[lbo-talk] Discontinuance of M3 - Hang On

[Travis Fast]

Drained of all its semi-radical garb (read demand side operations which 
strengthen workers) what do we have but a supply-side version of 
Keynes.  I think they call themselves New Keynesians.

Travis

Doug Henwood wrote:


> boddi satva wrote:
>
>> Again, as the M3 increases get big, I think it's entirely expected 
>> that the supply-side Fed would start to de-emphasize it.
>
>
> I don't think the Fed is supply-side at all. In practice, they're 
> "bastard Keynesians" (to use Joan Robinson's label for Keynesianism 
> drained of all its semi-radical political content) most of the time. 
> They believe that interest rates, not money, matter; that the fiscal 
> balance is a strong influence on the economy; and that finance isn't 
> neutral.
>
> Doug
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