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The New Consensus and Post-Keynesian Interest Rate Policy

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  • Claude Gnos
  • Louis-Philippe Rochon

Abstract

This paper outlines the fundamental arguments of the New Consensus, critiques it from a Post-Keynesian perspective, and offers a Post-Keynesian alternative to the Taylor Rule. While Post-Keynesian economics provides a theory of endogenous money with exogenous interest rates, it has no clear description of a central bank reaction function. We attempt to remedy this oversight by identifying some of the difficulties attached to developing a Post-Keynesian reaction function, and suggesting an approach to the setting of interest rates that is more consistent than the Taylor Rule with Keynes's General Theory.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/09538250701453071
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal Review of Political Economy.

Volume (Year): 19 (2007)
Issue (Month): 3 ()
Pages: 369-386

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Handle: RePEc:taf:revpoe:v:19:y:2007:i:3:p:369-386

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Cited by:
  1. Hiroshi Nishi, 2012. "Varieties of Economic Growth Regimes, Types of Macroeconomic Policies, and Policy Regime: A Post-Keynesian Analysis," Discussion papers e-12-008, Graduate School of Economics Project Center, Kyoto University.
  2. Kai D. Schmid, 2010. "Medium-run macrodynamics and the consensus view of stabilization policy," Diskussionspapiere aus dem Institut für Volkswirtschaftslehre der Universität Hohenheim 322/2010, Department of Economics, University of Hohenheim, Germany.

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