Recent developments in macroeconomics and macroeconomic policy, what has come to be known as “New Consensus in Macroeconomics”, downgrades the role of fiscal policy and upgrades that of monetary policy. This contribution aims to consider this particular contention by focusing on fiscal...

This paper focuses on the future of economic policies with regard to inflation. The dominant approach to inflation over the past two decades or so has been inflation targeting. The global environment of the decade circa 1995 to 2005 with the “China effect†pushing down prices of...

The dominance of the orthodox paradigm over the last decades prior to the “great recession†left no room for the notion of “endogenous money†in the development of economic theory. However, this alternative direction of the causality of demand for money-credit and economic...