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Monetarist Development of the Money Demand Theory

Author

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  • Teodor Sedlarski

    (Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski)

Abstract

This article suggests a possible approach to the explanation of the monetarist money demand theory and the related policy implications in the teaching of History of economic thought. For the purpose of better understanding Milton Friedman’s contribution the emphasis is put on the conceptual development from the classical quantity theory of money, through the Cambridge cash-balance approach, Walras’ “encaisse desiree”, Keynes’ liquidity preference to the monetarist restatement of the quantity theory of money and its implications for other key economic problems like the causes of inflation and the methods for reducing the unemployment. The discussion is introduced with a short note on Friedman’s life and work and concludes with an analysis of the inferences and recommendations for the economic policy derived from the theoretical arguments.

Suggested Citation

  • Teodor Sedlarski, 2013. "Monetarist Development of the Money Demand Theory," Yearbook of the Faculty of Economics and Business Administration, Sofia University, Faculty of Economics and Business Administration, Sofia University St Kliment Ohridski - Bulgaria, vol. 11(1), pages 207-226, March.
    • Handle: RePEc:sko:yrbook:v:11:y:2013:i:1:p:207-226
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