This paper argues that the Stock-Flow Consistent Approach to macroeconomic modeling can be seen as a natural outcome of the path taken by Keynesian macroeconomic thought in the 1960s and 1970s, a theoretical frontier that remained largely unexplored with the end of Keynesian academic hegemony....

In Passarella (2011B) a kind of up-grading of Minsky’s economic thought was proposed, in which his ‘financial instability hypothesis’ was inter-bred with inputs from the current heterodox literature. This up-grading was done within a one-good model where capital goods were regarded as a...

This paper revisits Keynes's liquidity preference theory as it evolved from the Treatise on Money to The General Theory and after, with a view of assessing the theory's ongoing relevance and applicability to issues of both monetary theory and policy. Contrary to the neoclassical quot;special...

English Abstract: The article compares the analyses of money supply by Augusto Graziani and Paolo Sylos Labini. Both authors criticised neoclassical monetary theory, highlighting the endogenous nature of money supply. However, they explained the sources of money supply differently, in view of...

This paper is a contribution to a symposium mutually reviewing papers on Keynes's principle of effective demand as set out in The General Theory, by Allain (2009. Effective demand and short-term adjustments in the General Theory, Review of Political Economy, vol. 21, 1–22), Hartwig (2007....

This paper is a contribution to a symposium mutually reviewing papers on Keynes's principle of effective demand as set out in The General Theory, by Allain (2009. Effective demand and short-term adjustments in the General Theory, Review of Political Economy, vol. 21, 1–22), Hartwig (2007....

Marriner Eccles is often seen as an early defender of Keynesian ideas. In that respect, it is generally accepted that he considered monetary policy of secondary importance, and that as a result he allowed the Federal Reserve to be submitted to the interests of the Treasury. In this view, the...

This paper considers the economic policy advocated by Keynes and Friedman in relation to their particular theoretical framework. They have in common an opposition to fine-tuning of the economy. With regard to the contrasting strategies of rules versus discretion, both would be advocates of...

In Chapter 3 of the General Theory, Keynes sketches out what he calls the essence of the General Theory of Employment. He introduces the Keynesian expenditure-based model, his aggregate demand function and also his aggregate supply function, a concept which spawned much debate among...

In Chapter 4 of the General Theory, Keynes discusses the units of measurement he will be using in the remainder of the book, in particular his reason for measuring in nominal rather than real terms, objection to aggregate measures of real output and physical capital stock, and his concept of...