Money Demand and the Effects of Fiscal Policies
This paper reexamines the choice of the scale variable in the money-demand function. A variety of evidence suggests that consumer spending is a better scale variable than GNP. Changing the money- demand specification along these lines can profoundly affect the standard Keynesian analysis of a tax cut. Copyright 1986 by Ohio State University Press.
Volume (Year): 18 (1986)
Issue (Month): 4 (November)
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