Popular wisdom informs us that one of the prime victims of the American financial deregulation of the last decade has been the demand for money function. While there is some evidence that the demise of standard monetary relations has been oversold (see Rasche 1987, 1988, and Darby, Mascaro, and...

Keynes' General Th&ry was a brilliant attanpt to plain the paradoxof 1CM interest rates, ineffectual easy rn,netaxy policy, and lowinvestrtntduring the Great Depression. We argue that Keynes' failure to distinguishbetween low naninal and high real interest rates led hint to misinterpret atight...

Like the proverbial chicken and the egg, economic events and macroeconomic theory have borne an ongoing ambiguous relationship to one another. Keynes himself, in his scathing indictment of the influence of "academic scribblers" on actual policy, pointed to one such avenue of impact. George...