1309:. In this model an individual receives her income periodically, for example, only once per month, but wishes to make purchases continuously. The person could carry her entire income with her at all times and use it to make purchases. However, in this case she would be giving up the (nominal) interest rate that she can get by holding her income in the bank. The optimal strategy involves holding a portion of one's income in the bank and portion as liquid money. The money portion is continuously run down as the individual makes purchases and then she makes periodic (costly) trips to the bank to replenish the holdings of money. Under some simplifying assumptions the demand for money resulting from the Baumol-Tobin model is given by
1450:, in laying out speculative reasons for holding money, stressed the choice between money and bonds. If agents expect the future nominal interest rate (the return on bonds) to be lower than the current rate they will then reduce their holdings of money and increase their holdings of bonds. If the future interest rate falls, then the price of bonds will increase and the agents will have realized a capital gain on the bonds they purchased. This means that the demand for money in any period will depend on both the current nominal interest rate and the expected future interest rate (in addition to the standard transaction motives which depend on income).
1502:. However, when the same basic model is used on data spanning 1976 to 1993, it performs poorly. In particular, money demand appears not to be sensitive to interest rates and there appears to be much more exogenous volatility. The authors attribute the difference to technological innovations in the financial markets, financial deregulation, and the related issue of the changing menu of assets considered in the definition of money. Other researchers confirmed this finding with recent data and over a longer period. Money demand appears to be time varying which also depends on household's real balance effects.
53:
1498:
Various researchers showed that money demand became much more unstable after 1975. Ericsson, Hendry and
Prestwich (1998) consider a model of money demand based on the various motives outlined above and test it with empirical data. The basic model turns out to work well for the period 1878 to 1975 and there doesn't appear to be much volatility in money demand, in a result analogous to that of Friedman and Schwartz. This is true even despite the fact that the two world wars during this time period could have led to changes in the
812:
824:
1471:
motivations above, this creates a negative relationship between the nominal interest rate and the demand for money. However, what matters additionally in the Tobin model is the subjective rate of risk aversion, as well as the objective degree of risk of other assets, as, say, measured by the standard deviation of capital gains and losses resulting from holding bonds and/or equity.
1466:, who considered a situation where agents can hold their wealth in a form of a low risk/low return asset (here, money) or high risk/high return asset (bonds or equity). Agents will choose a mix of these two types of assets (their portfolio) based on the risk-expected return trade-off. For a given expected rate of return, more
1497:
argued that the demand for real balances was a function of income and the interest rate. For the time period they were studying this appeared to be true. However, shortly after the publication of the book, due to changes in financial markets and financial regulation money demand became more unstable.
1678:
Here, given the long-run output growth rate, the only determinant of the inflation rate is the growth rate of the money supply. In this case inflation in the long run is a purely monetary phenomenon; a monetary policy which targets the money supply can stabilize the economy and ensure a non-variable
1517:
If the demand for money is stable then a monetary policy which consists of a monetary rule which targets the growth rate of some monetary aggregate (such as M1 or M2) can help to stabilize the economy or at least remove monetary policy as a source of macroeconomic volatility. Additionally, if the
1470:
individuals will choose a greater share for money in their portfolio. Similarly, given a person's degree of risk aversion, a higher expected return (nominal interest rate plus expected capital gains on bonds) will cause agents to shift away from safe money and into risky assets. Like in the other
1301:
The amount of money demanded for transactions however is also likely to depend on the nominal interest rate. This arises due to the lack of synchronization in time between when purchases are desired and when factor payments (such as wages) are made. In other words, while workers may get paid only
1453:
The fact that the current demand for money can depend on expectations of the future interest rates has implications for volatility of money demand. If these expectations are formed, as in Keynes' view, by "animal spirits" they are likely to change erratically and cause money demand to be quite
1432:
The asset motive for the demand for broader monetary measures, M2 and M3, states that people demand money as a way to hold wealth. While it is still assumed that money in the sense of M1 is held in order to carry out transactions, this approach focuses on the potential return on various assets
902:. This creates a trade-off between the liquidity advantage of holding money for near-future expenditure and the interest advantage of temporarily holding other assets. The demand for M1 is a result of this trade-off regarding the form in which a person's funds to be spent should be held. In
1682:
This analysis however breaks down if the demand for money is not stable – for example, if velocity in the above equation is not constant. In that case, shocks to money demand under money supply targeting will translate into changes in real and nominal interest rates and result in economic
1147:
The transactions motive for the demand for M1 (directly spendable money balances) results from the need for liquidity for day-to-day transactions in the near future. This need arises when income is received only occasionally (say once per month) in discrete amounts but expenditures occur
1518:
demand for money does not change unpredictably then money supply targeting is a reliable way of attaining a constant inflation rate. This can be most easily seen with the quantity theory of money equation given above. When that equation is converted into growth rates we have:
1378:
The key difference between this formulation and the one based on a simple version of
Quantity Theory is that now the demand for real balances depends on both income (positively) or the desired level of transactions, and on the nominal interest rate (negatively).
1683:
fluctuations. An alternative policy of targeting interest rates rather than the money supply can improve upon this outcome as the money supply is adjusted to shocks in money demand, keeping interest rates (and hence, economic activity) relatively constant.
1694:, then a policy of targeting the money supply will be stabilizing, relative to a policy of targeting interest rates. However, if most of the aggregate demand shocks come from changes in money demand, which influences the
1188:
is nominal income or in other words the number of transactions carried out in an economy during a period of time. Rearranging the above identity and giving it a behavioral interpretation as a demand for money we have
3316:
1508:
suggests that the use of adapted aggregates, such as near monies, can produce a more stable demand function. He shows that using the return on near monies produced smaller deviations than previous models.
1584:
which says that the growth rate of money supply plus the growth rate of its velocity equals the inflation rate plus the growth rate of real output. If money demand is stable then velocity is constant and
1370:
1387:
While the Baumol–Tobin model provides a microeconomic explanation for the form of the money demand function, it is generally too stylized to be included in modern macroeconomic models, particularly
1288:
1618:. Additionally, in the long run real output grows at a constant rate equal to the sum of the rates of growth of population, technological know-how, and technology in place, and as such is
3309:
1406:
In the cash-in-advance model agents are restricted to carrying out a volume of transactions equal to or less than their money holdings. In the MIU model, money directly enters agents'
1579:
1234:
1030:
1673:
3302:
1391:
models. As a result, most models of this type resort to simpler indirect methods which capture the spirit of the transactions motive. The two most commonly used methods are the
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1616:
1119:
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2102:
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4195:
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3294:
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The portfolio motive also focuses on demand for money over and above that required for carrying out transactions. The basic framework is due to
3708:
3333:
3279:
3235:
1972:
4068:
4015:
2068:
1686:
The above discussion implies that the volatility of money demand matters for how monetary policy should be conducted. If most of the
2144:
3926:
3533:
2074:
Judd, John P., and John L. Scadding (1982). "The Search for a Stable Money Demand
Function: A Survey of the Post-1973 Literature,"
1315:
898:(even a temporary one) by interest-bearing assets. However, M1 is necessary to carry out transactions; in other words, it provides
3538:
3329:
1846:
Benchimol, Jonathan; Fourçans, André (2012). "Money and Risk in a DSGE Framework : A Bayesian
Application to the Eurozone".
