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Original Articles

The New Consensus on Monetary Policy and its Post-Keynesian Critique

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Pages 387-404 | Published online: 25 Jul 2007

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Read on this site (14)

Peter Kriesler. (2023) Post-Keynesian Economics: New Foundations, by Marc LavoieChapter 5: Effective Demand and Employment. Review of Political Economy 35:4, pages 1061-1071.
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Philipp Heimberger. (2021) What is structural about unemployment in OECD countries?. Review of Social Economy 79:2, pages 380-412.
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Peter Kriesler & J. W. Nevile. (2018) Keynesianism in Australia. History of Economics Review 69:1, pages 44-61.
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Carlos Eduardo Drumond & Cleiton Silva De Jesus. (2016) Monetary and fiscal policy interactions in a post Keynesian open-economy model. Journal of Post Keynesian Economics 39:2, pages 172-186.
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Marc Lavoie. (2016) Understanding the global financial crisis: contributions of post-Keynesian economics. Studies in Political Economy 97:1, pages 58-75.
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Emiliano Brancaccio, Giuseppe Fontana, Milena Lopreite & Riccardo Realfonzo. (2015) Monetary policy rules and directions of causality: A test for the euro area. Journal of Post Keynesian Economics 38:4, pages 509-531.
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Leonardo Vera. (2014) The Simple Post-Keynesian Monetary Policy Model: An Open Economy Approach. Review of Political Economy 26:4, pages 526-548.
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Engelbert Stockhammer & Dimitris P. Sotiropoulos. (2014) Rebalancing the Euro Area: The Costs of Internal Devaluation. Review of Political Economy 26:2, pages 210-233.
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Giorgos Argitis. (2013) The illusions of the "new consensus" in macroeconomics: a Minskian analysis. Journal of Post Keynesian Economics 35:3, pages 483-505.
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Eckhard Hein & Christian Schoder. (2011) Interest rates, distribution and capital accumulation – A post-Kaleckian perspective on the US and Germany. International Review of Applied Economics 25:6, pages 693-723.
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PavlinaR. Tcherneva. (2010) Fiscal Policy: The Wrench in the New Economic Consensus. International Journal of Political Economy 39:3, pages 24-44.
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Eckhard Hein & Engelbert Stockhammer. (2010) Macroeconomic Policy Mix, Employment and Inflation in a Post-Keynesian Alternative to the New Consensus Model. Review of Political Economy 22:3, pages 317-354.
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Gilberto Tadeu Lima & Mark Setterfield. (2010) Pricing Behaviour and the Cost-Push Channel of Monetary Policy. Review of Political Economy 22:1, pages 19-40.
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Louis-Philippe Rochon. (2007) The state of Post Keynesian interest rate policy: where are we and where are we going?. Journal of Post Keynesian Economics 30:1, pages 3-11.
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Articles from other publishers (45)

