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ESTA NO ES LA INFLACIÓN DE TUS PADRES.
- Source :
-
Revista de Economía Institucional . ene-jun2023, Vol. 25 Issue 48, p13-28. 16p. - Publication Year :
- 2023
-
Abstract
- This paper provides a theoretical and historical analysis of inflation in monetary production economies since World War II. It shows that the "Keynesian" interpretations of the Phillips curve trade-off and the monetarist interpretations of "inflationary expectations" and the natural rate of unemployment did not establish the proper causal relationship between credit and unemployment, and between costs and inflation. It was Hyman Minsky, an American economist, who - following Keynes' ideas and the bank endogenous currency approach - showed that it is the increase (or reduction) in credit that explains the reduction (increase) in unemployment. The resurgence of inflation today can be explained by a Kaleckian approach in which the reduction of productivity is the efficient cause of an inflation that can become persistent. [ABSTRACT FROM AUTHOR]
Details
- Language :
- Spanish
- ISSN :
- 01245996
- Volume :
- 25
- Issue :
- 48
- Database :
- Academic Search Index
- Journal :
- Revista de EconomÃa Institucional
- Publication Type :
- Academic Journal
- Accession number :
- 161356297
- Full Text :
- https://doi.org/10.18601/01245996.v25n48.03