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Nonneutrality of money in classical monetary thought

  • Thomas M. Humphrey
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    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: https://fraser.stlouisfed.org/docs/publications/frbrichreview/rev_frbrich199103.pdf
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    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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    1. Niehans, Jurg, 1987. "Classical Monetary Theory, New and Old," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 19(4), pages 409-24, November.
    2. repec:cup:cbooks:9780521361750 is not listed on IDEAS
    3. M. A. Hudson, 1965. "Ricardo On Forced Saving," The Economic Record, The Economic Society of Australia, vol. 41(94), pages 240-247, 06.
    4. Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
    5. Frank Whitson Fetter, 1942. "The Life and Writings of John Wheatley," Journal of Political Economy, University of Chicago Press, vol. 50, pages 357.
    6. 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.
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