Arestis, Philip; Sawyer, Malcolm - 2002
(specifically, monetary policy), which we regard as an outgrowth of New Keynesian economics. We review this new consensus and argue … that the empirical evidence on the operation of monetary policy reveals that such a policy is rather impotent. Insofar as … distribution of productive capacity. Thus, contrary to the prevailing view, monetary policy is not an effective way to control …