WIELORAKA RÓWNOWAGA W NEOKEYNESOWSKICH MODELACH NIECENOWYCH BŁĘDÓW KOORDYNACJI

The possibility of multiple equilibria that may be ranked subject to the level of underemployment is one of the most important New Keynesian research field. A failure in coordinating all the individual decisions made by rational agents at the aggregate level is treated as a crucial cause of multiple equilibria. There are two main New Keynesian scopes concerning the malfunctioning of unanimous actions. One links the coordination failures entirely to the lack of correct nominal price adjustments in the face of disturbances. The other one focuses on synchronisation problems in the real sector (production and trade). While the former is commonly perceived as a core of Keynesian paradigm, the latter is of a very controversial character. The aim of the paper is to analyse the crux of New Keynesian non-price coordination failure models. The paper contains arguments that confirm their Keynesian origin and allow, at the same time an exclusion from the Keynesian scientific agenda.Możliwość pojawiania się w gospodarce rynkowej wielu równowag, odmiennych pod względem stopnia wykorzystania czynników produkcji, jest jednym z ważniejszych neokeynesowskich problemów badawczych. Bezpośrednią przyczyną wielorakiej równowagi jest brak możliwości zsynchronizowania na szczeblu centralnym wszystkich decyzji podejmowanych indywidualnie przez racjonalne podmioty. Neokeynesowskie badania nad błędami koordynacji generującymi wieloraką równowagę podążają w dwóch zasadniczych kierunkach. Jeden koncentruje się na nieskoordynowanych pojedynczych dostosowaniach cen nominalnych w warunkach niedoskonale konkurencyjnej gospodarki. Drugi skupia się na problemach z koordynacją działań po stronie realnej (produkcji i wymiany). Podczas gdy pierwszy z nich jest powszechnie uznawany za istotę paradygmatu keynesowskiego, drugi jednak budzi bardzo wiele kontrowersji. Celem artykułu jest analiza sedna neokeynesowskich modeli niecenowych błędów koordynacji. Zaprezentowano w nim argumenty dowodzące ich keynesowskiego charakteru oraz przemawiające za ich wykluczeniem z neokeynesowskiego programu badawczego

Central bank digital currency and the cashless economy : the African experience

PURPOSE: The article introduces the essence of central bank digital currency (CBDC), their advantages and potential risks associated with their implementation. Using the example of African countries testing CBDC to accelerate the transition toward fully cashless systems, special attention is given to the issue of public reaction.DESIGN/METHODOLOGY/APPROACH: Critical analysis of the literature, case studies, synthesis and logical reasoning.FINDINGS: The experience of African countries – especially Nigeria – shows that the widespread adoption of digital currencies and the transition to 100 percent cashless economies, will be difficult. The benefits of adopting CBDC may be outweighed by negative aspects, especially the lack of trust and acceptance by citizens.PRACTICAL IMPLICATIONS: A discussion of the transformation of the banking and financial sector, drawing on the experiences of other countries, can increase citizens' awareness of the short- and long-term consequences of change. It can also prompt policymakers to consider not only political benefits, but also – and perhaps most importantly – the public interest.ORIGINALITY/VALUE: The article deepens the discussion on the effects of the monetary revolution taking place before our eyes. Politicians focus on highlighting the advantages of digital currencies. The example of Nigeria, on the other hand, proves that people are well aware of the dangers of depriving them of cash, and thus freedom and privacy. An attempt to impose top-down control over the monetary sphere could trigger unrest and violent social protests with political and economic, and even systemic, consequences that are difficult to predict.The project is financed within the framework of the program of the Minister of Science and Higher Education under the name "Regional Excellence Initiative" in the years 2019-2022; project number 001/RID/2018/19; the amount of financing PLN 10,684,000.00.peer-reviewe

Polityka gospodarcza w modelu nowej syntezy neoklasycznej

A model of the New Neoclassical Synthesis (NSN) became a commonly accepted explanation of the market economic mechanisms during the last 10 years. It became also a cornerstone of economic policy, mainly monetary policy. However, both theoretical and practical aspects of the model may arouse some caveats. Most important doubt considers an underestimation of the power of fiscal policy. Hence the opinions that the global financial crisis might have been caused also by the misguided policy grounded on the inaccurate theoretical principles. The article studies the crux of the NSN model and reviews the problems concerning its practical implications