1493:
1424:
The precautionary demand for M1 is the holding of transaction funds for use if unexpected needs for immediate expenditure arise.
3904:
3636:
3631:
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3620:
1388:
388:
164:
3909:
3438:
1830:
1079:
1063:
922:
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1293:
Hence in this simple formulation demand for money is a function of prices and income, as long as its velocity is constant.
847:
2283:
2206:
1245:
4053:
2119:
929:. The real demand for money is defined as the nominal amount of money demanded divided by the price level. For a given
525:
373:
2107:
1302:
once a month they generally will wish to make purchases, and hence need money, over the course of the entire month.
3899:
925:
demand for money increases with the level of nominal output (price level times real output) and decreases with the
914:. The demand for those parts of the broader money concept M2 that bear a non-trivial interest rate is based on the
879:: that is, cash or bank deposits rather than investments. It can refer to the demand for money narrowly defined as
466:
4117:
3324:
959:
Conditions under which the LM curve is flat, so that increases in the money supply have no stimulatory effect (a
840:
3851:
2717:
1774:
1756:
1524:
3879:
3595:
2687:
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2009:
1195:
963:), play an important role in Keynesian theory. This situation occurs when the demand for money is infinitely
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378:
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2837:
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1442:
510:
498:
17:
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2822:
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400:
230:
154:
82:
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2160:
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3957:
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1936:
1392:
520:
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383:
4253:
4152:
4142:
3889:
2385:
1892:
1848:
1375:
where t is the cost of a trip to the bank, R is the nominal interest rate and P and Y are as before.
918:. These can be further subdivided into more microeconomically founded motivations for holding money.
405:
2129:
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3830:
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3215:
2958:
2913:
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2623:
2500:
1712:
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395:
2973:
933:
the locus of income-interest rate pairs at which money demand equals money supply is known as the
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2199:
564:
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481:
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36:
1772:
Baumol, William J. (1952). "The transactions demand for cash: an inventory theoretic approach".
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2400:
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1305:
The most well-known example of an economic model that is based on such considerations is the
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115:
110:
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1038:
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213:
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8:
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3013:
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142:
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2026:
1980:
1953:
1909:
1865:
1799:
1791:
1306:
1156:
The most basic "classical" transaction motive can be illustrated with reference to the
906:
motivations for holding one's wealth in the form of M1 can roughly be divided into the
868:
716:
443:
410:
348:
3951:
3945:
3939:
3545:
3518:
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3404:
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3123:
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2340:
1869:
1826:
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1176:
is its velocity (how many times a unit of money turns over during a period of time),
791:
779:
736:
581:
576:
300:
225:
3048:
2124:
Sriram, Subramanian S. (2001). "A Survey of Recent
Empirical Money Demand Studies,"
1957:
1913:
651:
4032:
4027:
3873:
3862:
3523:
3513:
3383:
3378:
3353:
3348:
3344:
3173:
3118:
3103:
3088:
3073:
3003:
2983:
2963:
2918:
2525:
2475:
2445:
2440:
2330:
2256:
2060:
2018:
1989:
1945:
1901:
1857:
1783:
1687:
1505:
1407:
726:
711:
237:
196:
186:
122:
102:
72:
67:
3053:
2174:
2030:
2022:
1993:
1949:
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4091:
3841:
3782:
3777:
3771:
3363:
3284:
3178:
3143:
3108:
3043:
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2847:
2803:
2640:
2574:
2549:
2544:
2520:
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1742:
1484:
1400:
949:
828:
731:
691:
671:
537:
338:
333:
328:
295:
267:
127:
2139:
Tobin, James (1956). "The
Interest-Elasticity of Transactions Demand For Cash,"
3390:
3368:
3198:
3183:
3148:
3133:
3113:
3083:
2903:
2554:
2263:
2231:
1905:
1717:
960:
903:
895:
888:
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880:
786:
701:
696:
353:
203:
159:
77:
52:
44:
2933:
621:
4247:
3818:
3812:
3803:
3797:
3739:
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3721:
3703:
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3472:
3163:
3153:
3128:
3068:
3063:
3058:
3038:
3028:
2998:
2988:
2893:
2793:
2766:
2530:
2111:
2106:. Macmillan, ch. 15, "The Psychological and Business Incentives To Liquidity"
1488:
721:
706:
681:
666:
661:
656:
631:
626:
290:
252:
149:
1512:
3562:
3555:
3550:
3419:
3414:
3358:
3193:
3138:
3033:
3023:
3018:
2943:
2788:
2313:
2241:
2042:
Friedman, Milton (1956). "The
Quantity Theory of Money: A Restatement," in
1722:
945:
930:
816:
741:
686:
646:
433:
305:
272:
262:
220:
97:
92:
1399:
model) and the money-in-the-utility-function (MIU) model (as known as the
3972:
3528:
3487:
3433:
3168:
3158:
2948:
2827:
2771:
2246:
1467:
1463:
934:
746:
257:
242:
1622:. In this case the above equation can be solved for the inflation rate:
944:
of money demand has crucial implications for the optimal way in which a
3756:
3078:
2878:
2655:
1795:
1707:
676:
606:
542:
493:
3567:
3498:
3399:
3395:
2928:
2858:
2215:
1698:, then a policy of targeting the money supply will be destabilizing.
899:
774:
616:
247:
132:
87:
2090:
2079:
1885:"Money in the production function: a new Keynesian DSGE perspective"
1787:
1690:
shocks which affect the economy come from the expenditure side, the
883:(directly spendable holdings), or for money in the broader sense of
2707:
1695:
1691:
1474:
1619:
1433:(including money broadly defined) as an additional motivation.
823:
2169:
____ (1958). "Liquidity
Preference as Behavior Towards Risk,"
1365:{\displaystyle {\frac {M^{d}}{P}}={\sqrt {\frac {tY}{2R}}}\,}
876:
415:
191:
2184:
1929:"Money and monetary policy in Israel during the last decade"
2063:, and Daniel E. Sichel (1990). "The Demand for Money," in
875:
is the desired holding of financial assets in the form of
1513:
Importance of money demand volatility for monetary policy
1410:, capturing the 'liquidity services' provided by money.
2116:
The Demand for Money: Theories, Evidence, and
Problems
1631:
1591:
1527:
1318:
1248:
1198:
1092:
1041:
983:
2103:
The
General Theory of Employment, Interest and Money
1973:"Time-varying money demand and real balance effects"
1382:
1283:{\displaystyle {\frac {M^{d}}{P}}={\frac {Y}{V}}\,}
1667:
1610:
1573:
1364:
1282:
1228:
1113:
1054:
1024:
2007:Ball, Laurence (2012). "Short-run money demand".
1845:
4245:
1970:
1086:(.) is real money demand. An alternate name for
1475:Empirical estimations of money demand functions
3310:
2200:
848:
1971:Benchimol, Jonathan; Qureshi, Irfan (2020).
1825:. Cambridge: The MIT Press. pp. 41–92.
