New Directions in Post-Keynesian Theory
Edited by Louis-Philippe Rochon and Salewa ‘Yinka Olawoye
Chapter 2: Stabilization Policy with an Endogenous Commercial Bank
2. Stabilization policy with an endogenous commercial bank* Mark Setterfield and Kurt von Seekamm 1 INTRODUCTION The three-equation New Keynesian or “new consensus” model is now a staple feature of monetary macroeconomics.1 One common criticism of...
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