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...

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...