1131:
894:Money in the sense of M1 is dominated as a
3317:
3303:
2207:
2193:
1819:"Money in a General Equilibrium Framework"
1479:
855:
841:
1926:
1882:
1664:
1570:
1361:
1279:
1225:
1021:
1741:
1574:{\displaystyle g_{m}+g_{v}=\pi +g_{y}\,}
1239:or in terms of demand for real balances
1160:. According to the equation of exchange
2044:Studies in the Quantity Theory of Money
1494:A Monetary History of the United States
1413:
1229:{\displaystyle M^{d}=P{\frac {Y}{V}}\,}
14:
4246:
2128:, 47(3). International Monetary Fund.
1771:
1389:dynamic stochastic general equilibrium
1025:{\displaystyle M^{d}=P\times L(R,Y)\,}
165:Measures of national income and output
3298:
2188:
1816:
1436:
1136:
2006:
2284:Agent-based computational economics
1751:. Aldine Transaction. p. 308.
1668:{\displaystyle \pi =-g_{y}+g_{m}\,}
1457:
1296:
967:with respect to the interest rate.
24:
3621:British credit crisis of 1772–1773
2141:Review of Economics and Statistics
1151:
25:
4265:
3334:Commonwealth of Nations countries
1383:Microfoundations for money demand
2742:neoclassical–Keynesian synthesis
822:
810:
51:
3330:recessions in the United States
1427:
2076:Journal of Economic Literature
2065:Handbook of Monetary Economics
2000:
1964:
1920:
1876:
1839:
1810:
1775:Quarterly Journal of Economics
1765:
1735:
1184:is real income. Consequently,
1108:
1096:
1074:is the nominal interest rate,
1018:
1006:
770:Publications in macroeconomics
13:
1:
2678:Critique of political economy
2214:
2085:Keynes, John Maynard (1923).
2048:The Optimum Quantity of Money
2023:10.1016/j.jmoneco.2012.09.004
2010:Journal of Monetary Economics
1994:10.1016/j.econmod.2019.07.020
1950:10.1016/j.jpolmod.2015.12.007
1748:The Optimum Quantity of Money
1728:
1927:Benchimol, Jonathan (2016).
1883:Benchimol, Jonathan (2015).
1862:10.1016/j.jmacro.2011.10.003
1443:Speculative demand for money
1395:model (sometimes called the
7:
4076:1997 Asian financial crisis
3709:Civil War-era United States
1701:
10:
4270:
3852:Post–World War I recession
3672:Post-Napoleonic Depression
2816:Real business-cycle theory
2171:Review of Economic Studies
2087:A Tract on Monetary Reform
2067:, v. 1, pp. 299–356.
1937:Journal of Policy Modeling
1906:10.4284/0038-4038-2011.197
1823:Monetary Theory and Policy
1440:
1417:
1140:
1066:amount of money demanded,
521:New neoclassical synthesis
504:Real business-cycle theory
4090:
4026:
3971:
3925:
3840:
3762:2nd Industrial Revolution
3755:
3702:
3695:(1836–1838 and 1839–1843)
3611:1st Industrial Revolution
3609:
3578:
3379:Price-and-wage stickiness
3340:
3256:
3214:
2856:
2590:
2339:
2304:
2222:
1893:Southern Economic Journal
1849:Journal of Macroeconomics
1132:Motives for holding money
4043:1990s United States boom
3831:Financial crisis of 1914
2046:, Chicago. Reprinted in
1158:Quantity Theory of Money
526:Saltwater and freshwater
3858:Depression of 1920–1921
3790:Depression of 1882–1885
3704:Early Victorian Britain
3439:Real and nominal values
2456:Industrial organization
2279:Computational economics
2151:). Reprinted in Tobin,
1817:Walsh, Carl E. (1998).
1611:{\displaystyle g_{v}=0}
1480:Is money demand stable?
1180:is the price level and
1172:is the stock of money,
454:International economics
379:Overlapping generations
3963:Recession of 1969–1970
3958:Recession of 1960–1961
3917:Recession of 1937–1938
2661:Modern monetary theory
2326:Experimental economics
2296:Pluralism in economics
2269:Mathematical economics
2089:. Macmillan. Reviews,
1669:
1612:
1575:
1366:
1284:
1230:
1115:
1114:{\displaystyle L(R,Y)}
1056:
1026:
797:Mathematical economics
548:Modern monetary theory
311:Universal basic income
4081:Early 2000s recession
4048:Early 1990s recession
4000:Early 1980s recession
3580:Commercial revolution
3478:Nominal interest rate
1670:
1613:
1576:
1367:
1285:
1231:
1116:
1057:
1055:{\displaystyle M^{d}}
1027:
972:money-demand function
940:The magnitude of the
927:nominal interest rate
637:Wesley Clair Mitchell
612:Thomas Robert Malthus
449:Development economics
3647:Copper Panic of 1789
2535:Social choice theory
2291:Behavioral economics
2274:Complexity economics
2061:Goldfeld, Stephen M.
1713:Diamond–Dybvig model
1629:
1589:
1525:
1420:Precautionary demand
1414:Precautionary demand
1316:
1246:
1196:
1124:liquidity preference
1090:
1070:is the price level,
1039:
981:
952:and its choice of a
912:precautionary motive
374:Ramsey–Cass–Koopmans
214:Liquidity preference
27:Concept in economics
3983:1973–1975 recession
3927:Post–WWII expansion
3601:Great Frost of 1709
3429:Neutrality of money
3410:Classical dichotomy
3326:Economic expansions
2619:American (National)
2319:Economic statistics
2153:Essays in Economics
2112:Laidler, David E.W.
1491:in their 1963 work
1448:John Maynard Keynes
1143:Transactions demand
829:Business portal
765:Macroeconomic model
642:John Maynard Keynes
439:Economic statistics
384:General equilibrium
4165:COVID-19 recession
3825:Panic of 1910–1911
3657:Panic of 1796–1797
3483:Real interest rate
3451:Economic expansion
1981:Economic Modelling
1665:
1608:
1571:
1437:Speculative motive
1362:
1307:Baumol-Tobin model
1280:
1226:
1137:Transaction motive
1111:
1052:
1022:
974:may be written as
908:transaction motive
869:monetary economics
717:Edward C. Prescott
444:Monetary economics
4241:
4240:
3952:Recession of 1958
3946:Recession of 1953
3940:Recession of 1949
3637:Thirteen Colonies
3444:Velocity of money
3374:Paradox of thrift
3292:
3291:
2823:New institutional
1832:978-0-262-23199-2
1500:velocity of money
1408:utility functions
1397:Clower constraint
1359:
1358:
1334:
1277:
1264:
1223:
948:should carry out
865:
864:
792:Political economy
747:N. Gregory Mankiw
737:Thomas J. Sargent
582:Market monetarism
396:Endogenous growth
226:National accounts
16:(Redirected from
4261:
4254:Demand for money
4033:Great Regression
4028:Great Moderation
3874:Great Depression
3863:Roaring Twenties
3384:Underconsumption
3354:Effective demand
3345:Aggregate demand
3319:
3312:
3305:
3296:
3295:
2496:Natural resource
2331:Economic history
2257:Mechanism design
2209:
2202:
2195:
2186:
2185:
2126:IMF Staff Papers
2035:
2034:
2004:
1998:
1997:
1977:
1968:
1962:
1961:
1933:
1924:
1918:
1917:
1889:
1880:
1874:
1873:
1843:
1837:
1836:
1814:
1808:
1807:
1769:
1763:
1762:
1743:Friedman, Milton
1739:
1688:aggregate demand
1679:inflation rate.