Land grabbing in the shadow of COVID-19 and lockdowns

PURPOSE: The purpose of the article is to discuss the impact of the pandemic and lockdowns on land grabbing in the Global South countries. This process is dramatic for the humanity around the globe and in particular for local populations whose property and human rights are violated. The most severe consequences include delay in meeting sustainable development and climate neutrality goals.DESIGN/METHODOLOGY/APPROACH: Critical analysis of the literature, the analysis of secondary data available in reports and publications, case studies, synthesis and logical reasoning.FINDINGS: The pandemic and lockdowns accelerated the process of land-grabbing. It has negative impact on indigenous peoples but consequences of land grabbing and deforestation are much wider. The deterioration of the natural environment hit all countries and their citizens. Moreover, the recovery from the pandemic crisis involved much public spending that boosted the indebtedness of many economies. This can undermine the implementation of sustainable development and climate neutrality goals.PRACTICAL IMPLICATIONS: COVID-19 epidemic has many positive and negative consequences that are widely discussed and well-known. However, the public is practically unaware of the process that takes place at the backstage of the pandemic and lockdowns, namely intensive land grabbing and deforestation, in particular in the Global South countries. Studies of this kind may increase social awareness of the environmental degradation as well as persuade the decision-makers to prioritize long-term climate goals over short-term monetary gains.ORIGINALITY/VALUE: This research significantly expands the discussion about the consequences of the pandemic and lockdowns. It shows a problem that has not been sufficiently underlined, namely that bans on travelling, restricted mobility and gathering, and the reduced operation of the public administration have far reaching effects not only locally but also globally, thus contributing to the ecological crisis.The project is financed within the framework of the program of the Minister of Science and Higher Education under the name "Regional Excellence Initiative" in the years 2019-2022; project number 001/RID/2018/19; the amount of financing PLN 10,684,000.00.peer-reviewe

John M. Keynes i jego program antykryzysowy

The paper presents some crucial fiscal and monetary actions proposed by John M. Keynes in order to struggle with the consequences of the Great Depression. The recent world financial crisis lasting since 2007–2008 restored their significance and efficiency. Nowadays, Keynes’s proposals are explicitly used to create numerous public decisions aimed at active economic stabilization. Keynes’s proposition concerning the necessary reform of the international payments system, however, remains unnoticed and undervalued. Still it seems to be particularly adequate for current situation of the Euro countries.W artykule przedstawiono zasadnicze kierunki działań o charakterze fiskalnym i monetarnym, zaproponowane przez Johna M. Keynesa w celu pokonania Wielkiego Kryzysu. W dobie trwającego od lat 2007–2008 światowego załamania finansowego przeżywają one wyraźny renesans, kształtując liczne odgórne posunięcia ukierunkowane na aktywne stabilizowanie gospodarek. Wciąż niedocenionym aspektem keynesowskiego planu antykryzysowego pozostaje reforma międzynarodowych systemów rozliczeń. Wydaje się ona natomiast szczególnie adekwatna dla krajów strefy euro

Ограничение роста кредитов в теории неокейнсианства и посткейнсианства

Both New Keynesianism and Post–Keynesianism have been studying for years a problem of credit rationing implying that not all of the private agents’ demand for money is satisfied by the market. Each of them has its original contribution to the explanation of the behavior observed in the financial markets. Simultaneously, however, they are based on different analytical assumptions. New Keynesian perspective is strongly influenced by neoclassical economics and cannot be reconciled with Post–Keynesian heterodox background. For this reason it is impossible to integrate both theories or even perceive them as complementary. The comparison conducted in the paper proves that Post–Keynesian analysis shows a greater degree of realism and explanatory power than New Keynesian theory. Hence, it seems that in the face of continuing interest in credit rationing Post–Keynesianism can offer more promising directions of further researches than New Keynesianism.Как неокейнсианство, так и посткейнсианство уже многие годы пытаются изучить проблему ограничения роста кредитов, когда рынок не удовлетворяет заявленного частными субъектами спроса на деньги. Каждый из этих двух подходов предлагает оригинальный метод анализа поведения финансовых рынков, но формулируемыеими выводы опираются на совершенно разныеаналитические основы. В неокейнсианскойтеории чувствуется очень сильное влияние неоклассицизма, что входит в противоречие с гетеродоксными корнями посткейнсианства. По этой причине исключается возможность прямой, механистической интеграции обеих теорий или даже признания их в качестве комплиментарных. Проведенное в статье сравнение дает основание утверждать, что посткейнсианский анализ отличается более высокой степенью реализма чем неокейнсианская теория, и поэтому он может лучше объяснять вопросы, появляющееся в исследованиях функционирования рынка кредитов и возможности возникновения явления ограничения роста кредитов. Именно поэтому кажется, что перед лицом неослабевающего интереса к проблеме ограничения кредитов, посткейнсианство предлагает более обещающее направление дальнейших исследований, чем неокейнсианство

