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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. 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.
    5. Paul Davidson, 1982. "International Money and the Real World," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-16679-4.
    6. Graziani,Augusto, 2003. "The Monetary Theory of Production," Cambridge Books, Cambridge University Press, number 9780521812115.
    7. 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.
    8. 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.
    9. 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.
    10. Riccardo Realfonzo, 1998. "Money and Banking," Books, Edward Elgar Publishing, number 1423.
    11. Louis-Philippe Rochon, 1999. "Credit, Money and Production," Books, Edward Elgar Publishing, number 1565.
    12. 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.
    13. 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.
    14. 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.
    15. 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.
    16. 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.
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    Cited by:

    1. 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.
    2. Gabriel Caldas Montes & Iven Silva Valpassos, 2018. "Discretionary fiscal policy and sovereign risk," Economics Bulletin, AccessEcon, vol. 38(3), pages 1343-1365.
    3. 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).

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