Introduction:

The schools of thought in economics carrying the name "Keynesian" do not necessarily have similar approaches to the original Keynesian thinking as exposed by Keynes. Among these schools, the Post-Keynesian (PK) one is considered to much more closely follow the original Keynesian thinking, albeit this school is divergent within itself concerning some areas. Despite the PK school's heterogeneity, it sets a realistic ground for understanding the modern economies and provides a solid ground to discuss the role of money.

The PK school has an extensive focus on the core economies. For instance, PK monetary policy proposals usually consider developed free market economies. A certain degree of "normality" is assumed in a sense that the country should be free from fragilities such as an internal or external political conflict, large banking system vulnerabilities, the possibility of cross-border capital flow volatility, large exchange rate fluctuations or high inflationary environment, etc. This "normal" context also implies that the central bank can concentrate on the goals of the domestic economy by autonomously managing the interest rate.