Abstract

KEEN, Steve. This ain't your daddy's inflation. Rev.econ.inst. [online]. 2023, vol.25, n.48, pp.13-28.  Epub Mar 18, 2023. ISSN 0124-5996.  https://doi.org/10.18601/01245996.v25n48.03.

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.

JEL: E12 y E13

Keywords : inflation; keynesianism.

        · abstract in Spanish | Portuguese     · text in Spanish     · Spanish ( pdf )