Maria Cristina Barbieri Góes. (2023) A tale of three prices: Monetary policy and autonomous consumption in the US. Structural Change and Economic Dynamics 67, pages 115-127.
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Hamid Raza, Thibault Laurentjoye, Mikael Randrup Byrialsen & Sebastian Valdecantos. (2023) Inflation and the role of macroeconomic policies: A model for the case of Denmark. Structural Change and Economic Dynamics 67, pages 32-43.
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Miklós Váry. (2022) Do menu costs lead to hysteresis in aggregate output? The experiences of some agent-based simulations. Acta Oeconomica 72:4, pages 499-529.
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Miklós Váry. (2021) The long-run real effects of monetary shocks: Lessons from a hybrid post-Keynesian-DSGE-agent-based menu cost model. Economic Modelling 105, pages 105674.
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Ítalo Pedrosa & Dany Lang. (2021) To what extent does aggregate leverage determine financial fragility? New insights from an agent-based stock-flow consistent model. Journal of Evolutionary Economics 31:4, pages 1221-1275.
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Emiliano Brancaccio, Andrea Califano, Milena Lopreite & Alessio Moneta. (2020) Nonperforming loans and competing rules of monetary policy: A statistical identification approach. Structural Change and Economic Dynamics 53, pages 127-136.
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Reiner Franke. (2018) Can monetary policy tame Harrodian instability?. Metroeconomica 69:3, pages 593-618.
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Aaron Sahr. 2018. Finanzmarktsoziologie. Finanzmarktsoziologie 201 215 .
Zdeněk Chytil & Lukáš Máslo. (2017) Conceptualization of Historical Time in Post Keynesian Economics. Prague Economic Papers 26:4, pages 397-421.
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Constantinos Alexiou & Joseph G. Nellis. (2017) Cyclical Multiplier and Zero Low Bound Effects of Government Expenditure on Economic Growth: Evidence for Greece. Australian Economic Papers 56:2, pages 119-133.
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Giuseppe Fontana, Andrea Pacella & Riccardo Realfonzo. (2017) Does fiscal policy affect the monetary transmission mechanism? A monetary theory of production (MTP) response to the new consensus macroeconomics (NCM) perspective. Metroeconomica 68:2, pages 378-395.
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Ricardo Summa. (2016) An alternative model to the open-economy “new consensus” for the analysis of inflation targeting. EconomiA 17:3, pages 310-323.
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Emiliano Brancaccio & Giuseppe Fontana. (2016) ‘Solvency rule’ and capital centralisation in a monetary union. Cambridge Journal of Economics 40:4, pages 1055-1075.
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Joseph Halevi, G. C. Harcourt, Peter Kriesler & J. W. NevileJ. W. Nevile. 2016. Post-Keynesian Essays from Down Under Volume II: Essays on Policy and Applied Economics. Post-Keynesian Essays from Down Under Volume II: Essays on Policy and Applied Economics 79 91 .
Joseph Halevi, G. C. Harcourt, Peter Kriesler & J. W. NevilePeter Kriesler, J. W. Nevile & G. C. Harcourt. 2016. Post-Keynesian Essays from Down Under Volume II: Essays on Policy and Applied Economics. Post-Keynesian Essays from Down Under Volume II: Essays on Policy and Applied Economics 48 60 .
Joseph Halevi, G. C. Harcourt, Peter Kriesler & J. W. NevileJ. W. Nevile & Peter Kriesler. 2016. Post-Keynesian Essays from Down Under Volume II: Essays on Policy and Applied Economics. Post-Keynesian Essays from Down Under Volume II: Essays on Policy and Applied Economics 209 225 .
Joseph Halevi, G. C. Harcourt, Peter Kriesler & J. W. NevilePeter Kriesler & J. W. Nevile. 2016. Post-Keynesian Essays from Down Under Volume III: Essays on Ethics, Social Justice and Economics. Post-Keynesian Essays from Down Under Volume III: Essays on Ethics, Social Justice and Economics 164 187 .
Joseph Halevi, G. C. Harcourt, Peter Kriesler & J. W. NevilePaul Dalziel & J. W. Nevile. 2016. Post-Keynesian Essays from Down Under Volume IV: Essays on Theory. Post-Keynesian Essays from Down Under Volume IV: Essays on Theory 435 460 .
Joseph Halevi, G. C. Harcourt, Peter Kriesler & J. W. NevileMarc Lavoie & Peter Kriesler. 2016. Post-Keynesian Essays from Down Under Volume IV: Essays on Theory. Post-Keynesian Essays from Down Under Volume IV: Essays on Theory 373 387 .
JW Nevile, GC Harcourt & Peter Kriesler. (2015) Macroeconomic Policy for the Real World: A Post-Keynesian Perspective. Economic Papers: A journal of applied economics and policy 34:3, pages 108-117.
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Neil Hart & Peter Kriesler. (2015) Post-Keynesian Economics: A User's Guide. Australian Economic Review 48:3, pages 321-332.
