This is a very interesting paper about the role of money in monetary-policy analysis (Nelson (2003)). Ed Nelson is the ideal author of such a paper. He is a master of modern monetary economics, including New Keynesian analysis, being a student of Ben McCallum’s and a coauthor with Ben of some of the pioneering contributions to the New Keynesian literature. Ed is also a master of more traditiona...

A. Topics and Tools ............................................................................ 1 B. The Lucas Model in Historical Perspective............................................ 2 Keynesian macroeconomics in the 1960s ......................................................................... 2 Monetarism .....................................................................................

Post Keynesian macrodynamic models make various assumptions about the normal rate of capacity utilization. Those rooted in Classical and neo-Keynesian traditions assume is fixed, whereas Kaleckian treat it as a variable that endogenous to actual This paper contributes debate utilization by developing model strong or genuine hysteresis, which firms discrete decisions depending on degree uncertai...

We study optimal monetary policy in an analytically tractable heterogeneous agent New Keynesian model with rich cross-sectional heterogeneity. Optimal differs from a representative benchmark because can affect consumption inequality, by stabilizing risk arising both idiosyncratic shocks and unequal exposures to aggregate shocks. The trade-off between productive efficiency, price stability is su...

Abstract ‘Post-Keynesian’ became an umbrella term for those heterodox economists wanting to move away from the dominant neo-classical paradigm but not comfortable with another of ‘political economy’. This review is about contributions understanding societal and economic change established internationally recognised group post-Keynesian economists. Many features which differentiate them other, s...

For the applied economist, the confident and apparently successful application of Keynesian principles to economic policy which occurred in the United States in the 1960s was an event of incomparable significance and satisfaction. These principles led to a set of simple, quantitative relationships between fiscal policy and economic activity generally, the basic logic of which could be (and was)...