consists of interest rates, money, stock prices and output, all in first differences, may serve as a useful benchmark for Japan …

an increase in the stock of money leads, initially, to an increase in economic activity. Most writer have attributed the … real effects of money, in the short run, to mistaken expectations, non-market clearing or both. We argue instead, that … neither of these channels is needed to explain the facts. We show that a competitive market-clearing model in which money …

consumption function and the demand for money, not to mention monetary history, which helped to undermine the post World War 2 … case for a money growth rule, and the expectations augmented Phillips curve are then taken up, followed by a discussion of …

non trivial investment decisions Allowing for two goods Introducing money Introducing price setting Introducing staggering …

It is then argued that, whereas Monetarism brought about a revival of the quantity theory of money from the limbo into …