Classical Monetary Theory, New and Old
The distinctive features of so-called "new classical" monetary theory may be listed as (1) rational expectations; (2) quantity th eory of money; (3) interest policy indeterminancy; (4) market clearin g; (5) neutral money; and (6) monetary policy ineffectiveness. This p aper investigates whether these features actually represent the tradi tion of classical and neoclassical economics since Richard Cantillon. The result is largely negative, "new classical economics" is a mis nomer. Keynes, however, with all his effort to create a revolution, r emained actually quite close to the tradition. Copyright 1987 by Ohio State University Press.
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Volume (Year): 19 (1987)
Issue (Month): 4 (November)
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