monetary and macroeconomics made in Don Patinkin's Money, Interest, and Prices (MIP). Its first accomplishment was to settle … of the Keynesian system, and the requirements for the neutrality of money, which had been disputed for decades. It also …

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 …

different monetary aggregates covary differently with short term nominal interest rates. Broad monetary aggregates like M1 and … the monetary base covary positively with current and future values of short term interest rates. In contrast, the non … borrowed reserves of banks covary negatively with current and future interest rates. Observations like this `sign switch' lie …

The classical and early neoclassical economists knew that the essential function of money was its role as a medium of … economics: the interaction between specialization and exchange, dual fiat currency regimes, the welfare improving role of money …

zero nominal interest rate and has monetary contraction at the rate of intergenerational discount. As the rate of … case, the optimal steady state is characterized by a constant nominal money supply …

stochastic, rational expectation model that distinguishes between inside and outside money. The model also can be used to study … between inside and outside money and temporary and permanent base money disturbances. Financial sector disturbances, as well … that anticipated money affects output. We argue that this result is robust in the sense that many "reasonable" models which …

Can nominal contracts make a difference for the neutrality of money if these arise endogenously in general equilibrium … depart from Lucas in assuming that (1) agents have complete information about the money stock; (ii) fundamental shocks to the ….With an exogenous restriction on contracts, money is fully neutral. But, when this restrictionis lifted, efficient risk …

This paper examines the implications of an endogenous money supply for the perceived(by econometricians) and actual … nonneutrality of money in rational expectations models of the class put forward by Lucas (1972, 1973) and Barro(1976, 1980) that … stress incomplete information. First,if there is contemporaneous policy response (e.g., to interest rates),then a …