A major argument used against the use of fiscal policy comes from the view that there are automatic forces within an economic system to ensure high levels of demand. This paper argues that the case for fiscal policy in general rests on the proposition that there are no such market forces that...

This paper has the simple objective of exploring the implications of a Kaleckian (heterodox) macroeconomic analysis for the effectiveness of monetary policy, specifically one based on the use of interest rates to target the rate of inflation. The paper begins by setting out the essential...

The purpose of this paper is to compare new developments on the monetary policy front, or what is known as inflation targeting, with some of Keynes's ideas as propounded in a pamphlet in 1932. A number of the ingredients of the new monetary policy approach can be found in Keynes, especially that...