Drawing on the contributions of Augusto Graziani to the socalledmonetary theory of production, this article aims toshow that an accommodative monetary policy—as defendedin the new consensus macroeconomics theory and supportedby current practice around the world—has the maximumeffect in stimulating aggregate demand and income when it isimplemented in conjunction with a coordinated discretionaryfiscal policy that boosts the demand for and the supply ofloans via the reduction of the liquidity risk and the insolvencyrisk. As a result, the potentially beneficial effects of the traditionalKeynesian fiscal multiplier are significantly amplified.
Does fiscal policy affect the monetary transmission mechanism? A monetary theory of production (MTP) response to the new consensus macroeconomics (NCM) perspective
PACELLA, Andrea;
2017-01-01
Abstract
Drawing on the contributions of Augusto Graziani to the socalledmonetary theory of production, this article aims toshow that an accommodative monetary policy—as defendedin the new consensus macroeconomics theory and supportedby current practice around the world—has the maximumeffect in stimulating aggregate demand and income when it isimplemented in conjunction with a coordinated discretionaryfiscal policy that boosts the demand for and the supply ofloans via the reduction of the liquidity risk and the insolvencyrisk. As a result, the potentially beneficial effects of the traditionalKeynesian fiscal multiplier are significantly amplified.| File | Dimensione | Formato | |
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Metroeconomica 2017.pdf
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