Monetary policy transmission mechanisms: the vision of the different schools of thought
- Authors
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Marcos Wagner da Fonseca
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Marcelo Luiz Curado
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- Keywords:
- Mecanismos de transmissão monetária, Política monetária, Escolas de pensamento econômico, Taxa de juros.
- Abstract
- ABSTRACT The purpose of this paper is to present a discussion on the monetary policy transmission mechanisms developed by the various schools of economic thought over time. The organization of this discussion from the schools of thought is unprecedented and allows the establishment of relevant comparisons on the subject. We start with the conventional view of the old-Keynesians through the IS-LM model for closed and open economies. The critique starts with the contribution of the monetarist school and passes through the vision of the new-classical and new-Keynesian schools, ending with the contribution of the post-Keynesian school to the discussion. It is concluded that the monetary policy effects on the system are far beyond its impacts on interest rates. Impacts on the exchange rate, level of wealth, expectations, credit terms and liquidity degree of assets that are part of the system can be expected due to changes in monetary policy. Key words: Monetary transmission mechanism; Monetary policy; Schools of economic thought; Classificação JEL: E44, E51, E52, E58 Artigo recebido em nov. 2010 e aprovado para publicação em jun. 2012
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- Published
- 2012-11-20
- Issue
- Vol. 33 No. 2 (2012)
- Section
- Artigos
- License
- A remessa dos artigos à revista implica a cessão dos direitos autorais à FEE.