Nonneutrality of money in classical monetary thought
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.
Volume (Year): (1991)
Issue (Month): Mar ()
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- Niehans, Jurg, 1987. "Classical Monetary Theory, New and Old," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 19(4), pages 409-424, November.
- Frank Whitson Fetter, 1942. "The Life and Writings of John Wheatley," Journal of Political Economy, University of Chicago Press, vol. 50, pages 357-357.
- Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
- M. A. Hudson, 1965. "Ricardo On Forced Saving," The Economic Record, The Economic Society of Australia, vol. 41(94), pages 240-247, June.
- Glasner,David, 1989. "Free Banking and Monetary Reform," Cambridge Books, Cambridge University Press, number 9780521361750.
- 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.
- F. A von Hayek, 1932. "A Note on the Development of the Doctrine of "Forced Saving"," The Quarterly Journal of Economics, Oxford University Press, vol. 47(1), pages 123-133.
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