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Classical Monetary Theory, New and Old

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  • Niehans, Jurg
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    Abstract

    The distinctive features of so-called "new classical" monetary theory may be listed as (1) rational expectations; (2) quantity th eory of money; (3) interest policy indeterminancy; (4) market clearin g; (5) neutral money; and (6) monetary policy ineffectiveness. This p aper investigates whether these features actually represent the tradi tion of classical and neoclassical economics since Richard Cantillon. The result is largely negative, "new classical economics" is a mis nomer. Keynes, however, with all his effort to create a revolution, r emained actually quite close to the tradition. Copyright 1987 by Ohio State University Press.

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    Bibliographic Info

    Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

    Volume (Year): 19 (1987)
    Issue (Month): 4 (November)
    Pages: 409-24

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    Handle: RePEc:mcb:jmoncb:v:19:y:1987:i:4:p:409-24

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    Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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    Cited by:
    1. Piet-Hein Van Eeghen, 2011. "Rethinking equilibrium conditions in macromonetary theory: A conceptually rigorous approach," Working Papers 255, Economic Research Southern Africa.
    2. Daniel L. Thornton, 1988. "The effect of monetary policy on short-term interest rates," Review, Federal Reserve Bank of St. Louis, issue May, pages 53-72.
    3. Thomas M. Humphrey, 1991. "Nonneutrality of money in classical monetary thought," Economic Review, Federal Reserve Bank of Richmond, issue Mar, pages 3-15.

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