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James Tobin, An Essay on Principles of Debt Management, in: “Fiscal and Debt Management Policies”, published by the Commission on Money and Credit, Englewood Cliffs, N.J., USA, 1963, pp. 143–218; James Tobin, A General Equilibrium Approach to Monetary Theory, in: Journal of Money, Credit and Banking, Vol. I, 1969, pp. 15-29.
cf. Karl Brunner, Eine Neuformulierung der Quantitäts- theorie des Geldes (A Reformulation of the Quantitative Theory of Money), in: Kredit und Kapital, Vol. 3, 1970, No. 1, p. 1–38.
cf. Milton Friedman and David Meiselman, The Relative Stability of Monetary Velocity and the Investment Multiplier in the United States 1897-1958, in: Stabilization Policies, Commission on Money and Credit, Englewood Cliffs, N.J., USA, 1963, pp. 165–268.
Milton Friedman and Anna J. Schwarz, Money and Business Cycles, in: Review of Economics and Statistics, Supplement Vol. XLV, 1963, pp. 32–64; by the same authors: A Monetary History of the United States 1957-1960, Princeton, 1965; Karl Brunner and Alan H. Meltzer, An Alternative Approach to the Monetary Mechanism, Subcommittee on Domestic Finance, Committee on Banking and Currency, Washington, 1964.
Report of the Committee on the Working of the Monetary System (Radcliffe Report), London, 1959.
Günther Schmölders, The Liquidity Theory of Money, in: Kyklos, Vol. XIII (1960), pp. 346–360; Otto V e i t, Volkswirt- schaftliche Theorie der Liquidität (Economic Theory of Liquidity), Frankfurt-on-Main, 1948; Otto V e i t, Reale Theorie des Geldes (Real Theory of Money), Tübingen, 1966.
Winfried Vogt’s hypothesis (in: “Die Wachstumszyklen der westdeutschen Wirtschaft von 1950 bis 1965 und ihre theoretische Erklärung“ (West German Economic Growth Cycles from 1950 and 1965 and their Theoretical Explanation), in: Recht und Staat, No. 730, Tübingen, 1968, p. 9) that all economic growth periods in the Federal Republic of Germany were occasioned by above-average growth of export demand does not run counter to his observation. A powerful expansion of exports at a time when imports rise less strongly will lead to a payment surplus on international account and thus increase proportionately the quantity of highpowered money.
cf. Milton Friedman, The Lag in Effect of Monetary Policy, in: Journal of Political Economy, Vol. LXIX, 1961, p. 252; by the same author, The Supply of Money and Changes in Prices and Output, in: The Optimum Quantity of Money, London, 1969, p. 180.
The only exception is the recession of 1967/11.
Including claims on the Federal Government and foreign countries originating from an exchange for gold and foreign currency.
cf. also Leonell C. Andersen and Jerry L. Jordan, The Monetary Base - Explanation and Analytical Use, in: Review of the Federal Reserve Bank of St. Louis, Vol. 50, 1968, No. 8, pp. 7–14.
The contributions made to the growth rafe of the money supply were calculated from an amended formula showing the composition of the multiplier.
A detailed analysis of the money supply in West Germany is contained in: Jürgen Siebke and Manfred Willms, “Das Geldangebot in der Bundesrepublik Deutschland. Eine quantitative Analyse fur die Periode 1958 bis 1968” (Money Supply in the Federal Republic of Germany. A quantitative analysis for the period 1958–1968), in: Zeitschrift für die gesamte Staatswissen-schaft, Vol. 126, 1970, pp. 55–75.
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Siebke, J., Willms, M. Monetary policy and the trade cycle. Intereconomics 5, 77–81 (1970). https://doi.org/10.1007/BF02928498
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DOI: https://doi.org/10.1007/BF02928498