The ›new consensus‹ view of monetary policy: A new wicksellian connection?

European Journal of Economics and Economic Policies: Intervention

Volumn 3, Issue 2, 2006, Pages 263-278

  Fontana, Giuseppe ^a,b  

^a UNIVERSITY OF LEEDS   (United Kingdom)

^b UNIVERSITY OF SANNIO   (Italy)

Author keywords

Endogenous money; Monetary policy; New Consensus; Wicksell

Indexed keywords

EID: 77954901597     PISSN: 20527764     EISSN: 20527772     Source Type: Journal    
DOI: 10.4337/ejeep.2006.02.10     Document Type: Article

References (39)

1. Arestis, Philip/Biefang-Frisancho Mariscal, Iris (1998): Capital Shortages and Asymmetries in UK Unemployment, in: Structural Change and Economic Dynamics, Vol. 9, No. 2, pp. 189–204
2. Arestis, Philip/Biefang-Frisancho Mariscal, Iris (2000): Capital Shortages, Unemployment and Wages in the UK and Germany, in: Scottish Journal of Political Economy, Vol. 47, No. 5, pp. 487–503
3. Arestis, Philip/Sawyer, Malcolm C. (2006): The Nature and Role of Monetary Policy when Money is Endogenous, in: Cambridge Journal of Economics, forthcoming
4. Ball, Laurence (1999): Aggregate Demand and Long-Run Unemployment, in: Brookings Papers on Economic Activity, Vol. 2, pp. 189–236
5. Bellofiore, Riccardo (2005): Monetary Economics after Wicksell: Alternative Perspectives within the Theory of the Monetary Circuit, in: Fontana, Giuseppe/Realfonzo, Riccardo (eds.), The Monetary Theory of Production: Tradition and Perspectives, London: Palgrave Mac millan, pp. 39–51
6. Boianovsky, Mauro/Trautwein, Hans-Michael (2006a): Wicksell after Woodford, in: Journal of the History of Economic Thought, Vol. 28, No. 2, pp. 171–185
7. Boianovsky, Mauro/Trautwein, Hans-Michael (2006b): Price Expectations, Capital Accu mulation and Employment: Lindahl’s Macroeconomics from the 1950s to the 1986s, in: Cambridge Journal of Economics, forthcoming
8. Costabile, Lilia (2005): Money, Cycles and Capital Formation: Von Mises the ›Austrian‹ vs. Robertson the ›Dynamist‹, in: Cambridge Journal of Economics, Vol. 29, No. 5, pp. 685–707
9. Fontana, Giuseppe (2004a): Hicks on Monetary Theory and History: Money as Endogenous Money, in: Cambridge Journal of Economics, Vol. 28, No. 1, pp. 73–88
10. Fontana, Giuseppe (2004b): Rethinking Endogenous Money: A Constructive Interpretation of the Debate between Accommodationists and Structuralists, in: Metroeconomica, Vol. 55, No. 4, pp. 367–385
11. Fontana, Giuseppe/Palacio-Vera, Alfonso (2004): Monetary Policy Uncovered: Theory and Practice, in: International Review of Applied Economics, Vol. 18, No. 1, pp. 25–42
12. Fontana, Giuseppe/Palacio-Vera, Alfonso (2005): Are Long-run Price Stability and Short-run Output Stabilization all that Monetary Policy can Aim for?, in: Levy Economics In stitute, Working Paper, No. 430
13. Friedman, Milton (1956): The Quantity Theory of Money: A Restatement, in: Friedman, Milton (ed.), Studies in the Quantity Theory of Money, Chicago: University of Chicago Press, pp. 14–24
14. Friedman, Milton/Schwartz, Anna J. (1963): A Monetary History of the United States, 1867 to 1960, Princeton: Princeton University Press
15. Goodhart, Charles A. E. (2001): The Endogeneity of Money, in: Arestis, Philip/Desai, Meghnad/Dow, Sheila (eds.), Money, Macroeconomics and Keynes, Essays in Honour of Victoria Chick, Vol. 1, London: Routledge, pp. 14–24
16. Goodhart, Charles A. E. (2004): Review of Interest and Prices by M. Woodford, in: Journal of Economics, Vol. 82, No. 2, pp. 195–200
17. Graziani, Augusto (2003): The Monetary Theory of Production, Cambridge (UK): Cambridge University Press
18. Hicks, John (1967): Monetary Theory and History: An Attempt at Perspective, in: Hicks, John, Critical Essays in Monetary Theory, Oxford: Clarendon Press, pp. 155–173
