Tily’s ‘semantic pirouettes’ and Lavoie’s post-‘Keynesianism’: a comment on M. Lavoie “Rethinking monetary theory in the light of Keynes and the crisis”

  • Geoff Tily
Keywords: Post-Keynesian, Monetary Policy, Fiscal Policy


In a recent paper in your journal, Marc Lavoie contests remarks I have made about Keynes and endogenous money. I would like very much to respond, and have drafted the following text.


Broadbent, B. (2014) “Monetary policy, asset prices and distribution”, Speech at the Society of Business Economists Annual Conference, 23 October 2014. Available at <https://www.bankofengland.co.uk/-/media/boe/files/speech/2014/monetary-policy-asset-prices-and-distribution.pdf >. Accessed on 29/01/2017.

Chick, V. (1983) Macroeconomics After Keynes, Massachusetts: The MIT Press Cambridge.

Dow, S. C. (1997) ‘Endogenous Money’, In: G. C. Harcourt and P. A. Riach (Eds), A ‘Second Edition’ of The General Theory, Vol. 2, London: Routledge.

Keynes, J.M. ([1931] 1981), ‘Comments on Mr Brand’s memorandum on the need for a bridging chapter’, 7th April, In: Activities: Rethinking Employment and Unemployment Policies, 1929-31, Collected Writings, vol. XX, London: Macmillan, p. 272-4.

Kregel, J. (2014) “Liquidity preference and the entry and exit to ZIRP and QE”, Policy Note, n. 2014/5, Levy Economics Institute of Bard College.

Tily, Geoff (2010 [2007]) Keynes Betrayed: The General Theory, the Rate of Interest and ‘Keynesian’ Economics, Basingstoke: Palgrave Macmillan.

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