{"id":"https://openalex.org/W2506950331","doi":"https://doi.org/10.1007/978-0-230-29166-9_11","title":"Taming the New Consensus: Hysteresis and Some Other Post Keynesian Amendments","display_name":"Taming the New Consensus: Hysteresis and Some Other Post Keynesian Amendments","publication_year":2009,"publication_date":"2009-01-01","ids":{"openalex":"https://openalex.org/W2506950331","doi":"https://doi.org/10.1007/978-0-230-29166-9_11","mag":"2506950331"},"language":"en","primary_location":{"id":"doi:10.1007/978-0-230-29166-9_11","doi":"https://doi.org/10.1007/978-0-230-29166-9_11","is_oa":false,"landing_page_url":"https://doi.org/10.1007/978-0-230-29166-9_11","pdf_url":null,"source":{"id":"https://openalex.org/S4306463716","display_name":"Palgrave Macmillan UK eBooks","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4310319703","host_organization_name":"Palgrave Macmillan","host_organization_lineage":["https://openalex.org/P4310319703","https://openalex.org/P4310319965"],"host_organization_lineage_names":["Palgrave Macmillan","Springer Nature"],"type":"ebook platform"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Macroeconomic Theory and Macroeconomic Pedagogy","raw_type":"book-chapter"},"volume":{"id":"https://openalex.org/W1497605138","display_name":"Macroeconomic Theory and Macroeconomic Pedagogy"},"type":"book-chapter","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5058916057","display_name":"Marc Lavoie","orcid":"https://orcid.org/0000-0002-9942-1803","observed_orcids":["https://orcid.org/0000-0002-9942-1803","https://orcid.org/0000-0002-3037-3890"]},"institutions":[],"countries":[],"is_corresponding":true,"raw_author_name":"Marc Lavoie","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":["https://openalex.org/A5058916057"],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":11.6844,"has_fulltext":false,"cited_by_count":29,"citation_normalized_percentile":{"value":0.98038431,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":98},"biblio":{"volume":null,"issue":null,"first_page":"191","last_page":"213"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9965999722480774,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.9965999722480774,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11742","display_name":"Economic Theory and Policy","score":0.0017999999690800905,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12137","display_name":"Economic theories and models","score":0.0012000000569969416,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/new-consensus","display_name":"New Consensus","score":0.6769999861717224},{"id":"https://openalex.org/keywords/monetary-policy","display_name":"monetary policy","score":0.7059999704360962},{"id":"https://openalex.org/keywords/interest-rate-targeting","display_name":"interest rate targeting","score":0.9120000004768372},{"id":"https://openalex.org/keywords/money-supply-targeting","display_name":"money supply targeting","score":0.8360000252723694},{"id":"https://openalex.org/keywords/central-bank","display_name":"central bank","score":0.5419999957084656},{"id":"https://openalex.org/keywords/hysteresis","display_name":"hysteresis","score":0.7910000085830688},{"id":"https://openalex.org/keywords/post-keynesian-economics","display_name":"post-Keynesian economics","score":0.7570000290870667},{"id":"https://openalex.org/keywords/real-interest-rates","display_name":"real interest rates","score":0.7379999756813049},{"id":"https://openalex.org/keywords/inflation","display_name":"inflation","score":0.6769999861717224},{"id":"https://openalex.org/keywords/output","display_name":"output","score":0.6389999985694885},{"id":"https://openalex.org/keywords/monetary-economics","display_name":"monetary economics","score":0.49399998784065247}],"concepts":[{"id":"https://openalex.org/C175025494","wikidata":"https://www.wikidata.org/wiki/Q179179","display_name":"Interest rate","level":2,"score":0.7792923450469971},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.7235777378082275},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6168776750564575},{"id":"https://openalex.org/C200941418","wikidata":"https://www.wikidata.org/wiki/Q273508","display_name":"Inflation (cosmology)","level":2,"score":0.6102731227874756},{"id":"https://openalex.org/C2779971977","wikidata":"https://www.wikidata.org/wiki/Q842206","display_name":"Money supply","level":3,"score":0.5788562297821045},{"id":"https://openalex.org/C165556158","wikidata":"https://www.wikidata.org/wiki/Q83937","display_name":"Keynesian economics","level":1,"score":0.5497324466705322},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.5261313915252686},{"id":"https://openalex.org/C13309458","wikidata":"https://www.wikidata.org/wiki/Q593105","display_name":"Monetary base","level":3,"score":0.4749077558517456},{"id":"https://openalex.org/C2992735868","wikidata":"https://www.wikidata.org/wiki/Q66344","display_name":"Central bank","level":3,"score":0.4634072482585907},{"id":"https://openalex.org/C177264268","wikidata":"https://www.wikidata.org/wiki/Q1514741","display_name":"Set (abstract data type)","level":2,"score":0.4576214551925659},{"id":"https://openalex.org/C10688316","wikidata":"https://www.wikidata.org/wiki/Q936174","display_name":"New Keynesian economics","level":3,"score":0.4438718557357788},{"id":"https://openalex.org/C98045186","wikidata":"https://www.wikidata.org/wiki/Q205663","display_name":"Process (computing)","level":2,"score":0.43693971633911133},{"id":"https://openalex.org/C84888623","wikidata":"https://www.wikidata.org/wiki/Q1205832","display_name":"Nominal