Publications

Working Paper No. 564 | May 2009

New Consensus Macroeconomics: A Critical Appraisal

This paper is concerned with the New Consensus Macroeconomics (NCM) in the case of an open economy. It outlines and explains briefly the main elements of and way of thinking about the macroeconomy from the standpoint of both its theoretical and its policy dimensions. There are a few problems with this particular theoretical framework. We focus here on two important aspects closely related to NCM: the absence of banks and monetary aggregates from this theoretical framework, and the way the notion of the “equilibrium real rate of interest” is utilized by the same framework. The analysis is critical of NCM from a Keynesian perspective.

Publication Highlight

Public Policy Brief No. 144
A Two-Tier Eurozone or a Euro of Regions?
A Radical Proposal Based on Keynes’s Clearing Union
Author(s): Jan Kregel
September 2017

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