Monetarist Perspectives

Front Cover
Harvard University Press, 1982 - Business & Economics - 218 pages
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Here is a clear and thoughtful introduction to the current literature of monetary economics and macroeconomics. The book's central theme is a view of the macroeconomy in which recession and inflation are to be interpreted as the result of the economy adjusting to a discrepancy between the quantity of money supplied and the quantity of money demanded, with the latter quantity being determined by a stable aggregate demand function.

The author discusses in turn the place of monetarism in macroeconomics, its implications for the interpretation of the short-run demand for money function, its relationship to equilibrium business cycle theory, the disequilibrium transmission mechanism that underlies the monetarist viewpoint, and finally its implications for the policy of ‚eoegradualism.‚e He synthesizes a large body of theoretical and empirical literature, and his empirical observations are broadly based on the experiences of England and Australia as well as Canada and the United States. Each chapter can be read apart from the others, and Laidler has taken particular care to keep the technical level of exposition low without sacrificing much in the way of theoretical sophistication.

 

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Contents

The longand shortrun demand for money
39
The market experiment with exogenous nominal
47
A digression concerning endogenous nominal
57
Money and the economic problem
69
Introduction 709
109
Money income real income and prices 727
121
The role of inflation expectations
130
The endogeneity of the money supply
138
Price stability and a monetary rule 756
156
Fiscal policy and government borrowing 763
163
Antiinflation policy 774
174
Supplements to monetary policy 757
181
The problem of monetary control 757
187
References
195
Author Index
211
Copyright

Summary and conclusions 750
150

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