Teorie endogenních peněz v postkeynesiánské ekonomii
THEORY OF ENDOGENOUS MONEY IN POST-KEYNESIAN ECONOMICS

Summary/Abstract: The post-Keynesian approach to nature of money brings some other conclusion to the monetary policy, independence of a central bank and function of commercial banks. Loans create deposits, deposits create reserves. Central bank plays two roles: lender of last resort and inflation supervisor. The money supply is a result of credit creation. The changes in money supply depend on changes in money demand but not on behaviour of monetary authorities. The ability of central bank to influence the economy by interest rate continually decreases as a result of develop-ment of financial innovation. Central bank has no control over the high-powered money. Central bank must resignate to adjust money supply. Money is endogenous by demand and pulled by credits. Post-Keynesian theory is not homogenous, therefore it does not present recommen-dation for overall economic policy. The most interesting are recommendation in target at regulation of financial markets, supervision of central bank, fight with inflation and behaviour of commercial banks. Contemporary central banks partially implicate the post-Keynesian conclusion in monetary policies without their complete acceptance.

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