Milton Friedman, Robert E. Lucas, Jr. and Edmund S. Phelps, Volume 1
Howard R. Vane, Chris Mulhearn
Edward Elgar, Jan 1, 2009 - Business & Economics - 477 pages
'What a brilliant idea! To provide readers with both information on the Nobel Laureates in Economics and, to the degree possible, the original papers for which they were honored. The names of the "contributing" Laureates speak for themselves. Howard Vane and Chris Mulhearn, the editors, and Edward Elgar, the publisher, are to be congratulated for putting the idea into effect.'
- Warren J. Samuels, Michigan State University, US
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adjustment aggregate aggregate demand American Economic Review analysis assets assumptions average balances bank behavior BUSINESS CYCLES constant consumption countries currency cyclical decline demand for money econometric effect equation equilibrium Essays in Positive estimate evidence example expected rate firms flexible exchange rates fluctuations function hence human capital hyperinflations hypothesis implies important increase inflation inflation and unemployment interest rates internal prices investment JOURNAL OF POLITICAL labor Lucas macroeconomic Milton Friedman monetary authority monetary policy money income money stock movements natural rate NEUTRALITY OF MONEY nominal optimal output path period Phelps Phillips curve Positive Economics predictions price level problem production quantity of money Quantity Theory rate of change rate of growth rate of inflation ratio rational expectations real wage relative result rise role speculation stability standard deviation sterling area stock of money supply tion trade transmission mechanism unemployment unemployment rate United utility variables zero