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A Kaleckian Analysis of Monetary Policy

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  • Malcolm Sawyer

    ()
    (Economics Division, Leeds University Business School, The University of Leeds)

Abstract

This paper has the simple objective of exploring the implications of a Kaleckian (heterodox) macroeconomic analysis for the effectiveness of monetary policy, specifically one based on the use of interest rates to target the rate of inflation. The paper begins by setting out the essential features of a Kaleckian macroeconomic analysis in terms of the role of aggregate demand and money, and considering the nature of the supply-side of the economy. Some features of that analysis are drawn out and implications are drawn for the nature and effectiveness of monetary policy.

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File URL: http://www.elgaronline.com/view/journals/ejeep/3-2/ejeep.2006.02.13.xml
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Bibliographic Info

Article provided by Edward Elgar in its journal Intervention. European Journal of Economics and Economic Policies (subtitle initially: Zeitschrift fuer Oekonomie / Journal of Economics).

Volume (Year): 3 (2006)
Issue (Month): 2 ()
Pages: 331-349

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Handle: RePEc:elg:ejeepi:v:3:y:2006:i:2:p:331-349

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

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Keywords: monetary policy; Kalecki; macroeconomic analysis;

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