Money endogeneity and interest rates
Based on the post-Keynesian theories of endogenous money, this worklays out the basis of a research program on the Colombian monetaryeconomy. The usual interpretation of the quantitative equation formoney considers that income and the velocity of circulation of moneyare constant, while the volume of...
- Autores:
-
García-Molina, Mario
- Tipo de recurso:
- Article of journal
- Fecha de publicación:
- 1994
- Institución:
- Universidad Nacional de Colombia
- Repositorio:
- Universidad Nacional de Colombia
- Idioma:
- spa
- OAI Identifier:
- oai:repositorio.unal.edu.co:unal/28224
- Acceso en línea:
- https://repositorio.unal.edu.co/handle/unal/28224
http://bdigital.unal.edu.co/18272/
- Palabra clave:
- Dinero
tasa de interés
economía monetaria
ingreso
precios
postkeynesianas
sistema bancario
banca central
- Rights
- openAccess
- License
- Atribución-NoComercial 4.0 Internacional
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Atribución-NoComercial 4.0 InternacionalDerechos reservados - Universidad Nacional de Colombiahttp://creativecommons.org/licenses/by-nc/4.0/info:eu-repo/semantics/openAccesshttp://purl.org/coar/access_right/c_abf2García-Molina, Marioe5f78865-4fd5-4e88-80e1-6fc93228f1ea3002019-06-26T10:17:30Z2019-06-26T10:17:30Z1994https://repositorio.unal.edu.co/handle/unal/28224http://bdigital.unal.edu.co/18272/Based on the post-Keynesian theories of endogenous money, this worklays out the basis of a research program on the Colombian monetaryeconomy. The usual interpretation of the quantitative equation formoney considers that income and the velocity of circulation of moneyare constant, while the volume of money is controlled by theauthorities and changes in it are translated into changes in the levelof prices: the amount of money in circulation causes prices to be whatthey are, and is exogenous to them. A Post-Keynesian interpretationwould say that price increases bring a greater demand for money, andthat, in the name of the stability and solidity of the banking system,the central bank should adapt to such changes. Prices affect the moneysupply, and money is therefore endogenous. The article discusses thetheoretical problems of this approach and presents empirical evidencesupporting the hypothesis in the case of Colombia, suggesting analternative way of managing interest rates.Apoyándose en las teorías postkeynesiana del dinero endógeno, este trabajo expone las bases de un programa de investigación sobre la economía monetaria colombiana. La interpretación usual de la ecuación cuantitativa del dinero considera que el ingreso y la velocidad de la circulación de la moneda son constantes, mientras que la cantidad de dinero son controladas por la autoridad monetaria y sus cambios traducen cambios en el nivel de precios y viene dada en forma exógena. En las interpretaciones postkeynesianas, los aumentos de precios inducen mayores rendimientos de dinero y, a fin de mantener la estabilidad y la solidez del sistema bancario, el banco central debe actuar en forma adaptativa; así, los precios causan la cantidad de dinero y ésta tiene un carácter endógeno. Además de la discusión de los problemas teóricos que plantea esta concepción del dinero, el artículo presenta evidencia empírica que apoya esta hipótesis en el caso colombiano y sugiere un manejo alternativo de la tasa de interés.application/pdfspaFacultad de Ciencias Economicas - Universidad Nacional de Colombiahttp://revistas.unal.edu.co/index.php/ceconomia/article/view/14051Universidad Nacional de Colombia Revistas electrónicas UN Cuadernos de EconomíaCuadernos de EconomíaCuadernos de Economía; Vol. 14, núm. 21 (1994); 143-155 2248-4337 0121-4772García Molina, Mario (1994) Money endogeneity and interest rates. Cuadernos de Economía; Vol. 14, núm. 21 (1994); 143-155 2248-4337 0121-4772 .Money endogeneity and interest ratesArtículo de revistainfo:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/resource_type/c_6501http://purl.org/coar/resource_type/c_2df8fbb1http://purl.org/coar/version/c_970fb48d4fbd8a85Texthttp://purl.org/redcol/resource_type/ARTDinerotasa de interéseconomía monetariaingresopreciospostkeynesianassistema bancariobanca centralORIGINAL14051-63846-1-PB.pdfapplication/pdf724480https://repositorio.unal.edu.co/bitstream/unal/28224/1/14051-63846-1-PB.pdf8ccb6d473a2ccb743b16834f61d22bf3MD51unal/28224oai:repositorio.unal.edu.co:unal/282242021-04-20 15:40:30.186Repositorio Institucional Universidad Nacional de Colombiarepositorio_nal@unal.edu.co |
| dc.title.spa.fl_str_mv |
Money endogeneity and interest rates |
| title |
Money endogeneity and interest rates |
| spellingShingle |
Money endogeneity and interest rates Dinero tasa de interés economía monetaria ingreso precios postkeynesianas sistema bancario banca central |
| title_short |
Money endogeneity and interest rates |
| title_full |
Money endogeneity and interest rates |
| title_fullStr |
Money endogeneity and interest rates |
| title_full_unstemmed |
Money endogeneity and interest rates |
| title_sort |
Money endogeneity and interest rates |
| dc.creator.fl_str_mv |
García-Molina, Mario |
| dc.contributor.author.spa.fl_str_mv |
García-Molina, Mario |
| dc.subject.proposal.spa.fl_str_mv |
Dinero tasa de interés economía monetaria ingreso precios postkeynesianas sistema bancario banca central |
| topic |
Dinero tasa de interés economía monetaria ingreso precios postkeynesianas sistema bancario banca central |
| description |
Based on the post-Keynesian theories of endogenous money, this worklays out the basis of a research program on the Colombian monetaryeconomy. The usual interpretation of the quantitative equation formoney considers that income and the velocity of circulation of moneyare constant, while the volume of money is controlled by theauthorities and changes in it are translated into changes in the levelof prices: the amount of money in circulation causes prices to be whatthey are, and is exogenous to them. A Post-Keynesian interpretationwould say that price increases bring a greater demand for money, andthat, in the name of the stability and solidity of the banking system,the central bank should adapt to such changes. Prices affect the moneysupply, and money is therefore endogenous. The article discusses thetheoretical problems of this approach and presents empirical evidencesupporting the hypothesis in the case of Colombia, suggesting analternative way of managing interest rates. |
| publishDate |
1994 |
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1994 |
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2019-06-26T10:17:30Z |
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2019-06-26T10:17:30Z |
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Artículo de revista |
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http://purl.org/coar/resource_type/c_2df8fbb1 |
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info:eu-repo/semantics/article |
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Text |
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https://repositorio.unal.edu.co/handle/unal/28224 |
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http://bdigital.unal.edu.co/18272/ |
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spa |
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http://revistas.unal.edu.co/index.php/ceconomia/article/view/14051 |
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Universidad Nacional de Colombia Revistas electrónicas UN Cuadernos de Economía Cuadernos de Economía |
| dc.relation.ispartofseries.none.fl_str_mv |
Cuadernos de Economía; Vol. 14, núm. 21 (1994); 143-155 2248-4337 0121-4772 |
| dc.relation.references.spa.fl_str_mv |
García Molina, Mario (1994) Money endogeneity and interest rates. Cuadernos de Economía; Vol. 14, núm. 21 (1994); 143-155 2248-4337 0121-4772 . |
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Derechos reservados - Universidad Nacional de Colombia |
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Atribución-NoComercial 4.0 Internacional |
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