Monetary policy and currency (non) neutrality: A comparative analysis between the Austrian, Post-Keynesian, New-Classical and New-Keynesian
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Data de Publicação: | 2021 |
Outros Autores: | |
Tipo de documento: | Artigo |
Idioma: | por |
Título da fonte: | Mises |
Texto Completo: | https://revistamises.org.br/misesjournal/article/view/1387 |
Resumo: | The purpose of this article is to clarify the relationship between the different views of the following schools: Austrian, Post-Keynesian; New-Classical; and New-Keynesian on the impact of currency on the economy and monetary policy recommendations. The theoretical framework addresses these four schools and allows us to understand their perceptions regarding the neutrality or non-neutrality of money. Differences in perceptions are linked to recommendations or rejections of governmental interference through monetary policies. These perceptions are presented, comparing the long-term effects of monetary expansion according to each school. The role of the Central Bank as a stimulating economic agent according to each school is discussed. Treating money as neutral or non-neutral does not mean having the same view about its economic system impacts. Each school has its hypotheses and a specific and differentiated understanding of currency manipulation consequences through government interventions via accommodative monetary policies. A clear view of money and its role is essential to avoid misguided government policies that at times can aggravate or create more problems than solutions. It is qualitative research with explanatory scope based on a bibliographic survey. |
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Monetary policy and currency (non) neutrality: A comparative analysis between the Austrian, Post-Keynesian, New-Classical and New-KeynesianPolítica monetaria y (no) neutralidad cambiaria: Un análisis comparativo entre los austriacos, poskeynesianos, Nuevo clásico y nuevo keynesianoPolítica monetária e a (não) neutralidade da moeda: Uma análise comparativa entre as visões Austríaca, Pós-Keynesiana, Novo-Clássica e Novo-KeynesianaEscola AustríacaKeynesianismoNovos-clássicosMoedaPolítica MonetáriaAustrian SchoolKeynesianismNe ClassicsManeyMonetary policyEscuela AustríacaKeynesianismoNuevos ClásicosMonedaLa política monetáriaThe purpose of this article is to clarify the relationship between the different views of the following schools: Austrian, Post-Keynesian; New-Classical; and New-Keynesian on the impact of currency on the economy and monetary policy recommendations. The theoretical framework addresses these four schools and allows us to understand their perceptions regarding the neutrality or non-neutrality of money. Differences in perceptions are linked to recommendations or rejections of governmental interference through monetary policies. These perceptions are presented, comparing the long-term effects of monetary expansion according to each school. The role of the Central Bank as a stimulating economic agent according to each school is discussed. Treating money as neutral or non-neutral does not mean having the same view about its economic system impacts. Each school has its hypotheses and a specific and differentiated understanding of currency manipulation consequences through government interventions via accommodative monetary policies. A clear view of money and its role is essential to avoid misguided government policies that at times can aggravate or create more problems than solutions. It is qualitative research with explanatory scope based on a bibliographic survey.El propósito de este artículo es aclarar la relación entre los diferentes puntos de vista de las escuelas: austriaca; Poskeynesiano; Nuevo Clásico; y Novo-Keynesiana sobre el impacto de la moneda en la economía y recomendaciones de política monetaria. El marco teórico aborda estas cuatro escuelas y nos permite comprender sus percepciones sobre la neutralidad o no neutralidad del dinero. Las diferencias en las percepciones están vinculadas a recomendaciones o rechazos a la interferencia gubernamental a través de políticas monetarias. Se presentan estas percepciones, comparando los efectos a largo plazo de la expansión monetaria según cada escuela. Se discute el rol del Banco Central como