In his 2016 paper, Wakabayashi argues:(a) that old Keynesian economics, monetarism, and new Keynesian economics are all equally portfolio adjustment theories, or “stock” approaches to the quantity theory of money; (b) that post-war mainstream macroeconomics has been basically such portfolio...

This study has assessed the validity of the Keynesian propositions on money demand in Malawi. The study develops a short-run macroeconometric model of the money demand function in a logarithmic framework. Expectedly, the study undertakes to assess the time series properties of the variables as a...

We argue that in an economy with downward nominal wage rigidity, the output gap is negative on average. Because it is more difficult to cut wages than to increase them, firms reduce employment more during downturns than they increase employment during expansions. This is demonstrated in a simple...