The Classics, Keynes, and Friedman

  • Apostolos Serletis


In this chapter we survey the early theoretical literature on the macroeconomic demand for money. We begin with the classical version of the quantity theory of money, which remains considerably relevant even today. Then we move on to the Keynesian liquidity preference theory and we end with Milton Friedman’s modern quantity theory.


Interest Rate Real Income Capital Gain Money Demand Nominal Interest Rate 


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Copyright information

© Springer Science+Business Media New York 2001

Authors and Affiliations

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

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