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Economic theory and policy: a coherent post-Keynesian approach

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  • Philip Arestis

    (University of Cambridge)

Abstract

This contribution focuses on a coherent new way of thinking about the macroeconomy in terms of both economic theory and economic policies. The central bank should focus on financial stability; for fiscal policy in the short term and in the long term to address demand issues is very important. Interest rate policy should be such that the real rate of interest is in line with trend rate of growth in the economy. Fiscal and monetary policies, though, should be coordinated closely. Major central bank cooperation and intervention in the foreign exchange market is necessary to control the exchange rate. Regional and industrial policies to create the required capacity are important, along with incomes policies, to contain inflationary/deflationary pressures. Distribution of income and wealth is another important policy dimension in view of its importance in terms of the great recession.

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Bibliographic Info

Article provided by Edward Elgar in its journal European Journal of Economics and Economic Policies: Intervention.

Volume (Year): 10 (2013)
Issue (Month): 2 ()
Pages: 243-255

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Handle: RePEc:elg:ejeepi:v:10:y:2013:i:2:p243-255

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Web page: http://www.elgaronline.com/ejeep

Related research

Keywords: Â economic theory; economic policies; post-Keynesian economics;

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Cited by:
  1. Eckhard Hein & Achim Truger, 2014. "Fiscal Policy and Rebalancing in the Euro Area: A Critique of the German Debt Brake from a Post-Keynesian Perspective," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 61(1), pages 21-38, Februar.
  2. Hein, Eckhard & Dodig, Nina & Budyldina, Natalia, 2014. "Financial, economic and social systems: French Regulation School, Social Structures of Accumulation and Post-Keynesian approaches compared," IPE Working Papers 34/2014, Berlin School of Economics and Law, Institute for International Political Economy (IPE).

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