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Why money matters: Wicksell, Keynes, and the new consensus view on monetary policy

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Author Info

  • Giuseppe Fontana

Abstract

One of the greatest achievements of the modern mainstream approach to monetary policy is to have rejected the old quantity-theoretic framework, and to have replaced it with a Wicksellian two-interest-rate analysis, which closely reflects the actual behavior of central banks around the world. Starting with a presentation of Wicksell's two-interest-rate analysis and its policy implications, this paper evaluates these recent developments in monetary thought and monetary policy in terms of the acceptance or not of the axiom of neutrality of money and monetary policy.

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Bibliographic Info

Article provided by M.E. Sharpe, Inc. in its journal Journal of Post Keynesian Economics.

Volume (Year): 30 (2007)
Issue (Month): 1 (October)
Pages: 43-60

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Handle: RePEc:mes:postke:v:30:y:2007:i:1:p:43-60

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Web page: http://mesharpe.metapress.com/link.asp?target=journal&id=109348

Related research

Keywords: endogenous money; Keynes; monetary policy; new consensus; Wicksell;

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Cited by:
  1. P Arestis & A Mihailov, 2009. "Flexible Rules cum Constrained Discretion: A New Consensus in Monetary Policy," Economic Issues Journal Articles, Economic Issues, vol. 14(2), pages 27-54, September.
  2. Jan Korda, 2010. "A Comparison of New Consensus as a Theoretical Framework of Inflation Targeting with Post-Keynesian Economics," Politická ekonomie, University of Economics, Prague, vol. 2010(1), pages 92-104.

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