Abstract
Serious macroproblems are not a simple result of inflexibilities of prices. Standard economic theory does not help our understanding of the role of money and of monetary institutions in disturbed states of the economy. Several examples are discussed.
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Invited Lecture, ESHIA/WEHIA 2008 Conference, Warsaw University of Technology, June 19–21, 2008.
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Open Access This is an open access article distributed under the terms of the Creative Commons Attribution Noncommercial License (https://creativecommons.org/licenses/by-nc/2.0), which permits any noncommercial use, distribution, and reproduction in any medium, provided the original author(s) and source are credited.
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Leijonhufvud, A. Limits to the equilibrating capabilities of market systems. J Econ Interact Coord 4, 173–182 (2009). https://doi.org/10.1007/s11403-009-0052-z
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DOI: https://doi.org/10.1007/s11403-009-0052-z