1674:
1672:
1671:
1666:
1663:
1662:
1650:
1649:
1617:
1615:
1614:
1609:
1601:
1600:
1580:
1578:
1577:
1572:
1569:
1568:
1550:
1549:
1537:
1536:
1506:Laurence M. Ball
1458:Portfolio motive
1371:
1369:
1368:
1363:
1360:
1357:
1349:
1341:
1340:
1335:
1330:
1329:
1320:
1297:Inventory models
1289:
1287:
1286:
1281:
1278:
1270:
1265:
1260:
1259:
1250:
1235:
1233:
1232:
1227:
1224:
1216:
1208:
1207:
1120:
1118:
1117:
1112:
1061:
1059:
1058:
1053:
1051:
1050:
1031:
1029:
1028:
1023:
993:
992:
873:demand for money
857:
850:
843:
827:
826:
817:Money portal
815:
814:
813:
727:William Nordhaus
712:Robert Lucas Jr.
602:François Quesnay
238:Nominal rigidity
209:Demand for money
187:Microfoundations
123:Financial crisis
103:Effective demand
73:Aggregate supply
68:Aggregate demand
55:
32:
31:
21:
4269:
4268:
4264:
4263:
4262:
4260:
4259:
4258:
4244:
4243:
4242:
4237:
4102:Great Recession
4094:
4092:Information Age
4086:
4035:
4031:
4022:
3975:
3973:Great Inflation
3967:
3929:
3921:
3844:
3842:Interwar period
3836:
3772:Long Depression
3764:
3760:
3751:
3711:
3707:
3698:
3613:
3605:
3582:
3574:
3539:U.S. recessions
3534:U.K. recessions
3466:U.S. expansions
3336:
3323:
3293:
3288:
3285:Business portal
3252:
3251:
3250:
3210:
2974:von Böhm-Bawerk
2862:
2861:
2852:
2624:Ancient thought
2602:
2601:
2595:
2586:
2585:
2584:
2335:
2300:
2252:Contract theory
2237:Decision theory
2218:
2213:
2039:
2038:
2005:
2001:
1975:
1969:
1965:
1931:
1925:
1921:
1887:
1881:
1877:
1844:
1840:
1833:
1815:
1811:
1788:10.2307/1882104
1770:
1766:
1759:
1740:
1736:
1731:
1704:
1658:
1654:
1645:
1641:
1630:
1627:
1626:
1596:
1592:
1590:
1587:
1586:
1564:
1560:
1545:
1541:
1532:
1528:
1526:
1523:
1522:
1515:
1482:
1477:
1460:
1445:
1439:
1430:
1422:
1416:
1401:Sidrauski model
1393:cash-in-advance
1385:
1350:
1342:
1339:
1325:
1321:
1319:
1317:
1314:
1313:
1299:
1269:
1255:
1251:
1249:
1247:
1244:
1243:
1215:
1203:
1199:
1197:
1194:
1193:
1154:
1152:Quantity theory
1145:
1139:
1134:
1091:
1088:
1087:
1046:
1042:
1040:
1037:
1036:
988:
984:
982:
979:
978:
950:monetary policy
921:Generally, the
861:
821:
811:
809:
802:
801:
760:
752:
751:
732:Joseph Stiglitz
692:Milton Friedman
672:Friedrich Hayek
597:
587:
586:
469:
459:
458:
429:
421:
420:
406:Mundell–Fleming
401:Matching theory
339:Keynesian cross
324:
316:
315:
286:
278:
277:
63:
28:
23:
22:
15:
12:
11:
5:
4267:
4257:
4256:
4239:
4238:
4236:
4235:
4234:
4233:
4228:
4223:
4221:United Kingdom
4218:
4213:
4208:
4203:
4198:
4193:
4188:
4183:
4178:
4173:
4162:
4161:
4160:
4155:
4153:United Kingdom
4150:
4145:
4140:
4135:
4130:
4125:
4120:
4115:
4110:
4098:
4096:
4095:(2007–present)
4088:
4087:
4085:
4084:
4078:
4073:
4072:
4071:
4066:
4064:United Kingdom
4061:
4056:
4045:
4039:
4037:
4024:
4023:
4021:
4020:
4019:
4018:
4013:
4011:United Kingdom
4008:
3997:
3996:
3995:
3990:
3988:United Kingdom
3979:
3977:
3969:
3968:
3966:
3965:
3960:
3955:
3949:
3943:
3937:
3933:
3931:
3923:
3922:
3920:
3919:
3914:
3913:
3912:
3907:
3905:United Kingdom
3902:
3897:
3892:
3887:
3882:
3871:
3868:
3865:
3860:
3855:
3848:
3846:
3838:
3837:
3835:
3834:
3828:
3822:
3816:
3810:
3807:
3801:
3795:
3792:
3787:
3786:
3785:
3780:
3778:United Kingdom
3768:
3766:
3753:
3752:
3750:
3749:
3743:
3737:
3734:
3728:
3725:
3719:
3715:
3713:
3700:
3699:
3697:
3696:
3690:
3687:
3684:
3678:
3675:
3669:
3666:
3663:
3660:
3654:
3644:
3641:
3640:
3639:
3634:
3629:
3617:
3615:
3607:
3606:
3604:
3603:
3598:
3593:
3586:
3584:
3576:
3575:
3573:
3572:
3571:
3570:
3560:
3559:
3558:
3553:
3543:
3542:
3541:
3536:
3531:
3526:
3521:
3516:
3511:
3506:
3496:
3495:
3494:
3485:
3480:
3470:
3469:
3468:
3463:
3458:
3448:
3447:
3446:
3441:
3436:
3431:
3426:
3417:
3412:
3407:
3393:
3391:Business cycle
3388:
3387:
3386:
3381:
3376:
3371:
3369:Overproduction
3366:
3361:
3356:
3341:
3338:
3337:
3322:
3321:
3314:
3307:
3299:
3290:
3289:
3287:
3282:
3277:
3272:
3267:
3262:
3257:
3254:
3253:
3249:
3248:
3243:
3233:
3228:
3222:
3221:
3220:
3218:
3212:
3211:
3209:
3208:
3201:
3196:
3191:
3186:
3181:
3176:
3171:
3166:
3161:
3156:
3151:
3146:
3141:
3136:
3131:
3126:
3121:
3116:
3111:
3106:
3101:
3096:
3091:
3086:
3081:
3076:
3071:
3066:
3061:
3056:
3051:
3046:
3041:
3036:
3031:
3026:
3021:
3016:
3011:
3006:
3001:
2996:
2991:
2986:
2981:
2976:
2971:
2966:
2961:
2956:
2951:
2946:
2941:
2936:
2931:
2926:
2921:
2916:
2911:
2906:
2901:
2896:
2891:
2886:
2881:
2876:
2871:
2865:
2863:
2857:
2854:
2853:
2851:
2850:
2845:
2840:
2835:
2830:
2825:
2820:
2819:
2818:
2808:
2807:
2806:
2796:
2791:
2786:
2785:
2784:
2774:
2769:
2764:
2763:
2762:
2761:
2760:
2750:
2745:
2730:
2725:
2720:
2715:
2710:
2705:
2700:
2695:
2690:
2688:Disequilibrium
2685:
2680:
2675:
2670:
2665:
2664:
2663:
2653:
2648:
2643:
2638:
2637:
2636:
2626:
2621:
2616:
2611:
2605:
2603:
2591:
2588:
2587:
2583:
2582:
2577:
2572:
2567:
2562:
2557:
2552:
2547:
2542:
2537:
2528:
2523:
2518:
2513:
2508:
2503:
2501:Organizational
2498:
2493:
2488:
2483:
2478:
2473:
2468:
2463:
2458:
2453:
2448:
2443:
2438:
2433:
2428:
2423:
2418:
2413:
2408:
2403:
2398:
2393:
2388:
2383:
2378:
2373:
2368:
2363:
2358:
2353:
2347:
2346:
2345:
2343:
2337:
2336:
2334:
2333:
2328:
2323:
2322:
2321:
2310:
2308:
2302:
2301:
2299:
2298:
2293:
2288:
2287:
2286:
2276:
2271:
2266:
2264:Macroeconomics
2261:
2260:
2259:
2254:
2249:
2244:
2239:
2232:Microeconomics
2228:
2226:
2220:
2219:
2212:
2211:
2204:
2197:
2189:
2183:
2182:
2167:
2157:Macroeconomics
2137:
2122:
2109:
2100:_____ (1936).
