularly in times of downturn in the economic cycle.El paradigma Post-Keynesiano es el que más ha analizado la naturaleza monetaria de una economía de producción. En palabras de Keynes (1936) las fluctuaciones de la demanda efectiva es un problema monetario, con lo cual, esta base teórica nos permitirá comprender cómo los procesos monetarios afectan al sector real de la economía, no solo en el corto plazo, sino particularmente, el mediano y largo plazo; y, por tanto, estudiar la dinámica macroeconómica de países que no cuentan con moneda propia. Si bien los Post-Keynesianos incorporan en su marco analítico del 'dinero, crédito e interés' a la teoría del dinero endógeno para explicar la configuración de la política monetaria moderna y el rol de los bancos centrales, perecen haber olvidado una categoría puramente keynesiana en el debate monetario, la teoría de la preferencia por liquidez. Por lo cual, es este documento se propone reincorporar en este debate a la teoría de la preferencia por liquidez como una pieza clave para contar con un marco teórico consiste y completo del 'dinero, crédito e interés' que posibilite comprender los efectos macroeconómicos de las herramientas de política monetaria en los países dolarizados, particularmente en momentos de la caída del ciclo económico. Banco Central del Ecuador2021-11-22info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionArtículos de Investigaciónapplication/pdfhttps://estudioseconomicos.bce.fin.ec/index.php/RevistaCE/article/view/33810.47550/RCE/MEM/31.17Cuestiones Económicas; Vol. 31 Núm. 3 (2021): Edición Especial: Memorias IV Encuentro Internacional de Economía EPN; Autor: Grace Llerena2697-33672697-3367reponame:Revista Cuestiones Económicasinstname:Banco Central del Ecuadorinstacron:BCEspahttps://estudioseconomicos.bce.fin.ec/index.php/RevistaCE/article/view/338/239Derechos de autor 2021 Cuestiones Económicashttps://creativecommons.org/licenses/by-nc/4.0info:eu-repo/semantics/openAccess2021-11-26T18:49:41Zoai:estudioseconomicos.bce.fin.ec:article/338Portal de revistashttps://estudioseconomicos.bce.fin.ec/index.php/RevistaCEOrganismo de gobiernowww.bce.fin.echttps://estudioseconomicos.bce.fin.ec/index.php/RevistaCE/oaiEcuadoropendoar:2021-11-26T18:49:41falsePortal de revistashttps://estudioseconomicos.bce.fin.ec/index.php/RevistaCEOrganismo de gobiernowww.bce.fin.echttps://estudioseconomicos.bce.fin.ec/index.php/RevistaCE/oaiEcuadoropendoar:2021-11-26T18:49:41Revista Cuestiones Económicas - Banco Central del Ecuadorfalse |
| spellingShingle | A Post-Keynesian look at countercyclical monetary policy in dollarized countries: role of endogenous money and liquidity preference theories Llerena, Grace Dinero endógeno Preferencia por liquidez Política monetaria contracíclica Recesión Dolarización Postkeynesianos |
| status_str | publishedVersion |
| title | A Post-Keynesian look at countercyclical monetary policy in dollarized countries: role of endogenous money and liquidity preference theories |
| title_full | A Post-Keynesian look at countercyclical monetary policy in dollarized countries: role of endogenous money and liquidity preference theories |
| title_fullStr | A Post-Keynesian look at countercyclical monetary policy in dollarized countries: role of endogenous money and liquidity preference theories |
| title_full_unstemmed | A Post-Keynesian look at countercyclical monetary policy in dollarized countries: role of endogenous money and liquidity preference theories |
| title_short | A Post-Keynesian look at countercyclical monetary policy in dollarized countries: role of endogenous money and liquidity preference theories |
| title_sort | A Post-Keynesian look at countercyclical monetary policy in dollarized countries: role of endogenous money and liquidity preference theories |
| topic | Dinero endógeno Preferencia por liquidez Política monetaria contracíclica Recesión Dolarización Postkeynesianos |
| url | https://estudioseconomicos.bce.fin.ec/index.php/RevistaCE/article/view/338 |