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2019, vol. 65, iss. 4, pp. 53-62
article language: English
document type: Scientific Paper
published on: 27/01/2020
doi: 10.5937/ekonomika1904053Z
Creative Commons License 4.0
Analysis of the functional domain of doctrinal approaches in monetary theory and policy
aUniversity of Belgrade, Faculty of Economy
bUniversity 'Union - Nikola Tesla', Faculty for Business Studies and Law, Belgrade



The genesis and development of economic and financial thought are characterized by the past and yet still ongoing struggle and confrontation between monetarists and Keynesians, their mutual polarization, and the long-standing debate "for and against" new theories, which has demonstrated that theoretical and analytical disagreements essentially do not exist, especially not between the leading monetarists and Keynesians. The opposing theses "money is not important" and "only the money is important" have been transmitted, after a decade of theoretical and empirical testing, into the official common thesis that "money is important". In this paper, using the desk research method, we start from an aspiration to present the genesis of these different approaches, however avoiding to reduce it to the synthesis of approaches, but rather striving to point to valuable contribution of such polemics in order to reconsider global tendencies in implementing monetary and general macroeconomic policies. In generic terms, the ongoing global financial crisis has justified the validity of such reconsiderations, since monetary and fiscal policies are the most suitable instruments for macroeconomic policy of growth management.



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