) coming. Obviously, the answer is complex, but it must include reference to the evolution of macroeconomic theory over the … leave out the parallel developments in finance theory - with its efficient markets hypothesis - and in approaches to … 12 and 17 of the General Theory. It essentially reduced Keynes to sticky wages and prices, with nonneutral money only in …

theoretic approach to monetary policy. Leading theorists and practitioners of this view have indeed rejected the quantity theory … interest rates to changes in the price level. This paper evaluates these recent developments in the theory and practice of …