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화폐공급의 교과서 서사와 대안적 설명의 구성

Teaching the Money Supply beyond the Textbook Narratives: A Proposal for Alternative Explanations

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키워드

주제분류경제학

초록

오늘날 경제학 교과서들은 부분지급준비제도 하에서 중앙은행의 본원통화 공급으로 시작하는 통화승수 모형을 중심으로 화폐공급을 설명하지만 화폐공급의 내생성은 오랜 논쟁 주제이다. 이 연구는 화폐공급을 둘러싸고 경합하는 이들 논의를 학부 수준 교육에서 어떻게 전달할 것인가라는 문제를다룬다. 화폐공급의 교과서 서사는 실제 통화정책의 운용과 심각하게 동떨어져 있는 반면 내생화폐론은 실용적인 쟁점의 발굴과 구체적인 교육 장치의 개발이 지체되고 있다. 이에 우리는 다원주의 경제학 관점에서 실제 은행대출과 통화정책의 양상들을 놓고 상호 비판적 토의를 유도할 (1) 통화승수및 화폐시장 모형 (2) 이자율과 통화량의 관계 및 지준부리 (3) 지준율과 지준시장의 세 쟁점들을 대안적 설명의 요소로 제안하고 해설한다.

Abstract

Current economics textbooks explain the money supply in terms of the money multiplier model which suggests that banks wait for the monetary base provided by the central bank and then lend out a fraction of it. This description of exogenous money supply has long been criticized particularly by (PostKeynesian) endogenous money theorists. This research deals with the question of how to teach this sharply diverging issue in undergraduate courses. We contrast two contending views on the money supply and then suggest, from a pluralist perspective, that standard textbooks should accept criticisms against its inconsistency and impracticality, while money endogeneity theorists should develop more concrete education tools with pragmatic approaches. To this end, this paper provides a critical examination of both sides focusing on the following three issues which are hopefully applicable to a new teaching model; (1) validity of the money multiplier and money market models (2) relationship between the money supply and the interest rates (3) the reserve requirement and the reserve market.

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