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The Role of Money in the Inflation Analysis

In: Inflation Theory and Anti-Inflation Policy

Author

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  • Helmut Frisch

    (Technical University of Vienna)

Abstract

In this paper I propose to discuss the role of money in a process of inflation, not by analysing empirical data but rather by discussing the more important contributions of the so called ‘monetarists’. I shall be dealing primarily with the recent contributions by Friedman [14] to [20], Allais [1], Brunner and Meltzer [6] to [11], Stein [33] and [34] and Laidler [24]. As the monetarists are not a homogeneous group, it is not easy to analyse their models so as to get precise information about the multiple role of the quantity of money and its rate of change in relation to the inflationary process. We find agreement only with respect to two assertions (1) inflation is a monetary phenomenon for the explanation of which the quantity of money is fundamental (2) the ruling Keynesian theory has failed in the field of inflation problems.

Suggested Citation

  • Helmut Frisch, 1977. "The Role of Money in the Inflation Analysis," International Economic Association Series, in: Erik Lundberg (ed.), Inflation Theory and Anti-Inflation Policy, chapter 4, pages 109-134, Palgrave Macmillan.
    • Handle: RePEc:pal:intecp:978-1-349-03260-0_4
    DOI: 10.1007/978-1-349-03260-0_4
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