Reexamining the Effectiveness of Monetary Policy:Based on Marx's Monetary Economy Theory
Macroeconomic policies need to be precise,so the effectiveness of monetary policy needs to be studied.This paper combs Marx's monetary theory and points out that the essence of money is social relations of production and the external manifestation of the internal contradic-tions of goods.According to Marx's method of analyzing problems from abstract to concrete,the concrete embodiment of the essence of money is the relative price system.From the essence of money,the effectiveness of monetary policy is bounded by the change of production relations and the change of relative price system.From the perspective of exchange value,this paper fur-ther analyzes the composition of relative price system.Distribution structure,industrial structure and general profit rate are the important factors that affect the exchange value.The impact of monetary policy will not only cause the change of monetary value,but also cause the change of the components of the relative price system,that is,the structural effect of monetary policy.According to Marxist monetary view,we can analyze the basic problems of monetary policy more logically and solve the logic embarrassment of dichotomy in western mainstream monetary theory.
Monetary PolicyStructural EffectExchange ValueRelations of Production
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