agente dinamizador económico según cada escuela. Tratar el dinero como neutral o no neutral no significa tener la misma opinión sobre los impactos que tiene en el sistema económico. Cada escuela tiene sus propias hipótesis y una comprensión específica y diferenciada de las consecuencias de la manipulación de la moneda a través de intervenciones gubernamentales a través de políticas monetarias acomodaticias. Una visión clara del dinero y su papel es fundamental para evitar políticas gubernamentales equivocadas que en ocasiones pueden agravar o crear más problemas que soluciones. Es una investigación cualitativa con alcance explicativo basada en un relevamiento bibliográfico.O objetivo deste artigo é esclarecer a relação entre as diferentes visões das escolas Austríaca, Pós-Keynesiana, Novo-Clássica e Novo-Keynesiana sobre o impacto da moeda na economia e as recomendações de políticas monetárias. O arcabouço teórico aborda estas quatro escolas e permite compreender suas percepções a respeito da neutralidade ou não neutralidade da moeda. As diferenças nas percepções estão ligadas às recomendações ou rejeições de interferências governamentais por meio de políticas monetárias. Apresentam-se estas percepções, comparando os efeitos da expansão monetária no longo prazo de acordo com cada escola. Discute-se a atuação do Banco Central como agente estimulador da economia de acordo com cada escola. Tratar a moeda como neutra ou não neutra não significa ter a mesma visão a respeito dos impactos que ela causa no sistema econômico. Cada escola tem suas hipóteses e um entendimento específico e diferenciado quanto às consequências da manipulação da moeda através de intervenções governamentais via políticas monetárias acomodatícias. Uma visão clara sobre a moeda e seu papel é fundamental para se evitar políticas governamentais equivocadas que em certos momentos podem agravar ou criar mais problemas do que soluções. Trata-se de uma pesquisa qualitativa com alcance explicativo fundamentada em levantamento bibliográfico.Instituto Mises Brasil2021-04-13info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://revistamises.org.br/misesjournal/article/view/138710.30800/mises.2021.v9.1387MISES: Interdisciplinary Journal of Philosophy, Law and Economics; Vol. 9 (2021): Yearly Continuous PublicationMISES: Interdisciplinary Journal of Philosophy, Law and Economics; Vol. 9 (2021): Publicación Anual ContinuaMISES: Interdisciplinary Journal of Philosophy, Law and Economics; v. 9 (2021): Publicação Contínua2594-91872318-0811reponame:Misesinstname:Instituto Mises Brasilinstacron:IMBporhttps://revistamises.org.br/misesjournal/article/view/1387/699Copyright (c) 2021 MISES: Interdisciplinary Journal of Philosophy, Law and Economicshttp://creativecommons.org/licenses/by/4.0info:eu-repo/semantics/openAccessSantana, BernardoArantes, Elaine2022-03-07T18:46:27Zoai:ojs.emnuvens.com.br:article/1387Revistahttps://revistamises.org.br/misesjournalPRIhttps://revistamises.org.br/misesjournal/oairevista@mises.org.br2594-91872318-0811opendoar:2022-03-07T18:46:27Mises - Instituto Mises Brasilfalse |
dc.title.none.fl_str_mv |
Monetary policy and currency (non) neutrality: A comparative analysis between the Austrian, Post-Keynesian, New-Classical and New-Keynesian Política monetaria y (no) neutralidad cambiaria: Un análisis comparativo entre los austriacos, poskeynesianos, Nuevo clásico y nuevo keynesiano Política monetária e a (não) neutralidade da moeda: Uma análise comparativa entre as visões Austríaca, Pós-Keynesiana, Novo-Clássica e Novo-Keynesiana |
title |
Monetary policy and currency (non) neutrality: A comparative analysis between the Austrian, Post-Keynesian, New-Classical and New-Keynesian |
spellingShingle |
Monetary policy and currency (non) neutrality: A comparative analysis between the Austrian, Post-Keynesian, New-Classical and New-Keynesian Santana, Bernardo Escola Austríaca Keynesianismo Novos-clássicos Moeda Política Monetária Austrian School Keynesianism Ne Classics Maney Monetary policy Escuela Austríaca Keynesianismo Nuevos Clásicos Moneda La política monetária |
title_short |
Monetary policy and currency (non) neutrality: A comparative analysis between the Austrian, Post-Keynesian, New-Classical and New-Keynesian |
title_full |
