Recent developments in macroeconomic policy, both in terms of theory and practice, have
elevated monetary policy while fiscal policy has been downgraded. Monetary policy has …

Monetary policy has become firmly based on the use of interest rate as the key policy
instrument, and in a one instrument–one target framework. The approach to monetary policy …

This paper considers the nature and role of monetary policy when money is modelled as
credit money endogenously created within the private sector. There are currently two …

Alongside an emphasis on monetary policy, rather than fiscal policy, has gone the
development of what now may be termed a 'new consensus' in macroeconomics and …

This paper deploys a simple stock-flow consistent (SFC) model in order to examine various
contentions regarding fiscal and monetary policy. It follows from the model that if the fiscal …

A number of countries have adopted Inflation Targeting (IT) since the early 1990s in an
attempt to reduce inflation to low levels. Since then, IT has been praised by most literature as …

This paper examines the implications of the experience with the financial crisis of August
2007 for fiscal policy and the use made of it. We briefly sketch the changing attitudes toward …

The purpose of this paper is to shed light on the endogenous nature of money. Contrary to
the established post-Keynesian, or evolutionary, view, this paper argues that money has …

This paper seeks to look at the underlying framework of the New Consensus models,
providing a Post-Keynesian critique. In the light of this critique, the model is reformulated …

A number of countries have adopted Inflation Targeting (IT) since the early 1990s in an
attempt to reduce inflation to low levels. Since then, IT has been praised by most literature as …