It is then argued that, whereas Monetarism brought about a revival of the quantity theory of money from the limbo into … despite the fact that, initially, RE-NC economics appeared to be a mainly technical extension and refinement of Monetarism …

It is then argued that, whereas Monetarism brought about a revival of the quantity theory of money from the limbo into … despite the fact that, initially, RE-NC economics appeared to be a mainly technical extension and refinement of Monetarism …

. It is then argued that, whereas Monetarism brought about a revival of the quantity theory of money from the limbo into … despite the fact that, initially, RE-NC economics appeared to be a mainly technical extension and refinement of Monetarism …

unemployment. Our model succeeds in replicating the empirical fact of a downward sloping Phillips curve for low inflation rates and …, when inflation exceeds a certain threshold, money is too costly to hold, which results in a decrease in output and an …We develop a dynamic general equilibrium model to analyze the relationship between monetary policy, money demand, and …

according to which disequilibrium in market economies has a compensatory nature. Hence, disequilibrium in any market would imply ….e. they are not substitutes of money. When budget constraints take into account the realization problem associated with the … violation of the Classical Gross Substitution Axiom, disequilibrium turns out to be non-compensatory. This paper shows that …

's key variable, the quantity of money …

chartalist, respectively), the rate of wage inflation depends on either unemployment or the wage-setting policies of the …We hope to model financial fragility and money in a way that captures much of what is crucial in Hyman Minsky … inflation affects aggregate demand through its impact on the value of assets and debts. Bank rates depend on an endogenous …

were flexible, the liquidity preference theory of money could not generate persistent involuntary unemployment, but if … wages were rigid, even the quantity theory of money could do so. Sixty years laterModigliani returned to a statement of "the …