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A Kaleckian Analysis of Monetary Policy

Author

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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.

Suggested Citation

  • Malcolm Sawyer, 2006. "A Kaleckian Analysis of Monetary Policy," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 3(2), pages 331-349.
  • Handle: RePEc:elg:ejeepi:v:3:y:2006:i:2:p:331-349
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    Cited by:

    1. Malcolm Sawyer, 2011. "Re-thinking Macroeconomic Policies," Chapters,in: Credit, Money and Macroeconomic Policy, chapter 13 Edward Elgar Publishing.

    More about this item

    Keywords

    monetary policy; Kalecki; macroeconomic analysis;

    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General

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