2098:
2083:
2072:
2058:
2037:
2036:
2017:(7): 622–633.
1999:
1988:(1): 197–211.
1963:
1944:(1): 103–124.
1919:
1900:(1): 152–184.
1875:
1838:
1831:
1809:
1782:(4): 545–556.
1764:
1757:
1733:
1732:
1730:
1727:
1726:
1725:
1720:
1718:Money creation
1715:
1710:
1703:
1700:
1676:
1675:
1661:
1657:
1653:
1648:
1644:
1640:
1637:
1634:
1607:
1604:
1599:
1595:
1582:
1581:
1567:
1563:
1559:
1556:
1553:
1548:
1544:
1540:
1535:
1531:
1514:
1511:
1481:
1478:
1476:
1473:
1459:
1456:
1441:Main article:
1438:
1435:
1429:
1426:
1418:Main article:
1415:
1412:
1384:
1381:
1373:
1372:
1356:
1353:
1348:
1345:
1338:
1333:
1328:
1324:
1298:
1295:
1291:
1290:
1276:
1273:
1268:
1263:
1258:
1254:
1237:
1236:
1222:
1219:
1214:
1211:
1206:
1202:
1153:
1150:
1148:continuously.
1141:Main article:
1138:
1135:
1133:
1130:
1110:
1107:
1104:
1101:
1098:
1095:
1049:
1045:
1033:
1032:
1020:
1017:
1014:
1011:
1008:
1005:
1002:
999:
996:
991:
987:
961:liquidity trap
954:nominal anchor
904:macroeconomics
896:store of value
863:
862:
860:
859:
852:
845:
837:
834:
833:
832:
831:
819:
804:
803:
800:
799:
794:
789:
787:Microeconomics
784:
783:
782:
772:
767:
761:
758:
757:
754:
753:
750:
749:
744:
739:
734:
729:
724:
719:
714:
709:
704:
702:Lawrence Klein
699:
697:Paul Samuelson
694:
689:
684:
679:
674:
669:
664:
659:
654:
652:Michał Kalecki
649:
644:
639:
634:
629:
624:
619:
614:
609:
604:
598:
593:
592:
589:
588:
585:
584:
579:
574:
572:Disequilibrium
569:
568:
567:
560:Post-Keynesian
557:
552:
551:
550:
540:
529:
528:
523:
518:
513:
508:
507:
506:
496:
491:
490:
489:
484:
470:
465:
464:
461:
460:
457:
456:
451:
446:
441:
436:
430:
428:Related fields
427:
426:
423:
422:
419:
418:
413:
408:
403:
398:
393:
392:
391:
381:
376:
371:
366:
361:
356:
354:Phillips curve
351:
346:
341:
336:
331:
325:
322:
321:
318:
317:
314:
313:
308:
303:
298:
293:
287:
284:
283:
280:
279:
276:
275:
270:
265:
260:
255:
250:
245:
240:
235:
234:
233:
223:
218:
217:
216:
206:
204:Money creation
201:
200:
199:
189:
184:
183:
182:
177:
172:
162:
160:Liquidity trap
157:
152:
147:
146:
145:
140:
130:
125:
120:
119:
118:
113:
105:
100:
95:
90:
85:
80:
78:Business cycle
75:
70:
64:
62:Basic concepts
61:
60:
57:
56:
48:
47:
45:Macroeconomics
41:
40:
26:
9:
6:
4:
3:
2:
4266:
4255:
4252:
4251:
4249:
4232:
4229:
4227:
4226:United States
4224:
4222:
4219:
4217:
4214:
4212:
4209:
4207:
4204:
4202:
4199:
4197:
4194:
4192:
4189:
4187:
4184:
4182:
4179:
4177:
4174:
4172:
4168:
4167:
4166:
4163:
4159:
4158:United States
4156:
4154:
4151:
4149:
4146:
4144:
4141:
4139:
4136:
4134:
4131:
4129:
4126:
4124:
4121:
4119:
4116:
4114:
4111:
4109:
4105:
4104:
4103:
4100:
4099:
4097:
4093:
4089:
4082:
4079:
4077:
4074:
4070:
4069:United States
4067:
4065:
4062:
4060:
4057:
4055:
4051:
4050:
4049:
4046:
4044:
4041:
4040:
4038:
4034:
4029:
4025:
4017:
4016:United States
4014:
4012:
4009:
4007:
4003:
4002:
4001:
3998:
3994:
3993:United States
3991:
3989:
3986:
3985:
3984:
3981:
3980:
3978:
3974:
3970:
3964:
3961:
3959:
3956:
3953:
3950:
3947:
3944:
3941:
3938:
3935:
3934:
3932:
3928:
3924:
3918:
3915:
3911:
3910:United States
3908:
3906:
3903:
3901:
3898:
3896:
3893:
3891:
3888:
3886:
3883:
3881:
3877:
3876:
3875:
3872:
3869:
3866:
3864:
3861:
3859:
3856:
3853:
3850:
3849:
3847:
3843:
3839:
3832:
3829:
3826:
3823:
3820:
3819:Panic of 1907
3817:
3814:
3813:Panic of 1901
3811:
3808:
3805:
3804:Panic of 1893
3802:
3799:
3798:Baring crisis
3796:
3793:
3791:
3788:
3784:
3783:United States
3781:
3779:
3775:
3774:
3773:
3770:
3769:
3767:
3763:
3758:
3754:
3747:
3744:
3741:
3740:Panic of 1866
3738:
3735:
3732:
3731:Panic of 1857
3729:
3726:
3723:
3722:Panic of 1847
3720:
3717:
3716:
3714:
3710:
3705:
3701:
3694:
3693:Panic of 1837
3691:
3688:
3685:
3682:
3681:Panic of 1825
3679:
3676:
3673:
3670:
3667:
3664:
3661:
3658:
3655:
3652:
3651:Panic of 1792
3648:
3645:
3642:
3638:
3635:
3633:
3630:
3628:
3624:
3623:
3622:
3619:
3618:
3616:
3612:
3608:
3602:
3599:
3597:
