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assumptions about the velocity of money. Homothetic preferences generate Marshallian demands which are linear in own price … negative steady-state inflation rate. We also consider how the introduction of capital and bonds would fit into the framework. …
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money supply and national outcome, inflation, and price level are studied in three cases: full-employment equilibrium …
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Harry Johnson's 1971 ideas about the factors affecting the success of the Keynesian Revolution and the Monetarist Counter-revolution are summarised and extended to the analysis of the Rational Expectations - New Classical (RE-NC) Revolution It is then argued that, whereas Monetarism brought...
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