공정 이자율에 대하여 - 파시네티 원칙 , 파시네티 척도

결론 부분

After over a decade since the GFC, when many of what had been established norms and principles in the area of macroeconomic policy have been challenged, especially in this new era of secular stagnation, it is time for a new outlook that focuses on the growing concerns of the modern world, namely matters pertaining to economic justice and income distribution. This is especially so in the area of monetary policy where there is a complete lack of interface between the theories that supposedly guide policy and the actual practise of contemporary monetary policy.

As recently stated (Seccareccia and Lavoie 2019), we want to appeal to all those economists who remain dissatisfied with current orthodoxy to abandon these outmoded theories about the natural or neutral rates of interest widely held among central bankers, which lack a true basis in modern economies and often disguise their own normative biases and the interests that they may serve. The Pasinetti rule – that the long- erm nominal rate of interest ought to equal the growth rate of nominal wages – merely asserts openly a normative principle of income distributional neutrality: an economic agent borrowing the monetary equivalent of one hour of labour time should not be required to pay back more than the equivalent of one hour of labour time one year later. The Pasinetti rule offers a ‘park it’ solution (or automatic pilot) to guide interest rate policy so that public policy authorities can focus on what is the most important tool available to achieve full employment and macroeconomic stabilisation through more activist fiscal policy commitment. There may well be other viable monetary policy rules, such as the Smithin rule, and perhaps others that have been proposed in recent years by heterodox economists; but, as we have argue above, the Pasinetti rule has certain features that, in our humble opinion, make it very appealing on normative grounds.

(  MARC LAVOIE* AND MARIO SECCARECCIA , Macroeconomics and natural rates: some reflections on Pasinetti’s fair rate of interest, 2019)

*파시네티에서 라부아/세카레치아로 오면서 나름의 변화가 있다

#공정이자율 #파시네티원칙 #파시네티척도 #라부아 #세카레치아  #자연이자율