Several explanations have been put forward for the observation that massive inflation has not appeared as a result of the explosive monetary growth generated by quantitative easing that was in 2008. Several plausible explanations have been put forward for this observation, but none of them can...

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...