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J. W. Nevile & P. Kriesler. (2013) A bright future can be ours! Macroeconomic policy for non-eurozone Western countries. Cambridge Journal of Economics 38:6, pages 1453-1470.
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Ariel Dvoskin & Emiliano Libman. (2014) Sobre algunos aspectos clásico-keynesianos del modelo del Nuevo Consenso Macroeconómico. Investigación Económica 73:289, pages 3-34.
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N. Perry & M. Vernengo. (2013) What ended the Great Depression? Re-evaluating the role of fiscal policy. Cambridge Journal of Economics 38:2, pages 349-367.
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Rohit Azad & Anupam Das. 2014. Market, Regulations and Finance. Market, Regulations and Finance 95 111 .
Louis-Philippe Rochon & Sergio Rossi. (2013) Endogenous money: the evolutionary versus revolutionary views. Review of Keynesian Economics 1:2, pages 210-229.
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Peter Kriesler, J W Nevile & G C Harcourt. (2023) Exchange rates and the macroeconomy in an era of global financial crises, with special reference to Australia. The Economic and Labour Relations Review 24:1, pages 51-63.
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Marco Raberto, Andrea Teglio & Silvano Cincotti. (2012) Debt, Deleveraging and Business Cycles: An Agent-Based Perspective. Economics 6:1.
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ANDREA TEGLIO, MARCO RABERTO & SILVANO CINCOTTI. (2012) THE IMPACT OF BANKS' CAPITAL ADEQUACY REGULATION ON THE ECONOMIC SYSTEM: AN AGENT-BASED APPROACH. Advances in Complex Systems 15:supp02, pages 1250040.
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Eckhard Hein, Marc Lavoie & Till van Treeck. (2010) HARRODIAN INSTABILITY AND THE ‘NORMAL RATE’ OF CAPACITY UTILIZATION IN KALECKIAN MODELS OF DISTRIBUTION AND GROWTH—A SURVEY. Metroeconomica 63:1, pages 139-169.
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Georgios Argitis & Yannis Dafermos. (2011) Finance, inflation and employment: a post-Keynesian/Kaleckian analysis. Cambridge Journal of Economics 35:6, pages 1015-1033.
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Neil Hart. (2023) Mainstream Macroeconomics: A ‘Keynesian’ Revival?. The Economic and Labour Relations Review 22:1, pages 17-40.
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J. W. Nevile & P. Kriesler. (2023) Why Keynesian Policy was More Successful in the Fifties and Sixties than in the Last Twenty Years. The Economic and Labour Relations Review 22:1, pages 1-16.
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E. Hein, M. Lavoie & T. van Treeck. (2010) Some instability puzzles in Kaleckian models of growth and distribution: a critical survey. Cambridge Journal of Economics 35:3, pages 587-612.
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John Nevile. (2023) The Current Crisis Has a Silver Lining. The Economic and Labour Relations Review 19:2, pages 27-38.
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Eckhard Hein & Engelbert Stockhammer. 2009. Unemployment: Past and Present. Unemployment: Past and Present 104 130 .
Emiliano Brancaccio. 2009. Macroeconomic Theory and Macroeconomic Pedagogy. Macroeconomic Theory and Macroeconomic Pedagogy 295 308 .
Eckhard Hein & Engelbert Stockhammer. 2009. Macroeconomic Theory and Macroeconomic Pedagogy. Macroeconomic Theory and Macroeconomic Pedagogy 273 294 .
Marc Lavoie. 2009. Macroeconomic Theory and Macroeconomic Pedagogy. Macroeconomic Theory and Macroeconomic Pedagogy 191 213 .
Marc LavoiePeter Kriesler. (2016) Capacity Utilization, Inflation, and Monetary Policy: The Duménil and Lévy Macro Model and the New Keynesian Consensus. Review of Radical Political Economics 39:4, pages 586-598.
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Neil Hart & Peter Kriesler. (2015) Post-Keynesian Economics A User's Guide. SSRN Electronic Journal.
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G.C. Harcourt, Peter Kriesler & John Nevile. (2013) Why Myths in Neoclassical Economics Threaten the World Economy: A Post-Keynesian Manifesto. SSRN Electronic Journal.
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John Nevile & Peter Kriesler. (2012) A Bright Future Can Be Ours!: Macroeconomic Policy for Non-Euro-Zone Western Countries. SSRN Electronic Journal.
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John Nevile, Peter Kriesler & G.C. Harcourt. (2011) Exchange Rate Management in an Era of Global Financial Crises with Special Reference to Australia. SSRN Electronic Journal.
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Marco Raberto, Andrea Teglio & Silvano Cincotti. (2011) Debt Deleveraging and Business Cycles: An Agent-Based Perspective. SSRN Electronic Journal.
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