The rise of inflation in 2021 and 2022 surprised many macroeconomists who ignored the earlier surge in money growth … regulatory changes and mutual fund costs that affect the substitutability of money for other financial assets. In the short run …The velocity of broad Divisia money temporarily declines during crises like the Great and COVID Recessions, but later …

to pay interest on money does not enlarge the set of implementable allocations …

first on Fisher's influences in monetary theory (the quantity theory of money, the Fisher effect, Gibson's Paradox, the … compensated dollar, a mandate for price stability, 100% reserve money, and stamped money.) Assessing the influence of an earlier … absorbed in the weltanschauung. Fisher's Purchasing Power of Money as well as the work of Pigou and Marshall were the basic …

growth rule for the money stock.A more desirable rule would pertain to the monetary base, which is much more directly under …

held by the private sector. Together these ensure that in the long run the growth of the money stock is governed by the … supply of - money is ad hoc, a weakness shared by most existing macro models.. Finally it is shown that if we adjust the …

implications for monetary policy; and "super crowding out." Many considerations suggest that monetarism as theory and policy might …

Post-1980 U.S. data trace out a stable long-run money demand relationship of Cagan's semi-log form between the M1 …-income ratio and the nominal interest rate, with an interest semi-elasticity below 2. Integrating under this money demand … optimum quantity of money that are quite small. The results suggest that the Federal Reserve's current policy, which generates …