3596:Slump of 1706
3594:
3591:
3588:
3587:
3585:
3581:
3577:
3569:
3566:
3565:
3564:
3561:
3557:
3554:
3552:
3549:
3548:
3547:
3544:
3540:
3537:
3535:
3532:
3530:
3527:
3525:
3522:
3520:
3517:
3515:
3512:
3510:
3507:
3505:
3504:Balance sheet
3502:
3501:
3500:
3497:
3493:
3489:
3486:
3484:
3481:
3479:
3476:
3475:
3474:
3473:Interest rate
3471:
3467:
3464:
3462:
3459:
3457:
3454:
3453:
3452:
3449:
3445:
3442:
3440:
3437:
3435:
3432:
3430:
3427:
3425:
3421:
3418:
3416:
3413:
3411:
3408:
3406:
3403:
3402:
3401:
3397:
3394:
3392:
3389:
3385:
3382:
3380:
3377:
3375:
3372:
3370:
3367:
3365:
3362:
3360:
3357:
3355:
3352:
3351:
3350:
3346:
3343:
3342:
3339:
3335:
3331:
3327:
3320:
3315:
3313:
3308:
3306:
3301:
3300:
3297:
3286:
3283:
3281:
3278:
3276:
3273:
3271:
3268:
3266:
3263:
3261:
3258:
3255:
3247:
3244:
3241:
3237:
3234:
3232:
3229:
3227:
3224:
3223:
3219:
3217:
3213:
3207:
3206:
3202:
3200:
3197:
3195:
3192:
3190:
3187:
3185:
3182:
3180:
3177:
3175:
3172:
3170:
3167:
3165:
3162:
3160:
3157:
3155:
3152:
3150:
3147:
3145:
3142:
3140:
3137:
3135:
3132:
3130:
3127:
3125:
3122:
3120:
3117:
3115:
3112:
3110:
3107:
3105:
3102:
3100:
3097:
3095:
3092:
3090:
3087:
3085:
3082:
3080:
3077:
3075:
3072:
3070:
3067:
3065:
3062:
3060:
3057:
3055:
3052:
3050:
3047:
3045:
3042:
3040:
3037:
3035:
3032:
3030:
3027:
3025:
3022:
3020:
3017:
3015:
3012:
3010:
3007:
3005:
3002:
3000:
2997:
2995:
2992:
2990:
2987:
2985:
2982:
2980:
2977:
2975:
2972:
2970:
2967:
2965:
2962:
2960:
2957:
2955:
2952:
2950:
2947:
2945:
2942:
2940:
2937:
2935:
2932:
2930:
2927:
2925:
2922:
2920:
2917:
2915:
2912:
2910:
2907:
2905:
2902:
2900:
2897:
2895:
2892:
2890:
2887:
2885:
2882:
2880:
2877:
2875:
2872:
2870:
2869:de Mandeville
2867:
2866:
2864:
2860:
2855:
2849:
2846:
2844:
2841:
2839:
2836:
2834:
2831:
2829:
2826:
2824:
2821:
2817:
2814:
2813:
2812:
2811:New classical
2809:
2805:
2802:
2801:
2800:
2797:
2795:
2792:
2790:
2787:
2783:
2780:
2779:
2778:
2775:
2773:
2770:
2768:
2767:Malthusianism
2765:
2759:
2756:
2755:
2754:
2751:
2749:
2746:
2743:
2739:
2736:
2735:
2734:
2731:
2729:
2728:Institutional
2726:
2724:
2721:
2719:
2716:
2714:
2711:
2709:
2706:
2704:
2701:
2699:
2696:
2694:
2691:
2689:
2686:
2684:
2681:
2679:
2676:
2674:
2671:
2669:
2666:
2662:
2659:
2658:
2657:
2654:
2652:
2649:
2647:
2644:
2642:
2639:
2635:
2632:
2631:
2630:
2627:
2625:
2622:
2620:
2617:
2615:
2612:
2610:
2607:
2606:
2604:
2599:
2594:
2589:
2581:
2578:
2576:
2573:
2571:
2568:
2566:
2563:
2561:
2558:
2556:
2553:
2551:
2548:
2546:
2543:
2541:
2538:
2536:
2532:
2531:Public choice
2529:
2527:
2524:
2522:
2519:
2517:
2514:
2512:
2509:
2507:
2506:Participation
2504:
2502:
2499:
2497:
2494:
2492:
2489:
2487:
2484:
2482:
2479:
2477:
2474:
2472:
2469:
2467:
2466:Institutional
2464:
2462:
2459:
2457:
2454:
2452:
2449:
2447:
2444:
2442:
2439:
2437:
2434:
2432:
2429:
2427:
2424:
2422:
2419:
2417:
2416:Expeditionary
2414:
2412:
2409:
2407:
2406:Environmental
2404:
2402:
2399:
2397:
2394:
2392:
2389:
2387:
2384:
2382:
2379:
2377:
2374:
2372:
2369:
2367:
2364:
2362:
2359:
2357:
2354:
2352:
2349:
2348:
2344:
2342:
2338:
2332:
2329:
2327:
2324:
2320:
2317:
2316:
2315:
2312:
2311:
2309:
2307:
2303:
2297:
2294:
2292:
2289:
2285:
2282:
2281:
2280:
2277:
2275:
2272:
2270:
2267:
2265:
2262:
2258:
2255:
2253:
2250:
2248:
2245:
2243:
2240:
2238:
2235:
2234:
2233:
2230:
2229:
2227:
2225:
2221:
2217:
2210:
2205:
2203:
2198:
2196:
2191:
2190:
2187:
2180:
2176:
2172:
2168:
2165:
2162:
2158:
2154:
2150:
2146:
2143:, 38(3), pp.
2142:
2138:
2135:
2131:
2127:
2123:
2121:
2117:
2113:
2110:
2108:
2105:
2104:
2099:
2096:
2092:
2088:
2084:
2081:
2077:
2073:
2070:
2069:Introduction.
2066:
2062:
2059:
2057:
2053:
2049:
2045:
2041:
2040:
2032:
2028:
2024:
2020:
2016:
2012:
2011:
2003:
1995:
1991:
1987:
1983:
1982:
1974:
1967:
1959:
1955:
1951:
1947:
1943:
1939:
1938:
1930:
1923:
1915:
1911:
1907:
1903:
1899:
1895:
1894:
1886:
1879:
1871:
1867:
1863:
1859:
1856:(1): 95–111.