Monetary policy and currency (non) neutrality: A comparative analysis between the Austrian, Post-Keynesian, New-Classical and New-Keynesian |
title_fullStr |
Monetary policy and currency (non) neutrality: A comparative analysis between the Austrian, Post-Keynesian, New-Classical and New-Keynesian |
title_full_unstemmed |
Monetary policy and currency (non) neutrality: A comparative analysis between the Austrian, Post-Keynesian, New-Classical and New-Keynesian |
title_sort |
Monetary policy and currency (non) neutrality: A comparative analysis between the Austrian, Post-Keynesian, New-Classical and New-Keynesian |
author |
Santana, Bernardo |
author_facet |
Santana, Bernardo Arantes, Elaine |
author_role |
author |
author2 |
Arantes, Elaine |
author2_role |
author |
dc.contributor.author.fl_str_mv |
Santana, Bernardo Arantes, Elaine |
dc.subject.por.fl_str_mv |
Escola Austríaca Keynesianismo Novos-clássicos Moeda Política Monetária Austrian School Keynesianism Ne Classics Maney Monetary policy Escuela Austríaca Keynesianismo Nuevos Clásicos Moneda La política monetária |
topic |
Escola Austríaca Keynesianismo Novos-clássicos Moeda Política Monetária Austrian School Keynesianism Ne Classics Maney Monetary policy Escuela Austríaca Keynesianismo Nuevos Clásicos Moneda La política monetária |
description |
The purpose of this article is to clarify the relationship between the different views of the following schools: Austrian, Post-Keynesian; New-Classical; and New-Keynesian on the impact of currency on the economy and monetary policy recommendations. The theoretical framework addresses these four schools and allows us to understand their perceptions regarding the neutrality or non-neutrality of money. Differences in perceptions are linked to recommendations or rejections of governmental interference through monetary policies. These perceptions are presented, comparing the long-term effects of monetary expansion according to each school. The role of the Central Bank as a stimulating economic agent according to each school is discussed. Treating money as neutral or non-neutral does not mean having the same view about its economic system impacts. Each school has its hypotheses and a specific and differentiated understanding of currency manipulation consequences through government interventions via accommodative monetary policies. A clear view of money and its role is essential to avoid misguided government policies that at times can aggravate or create more problems than solutions. It is qualitative research with explanatory scope based on a bibliographic survey. |
publishDate |
2021 |
dc.date.none.fl_str_mv |
2021-04-13 |
dc.type.driver.fl_str_mv |
info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
format |
article |
status_str |
publishedVersion |
dc.identifier.uri.fl_str_mv |
https://revistamises.org.br/misesjournal/article/view/1387 10.30800/mises.2021.v9.1387 |
url |
https://revistamises.org.br/misesjournal/article/view/1387 |
identifier_str_mv |
10.30800/mises.2021.v9.1387 |
dc.language.iso.fl_str_mv |
por |
language |
por |
dc.relation.none.fl_str_mv |
https://revistamises.org.br/misesjournal/article/view/1387/699 |
dc.rights.driver.fl_str_mv |
Copyright (c) 2021 MISES: Interdisciplinary Journal of Philosophy, Law and Economics http://creativecommons.org/licenses/by/4.0 info:eu-repo/semantics/openAccess |
rights_invalid_str_mv |
Copyright (c) 2021 MISES: Interdisciplinary Journal of Philosophy, Law and Economics http://creativecommons.org/licenses/by/4.0 |
eu_rights_str_mv |
openAccess |
dc.format.none.fl_str_mv |
application/pdf |
dc.publisher.none.fl_str_mv |
Instituto Mises Brasil |
publisher.none.fl_str_mv |
Instituto Mises Brasil |
dc.source.none.fl_str_mv |
MISES: Interdisciplinary Journal of Philosophy, Law and Economics; Vol. 9 (2021): Yearly Continuous Publication MISES: Interdisciplinary Journal of Philosophy, Law and Economics; Vol. 9 (2021): Publicación Anual Continua MISES: Interdisciplinary Journal of Philosophy, Law and Economics; v. 9 (2021): Publicação Contínua 2594-9187 2318-0811 reponame:Mises instname:Instituto Mises Brasil instacron:IMB |
instname_str |
Instituto Mises Brasil |
instacron_str |
IMB |
institution |
IMB |
reponame_str |
Mises |
collection |
Mises |
repository.name.fl_str_mv |
Mises - Instituto Mises Brasil |
repository.mail.fl_str_mv |
revista@mises.org.br |
_version_ |
1798313179692924928 |