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The Role of Monetary Policy in Post-Keynesian Stock-Flow Consistent Macroeconomic Growth Models

In: Central Banking in the Modern World

Author

Listed:
  • Gennaro Zezza
  • Claudio H. Dos Santos

Abstract

According to the New Consensus in monetary economics, monetarism is dead and central bankers target low inflation rates by acting upon short-term real rates of interest. Yet, this synthesis hinges on variants of the long-run vertical Phillips curve originally proposed by Milton Friedman, the father of old-line monetarism. Contributors to this volume question this New Consensus. While they agree that the money supply should be conceived as endogenous, they carefully examine the procedures pursued by central banks, the monetary policy transmission mechanisms suggested by central bankers themselves, and the assumptions imbedded in the New Consensus. They propose alternative analyses that clearly demonstrate the limits of modern central banking and point to the possible instability of monetary economies.

Suggested Citation

  • Gennaro Zezza & Claudio H. Dos Santos, 2004. "The Role of Monetary Policy in Post-Keynesian Stock-Flow Consistent Macroeconomic Growth Models," Chapters, in: Marc Lavoie & Mario Seccareccia (ed.), Central Banking in the Modern World, chapter 10, pages 183-208, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:3297_10
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    Keywords

    Economics and Finance;

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