Keynesian Theories of Hysteresis

In the 1980s, a very sharp rise in unemployment rates was recorded in Europe. In accordance with the dominating monetarist view, that phenomenon was explained by the impact of real factors, like trade union activity and increased financial protection of the unemployed. By the same token, a thesis that demand-related factors were irrelevant and having only a short-term effect on unemployment was advocated Nevertheless, numerous empirical studies did not confirm the occurrence of sudden adverse changes to real factors blamed for labour market developments in Europe Consequently, neo-keynesianists came up with a supposition that the NAIRU - the non-accelerating inflation rate of unemployment (or the natural rate) may depend on past levels of the market equilibrium rate. This way the concept of hysteresis has been devised, according to which the NAIRU (the natural rate) may change not only and exclusively due to the impact of real factors, but also due to aggregate demand fluctuations

KEYNESIAN UNEMPLOYMENT

In the face of a huge diversity of opinions among contemporary researchers when it comes to Keynesian thought, and recent permeation of strong neo-liberal concepts, such notions as “Keynesian unemployment” or “Keynesian policy” do not carry any specific, concrete meaning any longer. New Keynesian theories offer various definitions of unemployment and advise on economic policies, while many New Keynesian models postulate the supremacy of the voluntary rather than involuntary unemployment. What is more, those constructions which underlie involuntary unemployment question long-term efficiency of demand policy. Examples of modern Keynesian constructions referring to a broad neoclassical perspective concerning the unemployment phenomenon include search theoretic models on the labour market, implicit contracts, NAIRU and hysteresis, or the New Keynesian Phillips Curve

Post-Keynesian theories of endogenous money supply

Jednym z filarów programu badawczego heterodoksyjnego postkeynesizmu jest endogeniczna kreacja podaży pieniądza. Zgodnie z nią ilość pieniądza w obiegu samoistnie dostosowuje się do potrzeb zgłaszanych przez podmioty gospodarcze. Zapewnienie odpowiedniej podaży środków finansowych jest rolą banków komercyjnych, które kreują pieniądz kredytowy ex nihilo. Natomiast zadaniem władz monetarnych jest dostarczanie bankom komercyjnym rezerw pieniężnych gwarantujących ciągłość akcji kredytowej, a tym samym procesu produkcji i wymiany w gospodarce. Podczas gdy postkeynesiści zgadzają się co do endogenicznego charakteru podaży pieniądza, to nie wszyscy w ten sam sposób postrzegają rolę i działania banku centralnego w kierunku zaspokajania popytu na rezerwy zgłaszanego przez banki komercyjne. W rezultacie ukształtowały się cztery postkeynesowskie interpretacje tej kwestii: akomodacyjne, strukturalistyczne, z perspektywy teorii obiegu pieniężnego oraz z perspektywy preferencji płynności. Celem artykułu jest przybliżenie tych ujęć oraz wskazanie, w czym są one odmienne od stanowiska głównego nurtu ekonomii oraz w jakim stopniu różnią się między sobą. Podkreślono również wpływ takiej heterogeniczności poglądów na spójność postkeynesizmu i możliwość stworzenia przez tę szkołę alternatywy dla neoklasycznej ortodoksji.One of the pillars of the research programme of heterodox Post-Keynesian economics is the endogenous creation of money supply, according to which the amount of money in circulation automatically accommodates to the needs reported by economic agents. Ensuring an adequate supply of funds is the role of commercial banks that create credit money ex nihilo, while monetary authorities are responsible for providing commercial banks with money reserves that guarantee the continuity of lending, and thus the process of the production and exchange in the economy. While the Post-Keynesians agree on the endogenous nature of money supply, not all of them perceive the role and operation of the central bank aimed at meeting the demand for reserves reported by commercial banks in the same way. As a result, four Post-Keynesian interpretations of this issue emerged: horizontalism, structuralism, an interpretation from the monetary circuit perspective and from the liquidity preference circuit. The purpose of this article is to present these approaches and to indicate the differences between them and the mainstream economics, as well as among themselves. The impact of such heterogeneity of views on the coherence of Post-Keynesianism and the ability of the school to create an alternative to neoclassical orthodoxy is also emphasised

KEYNES AND NEW KEYNESIANS

During the 1970s the early Keynesian system was abandoned following the return of the micro-foundations. Some of them, however, turned out to be overidealistic (e.g. the market-clearing price). The new ideas, developed in the 1980s and 1990s, inaugurated the “Keynes after Lucas” age. Nevertheless, the New Keynesians are, admittedly, a very heterogeneous group, difficult to describe by means of a specific, unique definition. Furthermore, modern Keynesian economics differs significantly from both Keynes’ approach and the old, orthodox Post Keynesian school. Hence, it seems necessary to investigate where the similarities between Keynes and his followers start and end. The analysis of micro-foundations, rigidities, unemployment, expectations, money and monetary policy, fiscal policy and budget deficit, shows that a very general view of Keynes’ writings still comes into consideration. But at the same time New Keynesians decidedly reject many typical, old Keynesian opinions, approving several New Classical and Monetarist suggestions. Most certainly the spirit of Keynes is recovered and New Keynesians are inheritors of the considerable part of his proposals. However, Keynes most probably would not be a New Keynesian