1855:
1851:
1850:
1842:
1834:
1828:
1824:
1820:
1813:
1805:
1801:
1797:
1793:
1789:
1785:
1781:
1777:
1776:
1768:
1760:
1754:
1750:
1749:
1744:
1738:
1734:
1724:
1721:
1719:
1716:
1714:
1711:
1709:
1706:
1705:
1699:
1697:
1693:
1689:
1684:
1680:
1659:
1655:
1651:
1646:
1642:
1638:
1635:
1632:
1625:
1624:
1623:
1621:
1605:
1602:
1597:
1593:
1565:
1561:
1557:
1554:
1551:
1546:
1542:
1538:
1533:
1529:
1521:
1520:
1519:
1510:
1507:
1503:
1501:
1496:
1495:
1490:
1486:
1472:
1469:
1465:
1455:
1451:
1449:
1444:
1434:
1425:
1421:
1411:
1409:
1404:
1402:
1398:
1394:
1390:
1380:
1376:
1354:
1351:
1346:
1343:
1336:
1331:
1326:
1322:
1312:
1311:
1310:
1308:
1303:
1294:
1274:
1271:
1266:
1261:
1256:
1252:
1242:
1241:
1240:
1220:
1217:
1212:
1209:
1204:
1200:
1192:
1191:
1190:
1187:
1183:
1179:
1175:
1171:
1167:
1164: =
1163:
1159:
1149:
1144:
1129:
1127:
1125:
1105:
1102:
1099:
1093:
1085:
1081:
1077:
1073:
1069:
1065:
1047:
1043:
1015:
1012:
1009:
1003:
1000:
997:
994:
989:
985:
977:
976:
975:
973:
968:
966:
962:
957:
955:
951:
947:
943:
938:
936:
932:
928:
924:
919:
917:
913:
909:
905:
901:
897:
892:
890:
886:
882:
878:
874:
870:
858:
853:
851:
846:
844:
839:
838:
836:
835:
830:
825:
820:
818:
808:
807:
806:
805:
798:
795:
793:
790:
788:
785:
781:
778:
777:
776:
773:
771:
768:
766:
763:
762:
756:
755:
748:
745:
743:
740:
738:
735:
733:
730:
728:
725:
723:
722:Peter Diamond
720:
718:
715:
713:
710:
708:
707:Edmund Phelps
705:
703:
700:
698:
695:
693:
690:
688:
685:
683:
682:Richard Stone
680:
678:
675:
673:
670:
668:
667:Joan Robinson
665:
663:
662:Simon Kuznets
660:
658:
657:Gunnar Myrdal
655:
653:
650:
648:
645:
643:
640:
638:
635:
633:
632:Irving Fisher
630:
628:
627:Knut Wicksell
625:
623:
620:
618:
615:
613:
610:
608:
605:
603:
600:
599:
596:
591:
590:
583:
580:
578:
575:
573:
570:
566:
563:
562:
561:
558:
556:
553:
549:
546:
545:
544:
541:
539:
536:
535:
534:
533:
527:
524:
522:
519:
517:
514:
512:
509:
505:
502:
501:
500:
499:New classical
497:
495:
492:
488:
485:
483:
480:
479:
478:
475:
474:
473:
468:
463:
462:
455:
452:
450:
447:
445:
442:
440:
437:
435:
432:
431:
425:
424:
417:
414:
412:
409:
407:
404:
402:
399:
397:
394:
390:
387:
386:
385:
382:
380:
377:
375:
372:
370:
367:
365:
362:
360:
357:
355:
352:
350:
347:
345:
342:
340:
337:
335:
332:
330:
327:
326:
320:
319:
312:
309:
307:
304:
302:
299:
297:
294:
292:
289:
288:
282:
281:
274:
271:
269:
266:
264:
261:
259:
256:
254:
253:Shrinkflation
251:
249:
246:
244:
241:
239:
236:
232:
229:
228:
227:
224:
222:
219:
215:
212:
211:
210:
207:
205:
202:
198:
195:
194:
193:
190:
188:
185:
181:
178:
176:
173:
171:
168:
167:
166:
163:
161:
158:
156:
153:
151:
150:Interest rate
148:
144:
141:
139:
136:
135:
134:
131:
129:
126:
124:
121:
117:
114:
112:
109:
108:
107:Expectations
106:
104:
101:
99:
96:
94:
91:
89:
86:
84:
81:
79:
76:
74:
71:
69:
66:
65:
59:
58:
54:
50:
49:
46:
43:
42:
38:
34:
33:
30:
19:
4143:South Africa
3900:South Africa
3746:Black Friday
3563:Unemployment
3423:
3420:Money supply
3415:Disinflation
3359:General glut
3280:Publications
3236:Publications
3203:
2799:Neoclassical
2789:Mercantilism
2698:Evolutionary
2560:Sociological
2533: /
2431:Geographical
2411:Evolutionary
2386:Digitization
2351:Agricultural
2314:Econometrics
2242:Price theory
2178:
2170:
2156:
2152:
2148:
2140:
2133:
2125:
2120:Description.
2115:
2101:
2086:
2075:
2064:
2050:(2005), pp.
2047:
2043:
2014:
2008:
2002:
1985:
1979:
1966:
1941:
1935:
1922:
1897:
1891:
1878:
1853:
1847:
1841:
1822:
1812:
1779:
1773:
1767:
1747:
1737:
1723:Money market
1685:
1681:
1677:
1583:
1516:
1504:
1492:
1483:
1461:
1452:
1446:
1431:
1428:Asset motive
1423:
1405:
1386:
1377:
1374:
1304:
1300:
1292:
1238:
1185:
1181:
1177:
1173:
1169:
1165:
1161:
1155:
1146:
1122:
1083:
1082:income, and
1075:
1071:
1067:
1034:
971:
969:
958:
946:central bank
939:
931:money supply
920:
916:asset demand
893:
872:
866:
742:Paul Krugman
687:Hyman Minsky
647:Alvin Hansen
531:
530:
471:
434:Econometrics
411:Overshooting
364:Harrod–Domar
359:Arrow–Debreu
306:Central bank
273:Unemployment
263:Supply shock
221:Money supply
208:
98:Disinflation
93:Demand shock
29:
18:Money demand
4211:New Zealand
4169:2020–2022;
4133:New Zealand
4106:2007–2009;
4052:1990–1991;
4036:(1982–2007)
4004:1980–1982;
3976:(1973–1982)
3954:(1957–1958)
3948:(1953–1954)
3942:(1948–1949)
3930:(1945–1973)
3895:New Zealand
3878:1929–1939;
3854:(1918–1919)
3845:(1918–1939)
3827:(1910–1912)
3821:(1907–1908)
3815:(1902–1904)
3806:(1893–1897)
3800:(1890–1891)
3776:1873–1879;
3765:(1870–1914)
3748:(1869–1870)
3742:(1865–1867)
3733:(1857–1858)
3724:(1847–1848)
3712:(1840–1870)
3683:(1825–1826)
3674:(1815–1821)
3659:(1796–1799)
3653:(1789–1793)
3625:1772–1774;
3614:(1760–1840)
3592:(1430–1490)
3590:Great Slump
3583:(1000–1760)
3529:Stagflation
3488:Yield curve
3434:Price level
3074:von Neumann
2843:Supply-side
2828:Physiocracy
2772:Marginalism
2461:Information
2401:Engineering
2381:Development
2376:Demographic
2247:Game theory
2224:Theoretical
2173:25(1), pp.