interest rate","level":4,"score":0.43087196350097656},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.33542951941490173},{"id":"https://openalex.org/C154815372","wikidata":"https://www.wikidata.org/wiki/Q1140421","display_name":"Real interest rate","level":3,"score":0.32969072461128235},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.08668649196624756},{"id":"https://openalex.org/C121332964","wikidata":"https://www.wikidata.org/wiki/Q413","display_name":"Physics","level":0,"score":0.0},{"id":"https://openalex.org/C33332235","wikidata":"https://www.wikidata.org/wiki/Q18362","display_name":"Theoretical physics","level":1,"score":0.0},{"id":"https://openalex.org/C111919701","wikidata":"https://www.wikidata.org/wiki/Q9135","display_name":"Operating system","level":1,"score":0.0},{"id":"https://openalex.org/C199360897","wikidata":"https://www.wikidata.org/wiki/Q9143","display_name":"Programming language","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1007/978-0-230-29166-9_11","doi":"https://doi.org/10.1007/978-0-230-29166-9_11","is_oa":false,"landing_page_url":"https://doi.org/10.1007/978-0-230-29166-9_11","pdf_url":null,"source":{"id":"https://openalex.org/S4306463716","display_name":"Palgrave Macmillan UK eBooks","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/P4310319703","host_organization_name":"Palgrave Macmillan","host_organization_lineage":["https://openalex.org/P4310319703","https://openalex.org/P4310319965"],"host_organization_lineage_names":["Palgrave Macmillan","Springer Nature"],"type":"ebook platform"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Macroeconomic Theory and Macroeconomic Pedagogy","raw_type":"book-chapter"}],"best_oa_location":null,"sustainable_development_goals":[],"sustainable_development_goals_aurora":[{"id":"https://metadata.un.org/sdg/8","display_name":"Decent work and economic growth","score":0.47999998927116394}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":40,"referenced_works":["https://openalex.org/W10424503","https://openalex.org/W59124540","https://openalex.org/W195196060","https://openalex.org/W1490652375","https://openalex.org/W1533165863","https://openalex.org/W1555312668","https://openalex.org/W1582852958","https://openalex.org/W1596055910","https://openalex.org/W1639433754","https://openalex.org/W1894843067","https://openalex.org/W1966270585","https://openalex.org/W1967828713","https://openalex.org/W1982860571","https://openalex.org/W1999535032","https://openalex.org/W2001015050","https://openalex.org/W2005895020","https://openalex.org/W2016366143","https://openalex.org/W2037982943","https://openalex.org/W2044061346","https://openalex.org/W2047672703","https://openalex.org/W2058887115","https://openalex.org/W2105127360","https://openalex.org/W2124658875","https://openalex.org/W2126342403","https://openalex.org/W2138989197","https://openalex.org/W2140849362","https://openalex.org/W2145146289","https://openalex.org/W2146403543","https://openalex.org/W2155247567","https://openalex.org/W2161280218","https://openalex.org/W2167563743","https://openalex.org/W2170708207","https://openalex.org/W2232535668","https://openalex.org/W2326001187","https://openalex.org/W2326966786","https://openalex.org/W3125535243","https://openalex.org/W4298346375","https://openalex.org/W4300170255","https://openalex.org/W4388075162","https://openalex.org/W4407941256"],"related_works":["https://openalex.org/W2124791883","https://openalex.org/W811899896","https://openalex.org/W7111871751","https://openalex.org/W2405870387","https://openalex.org/W2201324602","https://openalex.org/W4312783035","https://openalex.org/W4313039307","https://openalex.org/W2265337409","https://openalex.org/W4312499191","https://openalex.org/W2279985069"],"abstract_inverted_index":{"Not":[0],"so":[1],"long":[2],"ago,":[3],"most":[4],"economists":[5,33],"believed":[6],"that":[7,43,74],"central":[8,30,44,75],"banks":[9,45,76],"ought":[10,46],"to":[11,47,86],"set":[12,48],"money":[13,83],"supply":[14,22,81],"targets,":[15],"implementing":[16],"these":[17],"targets":[18],"by":[19,108,112],"controlling":[20,54],"the":[21,36,66,80,113,120,126],"of":[23,38,82],"base":[24],"money.":[25],"The":[26],"New":[27],"Consensus":[28],"among":[29],"bankers":[31],"and":[32,58,61,68,84,101,110,119],"active":[34],"in":[35,65],"field":[37],"monetary":[39,88],"economics":[40],"is":[41,117],"now":[42],"target":[49],"nominal":[50],"interest":[51,56,91],"rates,":[52],"thus":[53],"real":[55],"rates":[57],"influencing":[59],"output":[60],"inflation":[62],"rates.":[63],"Still,":[64],"1960s":[67],"1970s,":[69],"those":[70],"academics":[71],"who":[72],"argued":[73],"could":[77],"not":[78,111],"control":[79],"had":[85],"implement":[87],"policy":[89],"through":[90],"rate":[92],"targeting":[93],"were":[94,98,106],"ridiculed.":[95],"Their":[96],"views":[97],"considered":[99],"sterile":[100],"d\u00e9pass\u00e9es":[102],".":[103],"These":[104],"keywords":[105,121],"added":[107],"machine":[109],"authors.":[114],"This":[115],"process":[116],"experimental":[118],"may":[122],"be":[123],"updated":[124],"as":[125],"learning":[127],"algorithm":[128],"improves.":[129]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2024,"cited_by_count":1},{"year":2023,"cited_by_count":1},{"year":2022,"cited_by_count":2},{"year":2020,"cited_by_count":3},{"year":2019,"cited_by_count":3},{"year":2017,"cited_by_count":2},{"year":2016,"cited_by_count":1},{"year":2015,"cited_by_count":5},{"year":2013,"cited_by_count":1},{"year":2012,"cited_by_count":2}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2016-08-23T00:00:00"}