Koncepcja neutralności pieniądza w świetle teorii monetarnej

Abstract

The study aims at verification of the thesis about long-term neutrality of money within the framework of the monetary theory. The author’s deliberations are based on analysis of M. Friedman’s works. Accordingly, an attempt has been made to defend a thesis that basing on the monetary theory it is difficult to substantiate a statement about neutrality of money advanced by supporters of this theory. The statement about neutrality of money advanced by monetarists means that in response to a change in money supply only nominal magnitudes undergo changes (nominal income, price level, nominal volume of money), while real magnitudes (employment, production, volume of capital) remain unchanged. Intuition prompts a conclusion that justification for long-term neutrality of money is provided by M. Friedman’s concepts of demand for money, neutral rate of unemployment and real interest rate. Defence of the statement about neutrality of money imposes an obligation on monetarists to provide a logical mechanism that would combine short-term analysis with long-term analysis, a mechanism that would explain channels and mode of influence exerted by money on the economy. What is meant here is the so-called mechanism of transmission of changes in money.