Modern monetary theory (MMT) has grown in popularity in recent years. Several central bankers have made passing comments about it. However, the publication of two papers by Drumetz/Pfister of the Banque de France in 2021 represents the first attempt at a more systematic assessment of MMT by two...

In the face of the dramatic economic events of recent months and the inability of academics and policymakers to prevent them, the New Consensus Macroeconomics (NCM) model has been the subject of several criticisms. This paper considers one of the main criticisms lodged against the NCM model,...

One of the greatest achievements of the modern New Consensus" view in macroeconomics is the assertion of a nonquantity theoretic approach to monetary policy. Leading theorists and practitioners of this view have indeed rejected the quantity theory of money, and defended a return to the old...

A central tenet of the so-called new consensus view in macroeconomics is that there is no long-run trade-off between inflation and unemployment. The main policy implication of this principle is that all monetary policy can aim for is (modest) short-run output stabilization and long-run price...

First paragraph: The »New Monetary Policy« (NMP) is the major stabilisation policy associated with the so-called »New Consensus« (NC) view in macroeconomics. NC is the dominant view in modern mainstream economics. Its major tenets are (1) the supply-side determined equilibrium level of...

One of the greatest achievements of the modern 'New Consensus' view in macroeconomics is the assertion of a non-quantity-theoretic approach to monetary policy. Leading theoricians and practitioners of this view have indeed rejected the quantity theory of money, and defended a return to the old...

First paragraph: The contributions in this special issue on inflation targeting were presented at the Spring Seminar of the Post Keynesian Economics Study Group (PKSG) held at Balliol College, Oxford (UK) in April 2008. PKSG was founded in 1988 by Philip Arestis and Victoria Chick. The purpose...

First paragraph: It is with great pleasure that we participate in this Special Forum discussion of our Macroeconomic Theory and Macroeconomic Pedagogy (MTMP) (Fontana/Setterfield 2009). Before discussing the comments by Claudio Sardoni and Sebastian Dullien, we would first like to outline the...

This paper outlines an approach to ecological macroeconomics based on post-Keynesian and Kaleckian ideas. It views growth as demand-driven through investment, and focuses on the conflicts between that demand-driven growth rate, the growth of the effective labour force and the 'nature...

The 2010s have witnessed a new shift in central banking and, partially at least, in monetary economics and macroeconomic modelling. It is a fact that the endogenous money theory has been gradually clawing back popularity at the expense of the classical theory of interest rates, the financial...