Monetarist Perspectives

adjustment costs aggregate demand analysis argue arguments assets augmented Phillips curve balance of payments behaviour Britain business cycle causation Central Bank demand for money domestic econometric empirical evidence endogenous equation equilibrium essay existence exogenous expectations augmented Phillips expenditure fact fiscal policy fixed exchange rate fluctuations Friedman hence hypothesis important increase influence interaction IS-LM model Jonson Keynesian labour market lagged dependent variable Laidler long-run demand macroeconomics market clearing market experiment matter monetarist monetary aggregate monetary expansion rate monetary policy monetary rule money and money money function money holdings money income money wages nominal interest rates nominal money supply open economy particular Patinkin Phillips curve price level problem proposition quantity of money question rate of monetary rational expectations real balance effect real income relationship relative price result role Say's Law sector stabilisation policy stability structure systematic targets theoretical theory transmission mechanism variations wages and prices