Title: An alternative for analysing and teaching monetary policy based on interest rate rules: the institutional perspectives from Myrdal's Monetary Equilibrium

Authors: Adrián De León Arias

Addresses: Secretaria Académica, Edificio de Rectoria, CUCEA, Universidad de Guadalajara-CUCEA, Av. Periferico Norte 799, Núcleo los Belenes, Zapopan, Jalisco, 45100, Mexico

Abstract: In this article, the author reviews the analysis developed by Gunnar Myrdal (1898-1987) in his Monetary Equilibrium (1932, 1933, 1965). The author argues that Myrdal's analysis of monetary rules based on interest rates is relevant for the current policy and pedagogy, not only because Myrdal offers a workable framework, but for his incorporation of the institutional context, usually ignored by other pedagogical strategies teaching monetary rules. Thus, this article is a prelude to a more complete approach to monetary policy analysis.

Keywords: monetary policy; Myrdal; institutional economics; interest rates rules; Wicksellian monetary theory; new consensus monetary model; institutional perspectives; monetary equilibrium; economics education; pedagogy.

DOI: 10.1504/IJPEE.2013.053587

International Journal of Pluralism and Economics Education, 2013 Vol.4 No.1, pp.93 - 114

Published online: 30 Apr 2014 *

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