Inflation is always and everywhere ... a conflict phenomenon: post-Keynesian inflation theory and energy price driven conflict inflation, distribution, demand and employment

被引:2
作者
Hein, Eckhard [1 ]
机构
[1] Inst Int Polit Econ IPE, Berlin Sch Econ & Law, Berlin, Germany
来源
EUROPEAN JOURNAL OF ECONOMICS AND ECONOMIC POLICIES-INTERVENTION | 2024年 / 21卷 / 02期
关键词
conflict inflation; post-Keynesian models; imported energy inflation shock; MONETARY-POLICY; INCOME-DISTRIBUTION; OPEN-ECONOMY; INTERNATIONAL COMPETITION; INTEREST-RATES; COST CHANNEL; GROWTH; MODEL; MACROECONOMICS;
D O I
10.4337/ejeep.2024.0135
中图分类号
F [经济];
学科分类号
02 ;
摘要
This paper reviews the post-Keynesian theory of inflation against the background of the simultaneous rise in inflation and profit shares in the course of the COVID-19 recovery and the Russian war in Ukraine. It distinguishes between the Keynes, Kaldor, Robinson, and Marglin tradition, and the Kalecki, Rowthorn, and Dutt tradition. Two prototype models in the latter tradition - the Dutt, Blecker-Setterfield and Lavoie variant, and the Rowthorn and Hein-Stockhammer variant - are discussed. The paper applies the latter to elucidate recent inflation trends propelled by increasing imported energy prices and then rising mark-ups. The effects of inflation-targeting central bank interest policies versus a post-Keynesian alternative macroeconomic policy approach are evaluated. It is argued that from a post-Keynesian perspective inflation is always and everywhere a conflict phenomenon, , with different potential triggers. Adequate policies should thus focus on moderating distribution conflict by incomes policies, complemented by central banks targeting low long-term real interest rates, functional finance fiscal policies and international coordination of inflation targets.
引用
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页码:202 / 231
页数:30
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