Search results for "Taylor's rule"

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The New Consensus and Post-Keynesian Interest Rate Policy.

2007

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.

Endogenous moneyKeynesian economicsKeynesian economicsmedia_common.quotation_subjectEconomics Econometrics and Finance (miscellaneous)Post-Keynesian economicsinterest rates[SHS.ECO]Humanities and Social Sciences/Economics and FinanceInterest rateTaylor ruleGeneral theoryCentral bankPolitical Science and International RelationsEconomics[ SHS.ECO ] Humanities and Social Sciences/Economies and finances[SHS.ECO] Humanities and Social Sciences/Economics and FinanceFunction (engineering)ComputingMilieux_MISCELLANEOUSmedia_commonTaylor's rule
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