Policy Research in Macroeconomics

Keynes, the Post-Keynesians and the Curious Case of Endogenous Money

January 2008

This paper examines how the notion that Keynes took money as exogenous in the General Theory has proved so durable in the post-Keynesian paradigm. This durability is despite post-Keynesians regarding Keynes as a monetary economist, rejecting the ‘Keynesian’ interpretation and basing their paradigm on the endogeneity of money.

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