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Nonneutrality of money in classical monetary thought

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  • Thomas M. Humphrey
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    Abstract

    Contrary to the strawman “classical” model of the textbooks, the original classical economists did not believe that money-stock changes affect only the price level and not real output and employment. Most classicals saw money as having powerful short-run real effects and perhaps some residual long-run effects as well. Concern for money’s impact on real activity strongly influenced the classicals’ views of the desirability or undesirability of monetary expansion and contraction.

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    File URL: http://www.richmondfed.org/publications/research/economic_review/1991/pdf/er770201.pdf
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    Bibliographic Info

    Article provided by Federal Reserve Bank of Richmond in its journal Economic Review.

    Volume (Year): (1991)
    Issue (Month): Mar ()
    Pages: 3-15

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    Handle: RePEc:fip:fedrer:y:1991:i:mar:p:3-15:n:v.77no.2

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    Keywords: Money theory ; Economists ; Economic history;

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    1. Frank Whitson Fetter, 1942. "The Life and Writings of John Wheatley," Journal of Political Economy, University of Chicago Press, vol. 50, pages 357.
    2. Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
    3. Papademos, Lucas & Modigliani, Franco, 1990. "The supply of money and the control of nominal income," Handbook of Monetary Economics, in: B. M. Friedman & F. H. Hahn (ed.), Handbook of Monetary Economics, edition 1, volume 1, chapter 10, pages 399-399 Elsevier.
    4. Niehans, Jurg, 1987. "Classical Monetary Theory, New and Old," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 19(4), pages 409-24, November.
    5. M. A. Hudson, 1965. "Ricardo On Forced Saving," The Economic Record, The Economic Society of Australia, vol. 41(94), pages 240-247, 06.
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    Cited by:
    1. Jeffrey M. Lacker & John A. Weinberg, 2007. "Inflation and unemployment: a layperson's guide to the Phillips curve," Economic Quarterly, Federal Reserve Bank of Richmond, issue Sum, pages 201-227.
    2. Moosa, Imad A., 1997. "Testing the long-run neutrality of money in a developing economy: the case of India," Journal of Development Economics, Elsevier, vol. 53(1), pages 139-155, June.

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