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In terms of understanding the new issues emerging in the practice of monetary policies and how to evaluate the latest theories of monetary policy, this paper proposes referring to Das Kapital and developing a monetary policy theory grounded in Marxist political economy.

Based on the discussion of interest-bearing capital in Das Kapital and using a heterogeneous agent model, this paper tries to explain the determining mechanism of interest rate, leverage ratio, and asset price.

The research finds that if there are differences in the techniques possessed by capital, the resulting disparities in production efficiency will lead to differences in profit rates and further influence the functional choices of capital in the movement of social total capital. Thus, with the formation of lending relationships, interest rates, leverage ratios, and asset prices will be endogenously determined simultaneously. Moreover, as the degree of technological diffusion influences the industrial capitalists’ willingness to take loans as well as the level of profit rates, there may be counter-cyclical changes in the returns on productive investment and financial investment at different stages of the technology life cycle, contributing to diverting funds out of the real economy. Besides, this paper discusses the challenges, tools, and goals of monetary policy within the credit money system.

Clarify the intrinsic mechanism of the functional differentiation of capital determined by heterogeneous technologies and exogenous capital-labor relation and analyze the impact of capital differentiation on the economy.

The purpose of this study is to extend the classical noncentral F-distribution under normal settings to noncentral closed skew F-distribution for dealing with independent samples from multivariate skew normal (SN) distributions.

Based on generalized Hotelling's T² statistics, confidence regions are constructed for the difference between location parameters in two independent multivariate SN distributions. Simulation studies show that the confidence regions based on the closed SN model outperform the classical multivariate normal model if the vectors of skewness parameters are not zero. A real data analysis is given for illustrating the effectiveness of our proposed methods.

This study’s approach is the first one in literature for the inferences in difference of location parameters under multivariate SN settings. Real data analysis shows the preference of this new approach than the classical method.

For the real data applications, the authors need to remove outliers first before applying this approach.

This study’s approach may apply many multivariate skewed data using SN fittings instead of classical normal fittings.

This paper is the research paper and the authors’ new approach has many applications for analyzing the multivariate skewed data.