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A view on post-Keynesian interest rate policy


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  • Giorgos Argitis

    (University of Athens)


The dominant role of the "new consensus models" in central banks’ policy-making in the last two decades has triggered the reaction of post-Keynesian economists to examine alternatives to inflation-targeting monetary strategies and to Taylor-type interest rate rules. This paper develops a simple macroeconomic model in order to pinpoint the distributional/demand effects of rentiers’ interest income in a money/debt-using and demand determined economy. The ultimate objective of this model is to provide a starting point for the development of a post-Keynesian approach to interest rate policy that differs from the "activist" and the "parking-it" approaches.

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Bibliographic Info

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

Volume (Year): 8 (2011)
Issue (Month): 1 ()
Pages: 91-112

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Handle: RePEc:elg:ejeepi:v:8:y:2011:i:1:p91-112

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Keywords: monetary policy; interest rates; income distribution; inflation; unemployment;

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