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Theoretical and Applied Economics
No. 9 / 2007 (514)

Two Different Views on Monetary Policy Impact: The New Consensus and Post-Keynesian Economics

Marius-Corneliu Marinas
Academia de Studii Economice, Bucuresti

Abstract. The objective of this study is to make a synthesis of the differences between two new macroeconomic views. A New Consensus has arisen among neoclassical and New-Keynesian economists, such as Romer, Taylor and Walsh. This new view seeks to redefine the application of monetary policy by re-specifying the most appropriate monetary rule, which is used for inflation targeting. The framework of the monetary policy impact requires the usage of a expectations augmented Phillips curve, characterized through the lack of trade-off inflation-unemployment in the long-run. Post-keynesian macroeconomic critical, whose promoters are Arestis, Lavoie and Satterfield, argues that for most of the production levels obtained output change has no effect on inflation. This is a re-formulation of the Keynesian aggregate supply curve, which is entirely horizontal.

Keywords: New Consensus macroeconomic; monetary policy rule; Phillips curve; potential GDP; post-Keynesian.

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