Wednesday, October 1, 2014

Philip Pilkington on the Natural Rate of Interest

In a great Levy Institute working paper here:
Philip Pilkington, “Endogenous Money and the Natural Rate of Interest,” Levy Institute Working Paper No. 817, September 2014.
More background here.

The paper looks at endogenous money theory and the deficient and flawed way this was been incorporated into the “New Consensus Macroeconomics” (mainstream neoclassical theory), through the use of the natural rate of interest.

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