Money and the Economy: Issues in Monetary Analysis
Cambridge University Press, Jul 24, 1997 - Business & Economics - 391 pages
This volume, by two eminent monetarist economists, offers a unique perspective on a key issue of monetary economics: the effect of money on output. Karl Brunner and Allan Meltzer address the theoretical aspects of this issue with the purpose of understanding their policy implications. They offer an historical overview of the relationship between money and output, and then go on to present a model of a monetary economy before examining the real sector. The theme of the final lecture is uncertainty and the costs of acquiring information.
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Discussion pp 1112 3 The Keynesian Era pp 1316
i The First
pp 5559 ii The New Classical Macroeconomics pp 5962
i The Role of Money
i Problems with ISLM pp 7782 ii Beyond ISLM
pp 113116 ii Debt Finance pp 116121 iii Debt Finance
pp 15S 5 Normal Output pp 158165
ii Rational Expectations pp 173182 iii Monetarism
adjustment aggregate demand aggregate supply Allan H Allan Meltzer analysis asset markets behavior Brunner and Meltzer central bank changes countries credit market deficit demand for money discretionary policy discussion econometric economists effects equation equilibrium Federal Reserve fiscal policy fluctuating exchange rates forecast errors gold standard growth rate implies income increase institutional interest rates IS-LM issue Japan Journal of Monetary Journal of Political Kalman filter Karl Brunner Keynes Keynesian lectures long-run M1lton Fr1edman macroeconomics ment monetarist monetary base Monetary Economics monetary policy monetary regime monetary shocks money growth money stock normal output output market period permanent Phillips curve policy rules policymakers price level problem Raffaele Mattioli rate of inflation rational expectations real business cycle real debt ratio real shocks reduce response RMSE role Root Mean Square shift stability stochastic structure Theory transitory trend unanticipated uncertainty unemployment United values variability velocity