Post Keynesian Monetary Theory: Contrary Empirical Evidence
AbstractTwo alternative functional forms of the demand for money that focus on how an economy as a whole adjusts its cash balances have been discussed in the literature. One functional form is obtained by regarding the money supply as exogenous and the price level as endogenous and the other by regarding the money supply as endogenous and the price level as exogenous. In this paper the author has offered a third view, a general view which regards both variables as endogenous such that the two alternative views are special cases. Subjecting these hypotheses to empirical testing, the author finds that the Canadian data for the period of 1973-86 reject the two special hypotheses in favor of his general specification.
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Bibliographic InfoArticle provided by Eastern Economic Association in its journal Eastern Economic Journal.
Volume (Year): 17 (1991)
Issue (Month): 3 (Jul-Sep)
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Monetary; Post Keynesian;
Find related papers by JEL classification:
- E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
- E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
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- Basil J. Moore, 1979. "The Endogenous Money Stock," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 2(1), pages 49-70, October.
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