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The Demand for Money

Theoretical and Empirical Approaches

  • Apostolos Serletis

Table of contents

  1. Front Matter
    Pages i-xxv
  2. Static Monetary Macroeconomics

    1. Front Matter
      Pages 1-1
    2. Apostolos Serletis
      Pages 3-11
    3. Apostolos Serletis
      Pages 13-24
  3. Dynamic Monetary Macroeconomics

    1. Front Matter
      Pages 25-25
    2. Apostolos Serletis
      Pages 27-40
    3. Apostolos Serletis
      Pages 41-51
  4. Theoretical Approaches to the Demand for Money

    1. Front Matter
      Pages 53-53
    2. Apostolos Serletis
      Pages 55-66
    3. Apostolos Serletis
      Pages 67-78
    4. Apostolos Serletis
      Pages 79-87
  5. Empirical Approaches to the Demand for Money

    1. Front Matter
      Pages 89-89
    2. Apostolos Serletis
      Pages 91-112
  6. Microfoundations and Monetary Aggregation

    1. Front Matter
      Pages 157-157
    2. Apostolos Serletis
      Pages 173-186
    3. Apostolos Serletis
      Pages 187-198
  7. Microfoundations and the Demand for Money

    1. Front Matter
      Pages 199-199
    2. Apostolos Serletis
      Pages 223-233
  8. Microeconometrics and the Demand for Money

    1. Front Matter
      Pages 235-235
    2. Apostolos Serletis
      Pages 237-248
    3. Apostolos Serletis
      Pages 249-262
    4. Apostolos Serletis
      Pages 263-272
  9. Back Matter
    Pages 273-303

About this book

Introduction

Almost half a century has elapsed since the demand for money began to attract widespread attention from economists and econometricians, and it has been a topic of ongoing controversy and research ever since. Interest in the topic stemmed from three principal sources. First of all, there was the matter of the internal dynamics of macroeco­ nomics, to which Harry Johnson drew attention in his 1971 Ely Lecture on "The Keynesian Revolution and the Monetarist Counter-Revolution," American Economic Review 61 (May 1971). The main lesson about money that had been drawn from the so-called "Keynesian Revolution" was - rightly or wrongly - that it didn't matter all that much. The inherited wisdom that undergraduates absorbed in the 1950s was that macroeconomics was above all about the determination of income and employment, that the critical factors here were saving and investment decisions, and that monetary factors, to the extent that they mattered at all, only had an influence on these all important variables through a rather narrow range of market interest rates. Conventional wisdom never goes unchallenged in economics, except where its creators manage to control access to graduate schools and the journals, and it is with no cynical intent that I confirm Johnson's suggestion that those of us who embarked on academic careers in the '60s found in this wisdom a ready-made target.

Keywords

Keynes cointegration consumer econometrics economic policy growth macroeconomics macroeconomics/monetary economics monetary economics theoretical and empirical approaches

Authors and affiliations

  • Apostolos Serletis
    • 1
  1. 1.University of CalgaryCanada

Bibliographic information