Monetary Policy in the Post Keynesian Theoretical Framework

ABSTRACT The purpose of this contribution is to develop a Post Keynesian monetary policy model, presenting its goals, tools, and channels. The original contribution this paper develops, following (Keynes’s 1936, 1945) proposals, is the use of debt management as an instrument of monetary policy, along with the interest rate and regulation. Moreover, this paper draws its monetary policy model by broadly and strongly relying on Keynes’s original writings. A monetary policy model erected upon this basis relates itself directly to the Post Keynesian efforts to offer a monetary policy framework substantially different from the Inflation Targeting Regime of the New Macroeconomic Consensus.

摘要 本研究旨在构建后凯恩斯主义（Post Keynesian）货币政策模型，阐明其目标、工具与传导渠道。本文遵循凯恩斯1936年与1945年的理论主张，其原创性贡献在于将债务管理与利率、监管一同纳入货币政策工具范畴。此外，本文的货币政策模型系广泛且深度依托凯恩斯的原始著述构建而成。基于该框架搭建的货币政策模型，直接契合后凯恩斯主义的研究旨趣：构建一套显著区别于新宏观共识（New Macroeconomic Consensus）下通胀目标制（Inflation Targeting Regime）的货币政策框架。