Money by President John Eatwell, Dr Peter Newman, Fellow and Director

By President John Eatwell, Dr Peter Newman, Fellow and Director of Studies in Economics Murray Milgate

This is an excerpt from the 4-volume dictionary of economics, a reference e-book which goals to outline the topic of economics this day. 1300 topic entries within the whole paintings conceal the large subject matters of monetary idea. This extract concentrates on money.

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Conversely, the revival of the quantity theory has led Keynesian economists to treat changes in the quantity of money as an essential element in the analysis of short-term change. Finally, the controversy between Keynesians and quantity theorists has led both groups to distinguish more sharply between long-run and short-run effects of monetary changes; between 'static' or 'long-run equilibrium' theory and the dynamics of economic change. , Keynesians]' (1977, p. 1). However, there still remain important differences on an empirical level.

1976. The monetary approach to the balance of payments: essential concepts and historical origins. In The Monetary Approach to the Balance of Payments, ed. A. G. Johnson, Toronto: University of Toronto Press. Friedman, M. 1956. The quantity theory of money - a restatement. In Studies in the Quantity Theory of Money, ed. M. Friedman, Chicago: University of Chicago Press. Friedman, M. 1957. A Theory ofthe Consumption Function. Princeton: Princeton University Press for the National Bureau of Economic Research.

1959. The demand for money: some theoretical and empirical results. Journal of Political Economy 67, August, 327-51. Reprinted as Occasional Paper No. 68, New York: National Bureau of Economic Research, and in Friedman (1969). Friedman, M. 1960. A Program for Monetary Stability. New York: Fordham University Press. 37 Quantity Theory of Money Friedman, M. 1961. The lag in effect of monetary policy. Journal of Political Economy 69, October, 447-66. Reprinted in Friedman (1969). Friedman, M. 1968.

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