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The fourth section examines the negative role of endogenous money in disrupting neoclassical theory, while the fifth section examines its positive role in supporting an alternative theory of output and employment.
As argued by Pasinetti (1974, p. 44), the essence of Keynes's approach was to provide a monetary explanation of output and employment in contrast to neoclassical theory, in which money simply determines prices, and output is the result of only real causes.
What is compatible with neoclassical theory is the imposition of a formal interest-rate rule in place of an explicitly exogenous-money supply.
This may well be true, but it does not imply that monetary quantities are irrelevant from the perspective of neoclassical theory.
The conduct of monetary policy in terms of interest rates and inflation targeting does not, therefore, represent a significant shift in theoretical perspective and especially not in the analytical role of money in determining the price level or in its rate of growth determining the rate of inflation within the logic of neoclassical theory.
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