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Does fiscal policy affect the monetary transmission mechanism? A monetary theory of production (MTP) response to the new consensus macroeconomics (NCM) perspective

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  • Giuseppe Fontana
  • Andrea Pacella
  • Riccardo Realfonzo

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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, Wiley Blackwell, vol. 68(2), pages 378-395, May.
    • Handle: RePEc:bla:metroe:v:68:y:2017:i:2:p:378-395
    DOI: 10.1111/meca.12166
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    1. Alain Parguez, 2008. "Money Creation, Employment and Economic Stability: The Monetary Theory of Unemployment and Inflation," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 55(1), pages 39-67, March.
    2. Tatiana Kirsanova & Campbell Leith & Simon Wren‐Lewis, 2009. "Monetary and Fiscal Policy Interaction: The Current Consensus Assignment in the Light of Recent Developments," Economic Journal, Royal Economic Society, vol. 119(541), pages 482-496, November.
    3. Peter Kriesler & Marc Lavoie, 2007. "The New Consensus on Monetary Policy and its Post-Keynesian Critique," Review of Political Economy, Taylor & Francis Journals, vol. 19(3), pages 387-404.
    4. Paul Davidson, 1992. "International Money and the Real World," Palgrave Macmillan Books, Palgrave Macmillan, edition 0, number 978-0-230-37809-4, December.
    5. Graziani,Augusto, 2003. "The Monetary Theory of Production," Cambridge Books, Cambridge University Press, number 9780521812115, September.
    6. Paul Dalziel, 1996. "The Keynesian Multiplier, Liquidity Preference, and Endogenous Money," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 18(3), pages 311-331, March.
    7. Trevithick, J A, 1994. "The Monetary Prerequisites for the Multiplier: An Adumbration of the Crowding-Out Hypothesis," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 18(1), pages 77-90, February.
    8. Martin H. Wolfson, 1996. "A Post Keynesian Theory of Credit Rationing," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 18(3), pages 443-470, March.
    9. Guglielmo Forges Davanzati & Andrea Pacella & Riccardo Realfonzo, 2009. "Fiscal policy in the monetary theory of production: an alternative to the "new consensus" approach," Journal of Post Keynesian Economics, Taylor & Francis Journals, vol. 31(4), pages 605-621, July.
    10. Giuseppe Fontana & Riccardo Realfonzo, 2015. "Augusto Graziani, a Leading Italian Post Keynesian Economist," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 23(1), pages 23-38.
    11. Marc Lavoie, 1984. "The Endogenous Flow of Credit and the Post Keynesian Theory of Money," Journal of Economic Issues, Taylor & Francis Journals, vol. 18(3), pages 771-797, September.
    12. Giuseppe Fontana & Mark Setterfield, 2009. "Macroeconomics, endogenous money and the contemporary financial crisis: a teaching model," International Journal of Pluralism and Economics Education, Inderscience Enterprises Ltd, vol. 1(1/2), pages 130-147.
    13. Riccardo Realfonzo, 1998. "Money and Banking," Books, Edward Elgar Publishing, number 1423.
    14. Louis-Philippe Rochon, 1999. "Credit, Money and Production," Books, Edward Elgar Publishing, number 1565.
    15. Giuseppe Fontana, 2004. "Hicks on monetary theory and history: money as endogenous money," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 28(1), pages 73-88, January.
    16. Chick, Victoria, 1995. "Is There a Case for Post Keynesian Economics?," Scottish Journal of Political Economy, Scottish Economic Society, vol. 42(1), pages 20-36, February.
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    Cited by:

    1. Gabriel Caldas Montes & Iven Silva Valpassos, 2018. "Discretionary fiscal policy and sovereign risk," Economics Bulletin, AccessEcon, vol. 38(3), pages 1343-1365.
    2. Dögüs, Ilhan, 2021. "Financialisation and market concentration in the USA: A monetary circuit theory," ZÖSS-Discussion Papers 87, University of Hamburg, Centre for Economic and Sociological Studies (CESS/ZÖSS).
    3. Fontana, Giuseppe & Veronese Passarella, Marco, 2020. "Unconventional monetary policies from conventional theories: Modern lessons for central bankers," Journal of Policy Modeling, Elsevier, vol. 42(3), pages 503-519.

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