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Review of Radical Political Economics
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Capacity Utilization, Inflation, and Monetary Policy: The Duménil and Lévy Macro Model and the New Keynesian Consensus

Marc Lavoie

Department of Economics, University of Ottawa, Canada, marc.lavoie{at}uottawa.ca

Peter Kriesler

University of New South Wales, p.kriesler{at}unsw.edu.au

The article considers the adjustment toward long-run equilibrium within the Duménil and Lévy macro model, with modifications. Findings show that long-run convergence to fully adjusted positions with normal utilization is not achieved when a more realistic reaction function is proposed. Classical equilibrium occurs when a vertical Phillips curve is substituted, but the model is isomorphic to the "new consensus" model and to features of "new" endogenous growth theory.

JEL classification: E12, E40, E52, E58

Key Words: monetary policy • central bank • inflation • capacity utilization • new Keynesian • Marxism

Review of Radical Political Economics, Vol. 39, No. 4, 586-598 (2007)
DOI: 10.1177/0486613407306824
Add to CiteULike CiteULike   Add to Connotea Connotea   Add to Del.icio.us Del.icio.us   Add to Digg Digg   Add to Reddit Reddit   Add to Technorati Technorati    What's this?