نوع مقاله : مقاله پژوهشی
نویسندگان
1 دانشکده اقتصاد و علوم سیاسی دانشگاه شهید بهشتی
2 استادیار گروه اقتصاد دانشگاه یاسوج
چکیده
کلیدواژهها
موضوعات
عنوان مقاله [English]
نویسندگان [English]
This research seeks to provide a quantitative reconstruction of the Monetary theory of production. In conventional Iranian macroeconomic literature, references to Keynes are often limited to demand-side analysis and expenditure-stimulus policies, with the deeper foundation of his thought—the formulation of a capitalist economy as a money-production economy—rarely being represented structurally. The central question of this research is whether the theoretical proposition “Money and credit are the pre-condition for the possibility of production” can be elevated from a conceptual explanation to a structural hypothesis within the framework of a Dynamic Stochastic General Equilibrium (DSGE) model and empirically tested for the Iranian economy. This research achieves this innovation on three levels: 1. At the theoretical level, it offers a coherent narrative of the monetary theory of production, drawing on the works of Marx, the Old Institutionalists, Keynes, Schumpeter, and Minsky. 2. At the quantification level, a clear distinction is explained between the monetary theory of production and other approaches that assess the effect of money on production (such as money in the production function). 3. At the methodological level, an advanced financial DSGE model is developed that integrates the financial accelerator mechanism, banks’ balance sheet constraints, and the working capital constraint into a single framework. This model is parameterized and estimated for the Iranian economy using a hybrid method of calibration and Bayesian estimation.
کلیدواژهها [English]
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