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Liquidity preference in a world of endogenous money: A short-note.
Preferencia por liquidez en un mundo de dinero endógeno: una nota corta.
Preferência de liquidez em um mundo de dinheiro endógeno: uma nota curta.
DOI:
https://doi.org/10.15446/cuad.econ.v39n81.78536Keywords:
Liquidity preference, endogenous money, Keynesian macroeconomics, financial markets (en)preferencia por la liquidez, dinero endógeno, macroeconomía keynesiana, mercados financieros (es)
preferência pela liquidez, dinheiro endógeno, macroeconomia keynesiana, mercados financeiros (pt)
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We argue that even in the case that banks are able to maintain the interest rate at a level that they want (the most “radical” version of the theory of endogenous money), liquidity preference continues to constitute a key element when determining the real equilibrium of the economy. In a framework of endogenous money, the Keynesian theory of liquidity preference still constitutes a theory that determines level of income. Financial markets matter, and the Kaldorian idea that liquidity preference “ceases to be of any importance” can only be defended under a set of very restrictive assumptions.
En este artículo argumentamos que incluso en el caso de que los bancos puedan mantener la tasa de interés al nivel que deseen (la versión más “radical” de la teoría de dinero endógeno), la preferencia por liquidez sigue constituyendo un elemento clave en la determinación del equilibrio real de la economía. En un marco de dinero endógeno, la teoría keynesiana de preferencia por la liquidez es aún una teoría para la determinación del nivel de ingreso. Los mercados financieros importan, y la idea kaldoriana sobre la relevancia de la preferencia por la liquidez solo puede defenderse con un conjunto de supuestos muy restrictivos.
Neste artigo argumentamos que inclusive em caso de que os bancos possam manter a taxa de juros ao nível esperado (a versão mais “radical” da teoria de dinheiro endógeno), a preferência por liquidez continua constituindo um elemento chave na determinação do equilíbrio real da economia. Em um marco de dinheiro endógeno, a teoria keynesiana de preferência pela liquidez é ainda uma teoria para a determinação do nível de ingresso. Os mercados financeiros importam, a ideia kaldoriana sobre a relevância da preferência pela liquidez só pode defender-se com um conjunto de supostos muito restritivos.
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1. Andrea Borsato. (2022). An agent-based model for Secular Stagnation in the USA: theory and empirical evidence. Journal of Evolutionary Economics, 32(4), p.1345. https://doi.org/10.1007/s00191-022-00772-9.
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