"Uncertainty" indicated a critical post Keynesian argument against neoclassical monetarism, but was taken up by the European Central Bank (ECB) in order to emphasize the importance of the money supply indicator in its "two pillar" strategy. In a state of model uncertainty on behalf of market and...

Central banks can control the macro economy by means of interest rate policies also in a cashless economy. In a monetary economy with a positive demand for base money, the quantity of money represents an additional policy tool, independent from interest rate management. This hypothesis is...

While single elements of the European economic policy design are well founded, and have developed with some politico-economic logic from the history of stabilization policy, a coherent "concept" of monetary and fiscal policy is lacking. There is no agent who is responsible for demand...