This paper exnmines two issues pertinent to the effective implementation of monetary policy: firstly, the ability of the monetary authorities to control interest rates and secondly, whether interest rates have exhibited a leading relationship with economic activity since deregulation of the...

Introduction This paper seeks to reconcile the post Keynesian and New Keynesian explanations of credit rationing. It argues that this can be done if choice theory is made more general than either post Keynesian or New Keynesian analysis currently allows. A more general theory of choice can be...