Adios to the T-Bill?

Doug Henwood dhenwood at panix.com
Fri Apr 6 12:58:41 PDT 2001


Rakesh Narpat Bhandari wrote:


>Doesn't structural endogeneity have its roots in a 1970s paper by
>Albert Wojl..., saw his name pop up in the press recently

You thinking of Wojnilower's paper on credit crunches?


>Still this just doesn't square with the power which post keynesians
>seem attribute to the Fed over macro-economy--still seems to me that
>they are caught in some kind of money fetishism, no?

That's for sure; they're not big on relations between money and the real world. Few of them have any sense of monetary policy as a realm of class conflict; central bankers are just in the grip of a bad theory, you see.

Doug



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