consists of interest rates, money, stock prices and output, all in first differences, may serve as a useful benchmark for Japan …

an increase in the stock of money leads, initially, to an increase in economic activity. Most writer have attributed the … real effects of money, in the short run, to mistaken expectations, non-market clearing or both. We argue instead, that … neither of these channels is needed to explain the facts. We show that a competitive market-clearing model in which money …

Most authors have attributed the real effects of money in the short run either to mistaken expectations or to non … competitive market clearing model in which money enters the production function is fully capable of mimicking the broad features …

The effects of monetary policy are transmitted to the economy through changes in money and/or changes in interest rates …

-wide model, in which the stock of money doesnot play any causal role. The stock of money operates a mere residual in the economic … process. The absence of the stock of money in many current debates over monetary policy has prompted the statement by the … and more concerned with price stability, less and less attention is paid to money. Indeed, the decline of interest in …

-wide model, in which the stock of money doesnot play any causal role. The stock of money operates a mere residual in the economic … process. The absence of the stock of money in many current debates over monetary policy has prompted the statement by the … and more concerned with price stability, less and less attention is paid to money. Indeed, the decline of interest in …

consumption function and the demand for money, not to mention monetary history, which helped to undermine the post World War 2 … case for a money growth rule, and the expectations augmented Phillips curve are then taken up, followed by a discussion of …