On nonneutral relative price effects in monetarist thought : some Austrian misconceptions
The rise in the rate of inflation during the 1970s was paralleled by a rise in interest in monetarism, which offered the means for controlling inflation. Despite the increased interest, monetarism is still often misunderstood, as Thomas M. Humphrey points out in “On Nonneutral Relative Price Effects in Monetarist Thought: Some Austrian Misconceptions.” Economists of the Austrian school have portrayed monetarism as oblivious to the effects of monetary disturbances on the real economy of output and jobs. Humphrey exposes their fallacy with selections from monetarist literature from the 19th century to the present. He shows that monetarism is actually similar to Austrian theory in stressing the relative price effects of monetary disturbances. As a result, monetarists and Austrians agree that to decrease disruptions to the real economy, monetary volatility should be minimized.
Volume (Year): (1984)
Issue (Month): May ()
|Contact details of provider:|| Web page: http://www.richmondfed.org/|
More information through EDIRC
|Order Information:|| Web: http://www.richmondfed.org/publications/ Email: |
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Laidler, David, 1981. "Monetarism: An Interpretation and an Assessment," Economic Journal, Royal Economic Society, vol. 91(361), pages 1-28, March.
- George S. Tavlas & Joseph Ascheim, 1985. "Alexander Del Mar, Irving Fischer, and Monetary Economics," Canadian Journal of Economics, Canadian Economics Association, vol. 18(2), pages 294-313, May.
When requesting a correction, please mention this item's handle: RePEc:fip:fedrer:y:1984:i:may:p:13-19:n:v.70no.3. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Christian Pascasio)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.