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...

Full description

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

id	UNACIONAL2_6772d839f1ab4f707bc7d2bce2a6d2bb
oai_identifier_str	oai:repositorio.unal.edu.co:unal/28224
network_acronym_str	UNACIONAL2
network_name_str	Universidad Nacional de Colombia
repository_id_str
spelling	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
dc.date.issued.spa.fl_str_mv	1994
dc.date.accessioned.spa.fl_str_mv	2019-06-26T10:17:30Z
dc.date.available.spa.fl_str_mv	2019-06-26T10:17:30Z
dc.type.spa.fl_str_mv	Artículo de revista
dc.type.coar.fl_str_mv	http://purl.org/coar/resource_type/c_2df8fbb1
dc.type.driver.spa.fl_str_mv	info:eu-repo/semantics/article
dc.type.version.spa.fl_str_mv	info:eu-repo/semantics/publishedVersion
dc.type.coar.spa.fl_str_mv	http://purl.org/coar/resource_type/c_6501
dc.type.coarversion.spa.fl_str_mv	http://purl.org/coar/version/c_970fb48d4fbd8a85
dc.type.content.spa.fl_str_mv	Text
dc.type.redcol.spa.fl_str_mv	http://purl.org/redcol/resource_type/ART
format	http://purl.org/coar/resource_type/c_6501
status_str	publishedVersion
dc.identifier.uri.none.fl_str_mv	https://repositorio.unal.edu.co/handle/unal/28224
dc.identifier.eprints.spa.fl_str_mv	http://bdigital.unal.edu.co/18272/
url	https://repositorio.unal.edu.co/handle/unal/28224 http://bdigital.unal.edu.co/18272/
dc.language.iso.spa.fl_str_mv	spa
language	spa
dc.relation.spa.fl_str_mv	http://revistas.unal.edu.co/index.php/ceconomia/article/view/14051
dc.relation.ispartof.spa.fl_str_mv	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 .
dc.rights.spa.fl_str_mv	Derechos reservados - Universidad Nacional de Colombia
dc.rights.coar.fl_str_mv	http://purl.org/coar/access_right/c_abf2
dc.rights.license.spa.fl_str_mv	Atribución-NoComercial 4.0 Internacional
dc.rights.uri.spa.fl_str_mv	http://creativecommons.org/licenses/by-nc/4.0/
dc.rights.accessrights.spa.fl_str_mv	info:eu-repo/semantics/openAccess
rights_invalid_str_mv	Atribución-NoComercial 4.0 Internacional Derechos reservados - Universidad Nacional de Colombia http://creativecommons.org/licenses/by-nc/4.0/ http://purl.org/coar/access_right/c_abf2
eu_rights_str_mv	openAccess
dc.format.mimetype.spa.fl_str_mv	application/pdf
dc.publisher.spa.fl_str_mv	Facultad de Ciencias Economicas - Universidad Nacional de Colombia
institution	Universidad Nacional de Colombia
bitstream.url.fl_str_mv	https://repositorio.unal.edu.co/bitstream/unal/28224/1/14051-63846-1-PB.pdf
bitstream.checksum.fl_str_mv	8ccb6d473a2ccb743b16834f61d22bf3
bitstream.checksumAlgorithm.fl_str_mv	MD5
repository.name.fl_str_mv	Repositorio Institucional Universidad Nacional de Colombia
repository.mail.fl_str_mv	repositorio_nal@unal.edu.co
_version_	1806886584909299712

Money endogeneity and interest rates

Publicaciones similares