Harvard University Press, 1982 - 218 sider
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 âeoegradualism.âe 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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The expectations augmented Phillips curve
The monetary approach to balance of payments
Money and the economic problem
The transmission mechanism in an ISLM
Rational expectations and the transmission
Endogenous money and expectations
Summary and conclusions
Price stability and a monetary rule
Fiscal policy and government borrowing
Supplements to monetary policy
The problem of monetary control