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A Kaleckian Analysis of Monetary Policy

Malcolm Sawyer

This paper has the simple objective of exploring the implications of a Kaleckian (heterodox) macroeconomic analysis for the effectiveness of monetary policy, specifically one based on the use of interest rates to target the rate of inflation. The paper begins by setting out the essential features of a Kaleckian macroeconomic analysis in terms of the role of aggregate demand and money, and considering the nature of the supply-side of the economy. Some features of that analysis are drawn out and implications are drawn for the nature and effectiveness of monetary policy.

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