19. Hume, David (1963 [1752]): Of Money, in: Hume, David, Essays, Moral, Political and Literary, Oxford: Oxford University Press, pp. 289–302
20. Humphrey, Thomas M. (2002): Knut Wicksell and Gustav Cassel on the Cumulative Process and the Price-Stabilizing Policy Rule, in: Federal Reserve Bank of Richmond Economic Quarterly, Vol. 88, No. 3, pp. 59–83
21. Laidler, David (2002): The Transmission Mechanism wiThEndogenous Money, in: Arestis, Philip/Desai, Meghnad/Dow, Sheila (eds), Money, Macroeconomics and Keynes, London: Routledge, pp. 25–34
22. Lavoie, Marc (1992): Foundations of Post-Keynesian Economic Analysis, Aldershot (UK): Edward Elgar
23. Lavoie, Marc (1996): Monetary Policy in an Economy wiThEndogenous Credit Money, in: Deleplace, Ghislain/Nell, Edward J.(eds.), Money in Motion: The Post Keynesian and Circulation Approaches, London: Macmillan, pp. 532–545
24. Lindahl, Erik (1939): Studies in the Theory of Money and Capital, London: George Allen and Unwin Lucas, Robert E. Jr. (1996): Monetary Neutrality (Nobel Lecture), in: Journal of Political Economy, Vol. 104, No. 4, pp. 661–682
25. McCandless, George T. Jr./Weber, Warren E. (1995): Some Monetary Facts, in: Federal Reserve Bank of Minneapolis Quarterly Review, Vol. 19, No. 3, pp. 2–11
26. Mill, John Stuart (1874): Influence of Consumption upon Production, in: Mill, John Stuart, Essays on Unsettled Questions of Political Economy, London: Longmans & Co., pp. 47–74
27. Moore, Basil J. (1988): Horizontalists and Verticalists: The Macroeconomics of Credit Money, Cambridge (UK): Cambridge University Press
28. Realfonzo, Riccardo (2006): Italian Circuitist Approach, in: Arestis, Philip/Sawyer, Malcom C. (eds.), The Handbook of Alternative Monetary Economics, Cheltenham (UK): Edward Elgar, forthcoming
29. Sargent, Thomas J. (1986): The Ends of Four Big Inflations, in: Sargent, Thomas J. (ed.), Rational Expectations and Inflation, New York: Harper and Row, pp. 40–109
30. Sawyer, Malcolm C. (2002): The NAIRU, Aggregate Demand and Investment, in: Metroeconomica, Vol. 53, No. 1, pp. 66–94
31. Seccareccia, Mario (2003): Wicksellian Norm, Central Bank Real Interest Rate Targeting and Macroeconomic Performance, in: Arestis, Philip/Sawyer, Malcolm C. (eds.), The Political Economy of Central Banking, Cheltenham (UK): Edward Elgar, pp. 180–98
32. Smithin, John (1994): Controversies in Monetary Economics: Ideas, Issues and Policy, Aldershot (UK): Edward Elgar
33. Tamborini, Roberto (2006): Back to Wicksell? In Search of the Foundations of Practical Monetary Policy, forthcoming
34. Tobin, James (1970): Money and Income: Post Hoc Ergo Propter Hoc?, in: Quarterly Journal of Economics, Vol. 84, No. 2, pp. 301–317
35. Thornton, Henry (1802): An Inquiry into the Nature and Effects of the Paper Credit of Great Britain, edited by Friedrich August von Hayek (1962), New York: Augustus M. Kelley
36. Weber, Axel A. (2006): The Role of Interest Rates in Theory and Practice: How Useful Is the Concept of the Natural Real Rate of Interest for Monetary Policy?, Inaugural G. L. S. Shackle Biennial Memorial Lecture, St. Edmund’s College, Cambridge
37. rd Swedish edition of 1929, Föreläsningar i natio nalekonomi Häft II: Om penningar och kredit, Stockholm, Lund: Fritzes, Berlingska, translated by E. Classen (ed. Lionel Robbins)
38. st German edition of 1898, Geldzins und Güterpreise, Eine Studie über die den Tauschwert des Geldes bestimmenden Ursachen, Jena: G. Fischer, translated by Richard F. Kahn
39. Woodford, Michael (2003): Interest and Prices: Foundations of a Theory of Monetary Policy, Princeton University Press, Princeton