2078:, 20(3), p
1468:risk averse
1464:James Tobin
622:LĂ©on Walras
516:Supply-side
349:Accelerator
258:Stagflation
243:Price level
138:Demand-pull
4176:Bangladesh
4113:Bangladesh
3757:Gilded Age
3509:Depression
3461:Stagnation
3231:Economists
3104:Schumacher
3009:Schumpeter
2979:von Wieser
2899:von ThĂĽnen
2859:Economists
2758:Circuitism
2723:Humanistic
2718:Historical
2693:Ecological
2683:Democratic
2656:Chartalism
2646:Behavioral
2609:Mainstream
2570:Statistics
2565:Solidarity
2486:Managerial
2451:Humanistic
2446:Historical
2391:Ecological
2356:Behavioral
2130:pp. 334–65
2118:, 4th ed.
1758:1412804779
1729:References
1708:Chartalism
1454:unstable.
970:A typical
942:volatility
677:John Hicks
607:Adam Smith
565:Circuitism
555:Ecological
543:Chartalism
494:Monetarism
472:Mainstream
369:Solow–Swan
344:Multiplier
301:Commercial
197:Endogenous
155:Investment
4216:Singapore
4171:Australia
4148:Sri Lanka
4108:Australia
4054:Australia
3880:Australia
3870:1926–1927
3867:1923–1924
3833:(1913–14)
3809:1899–1900
3665:1807–1810
3662:1802–1804
3643:1785–1788
3568:Sahm rule
3499:Recession
3400:Inflation
3396:Deflation
3149:Greenspan
3114:Samuelson
3094:Galbraith
3064:Tinbergen
3004:von Mises
2999:Heckscher
2959:Edgeworth
2838:Stockholm
2833:Socialist
2733:Keynesian
2713:Happiness
2673:Classical
2634:Mutualism
2629:Anarchist
2614:Heterodox
2511:Personnel
2471:Knowledge
2436:Happiness
2426:Financial
2396:Education
2371:Democracy
2306:Empirical
2216:Economics
2071:Elsevier.
1870:153669907
1804:154974605
1639:−
1633:π
1620:exogenous
1555:π
1001:×
900:liquidity
775:Economics
617:Karl Marx
532:Heterodox
511:Stockholm
477:Keynesian
248:Recession
143:Cost-push
133:Inflation
88:Deflation
4248:Category
4201:Malaysia
4186:Botswana
4138:Pakistan
4128:Malaysia
3632:Scotland
3492:Inverted
3456:Recovery
3260:Category
3240:journals
3226:Glossary
3179:Stiglitz
3144:Rothbard
3124:Buchanan
3109:Friedman
3099:Koopmans
3089:Leontief
3069:Robinson
2954:Marshall
2804:Lausanne
2708:Georgism
2703:Feminist
2651:Buddhist
2641:Austrian
2540:Regional
2516:Planning
2491:Monetary
2421:Feminist
2366:Cultural
2361:Business
2155:, v. 1,
2114:(1993).
1958:54847945
1914:13749518
1745:(2005).
1702:See also
1696:LM curve
1692:IS curve
1489:Schwartz
1485:Friedman
1168:, where
1126:function
935:LM curve
910:and the
759:See also
538:Austrian
296:Monetary
285:Policies
116:Rational
111:Adaptive
37:a series
35:Part of
4206:Namibia
3794:1887–88
3736:1860–61
3727:1853–54
3718:1845–46
3689:1833–34
3686:1828–29
3677:1822–23
3627:England
3519:Rolling
3405:Chronic
3275:Outline
3246:Schools
3238: (
3199:Piketty
3194:Krugman
3059:Kuznets
3049:Kalecki
3024:Polanyi
2914:Cournot
2909:Bastiat
2894:Ricardo
2884:Malthus
2874:Quesnay
2777:Marxian
2668:Chicago
2598:history
2593:Schools
2580:Welfare
2550:Service
2341:Applied
2177:(press
2147:(press
2145:241–247
2132:(press
1796:1882104
1121:is the
1064:nominal
1062:is the
965:elastic
923:nominal
780:Applied
577:Marxian
467:Schools
4231:Zambia
4191:Canada
4181:Belize
4118:Canada
4083:(2001)
4059:Canada
4006:Canada
3885:Canada
3556:Supply
3551:Demand
3524:Shapes
3514:Global
3424:demand
3349:Supply
3184:Thaler
3164:Ostrom
3159:Becker
3154:Sowell
3134:Baumol
3039:Myrdal
3034:Sraffa
3029:Frisch
3019:Knight
3014:Keynes
2989:Fisher
2984:Veblen
2969:Pareto
2949:Menger
2944:George
2939:Jevons
2934:Walras
2924:Gossen
2848:Thermo
2526:Public
2521:Policy
2476:Labour
2441:Health
2159:, pp.
2093:&
2082:-1023.
2080:p. 993
2031:614007
2029:
1956:
1912:
1868:
1829:
1802:
1794:
1755:
1035:where
871:, the
595:People
323:Models
291:Fiscal
268:Saving
128:Growth
4196:India
4123:India
3890:India
3546:Shock
3364:Model
3270:Lists
3265:Index
3216:Lists
3189:Hoppe
3174:Lucas
3139:Solow
3129:Arrow
3119:Simon
3084:Lange
3079:Hicks
3054:Röpke
3044:Hayek
2994:Pigou
2964:Clark
2879:Smith
2794:Mixed
2753:Post-
2575:Urban
2555:Socio
2545:Rural
2175:65–86
2027:S2CID
1976:(PDF)
1954:S2CID
1932:(PDF)
1910:S2CID
1888:(PDF)
1866:S2CID
1800:S2CID
1792:JSTOR
877:money
416:NAIRU
334:AD–AS
329:IS–LM
192:Money
3936:1945
3668:1812
3332:and
3328:and
3205:more
2929:Marx
2919:Mill
2904:List
2782:Neo-
2738:Neo-
2166:242.
2095:1996
2091:1924
1827:ISBN
1753:ISBN
1487:and
1080:real
482:Neo-
389:DSGE
83:CAGR
3169:Sen
2889:Say
2748:New
2481:Law
2161:229
2056:67.
2019:doi
1990:doi
1946:doi
1902:doi
1858:doi
1784:doi
1403:).
1078:is
887:or
867:In
487:New
231:SNA
180:NNI
175:GNI
170:GDP
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2181:).
2136:).
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2025:.
2015:59
2013:.
1986:87
1984:.
1978:.
1952:.
1942:38
1940:.
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1908:.
1898:82
1896:.
1890:.
1864:.
1854:34
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1778:.
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1166:PY
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1128:.
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937:.
891:.
889:M3
885:M2
881:M1
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4030:/
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1562:g
1558:+
1552:=
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1539:+
1534:m
1530:g
1355:R
1352:2
1347:Y
1344:t
1337:=
1332:P
1327:d
1323:M
1275:V
1272:Y
1267:=
1262:P
1257:d
1253:M
1221:V
1218:Y
1213:P
1210:=
1205:d
1201:M
1182:Y
1178:P
1174:V
1170:M
1109:)
1106:Y
1103:,
1100:R
1097:(
1094:L
1084:L
1076:Y
1072:R
1068:P
1048:d
1044:M
1019:)
1016:Y
1013:,
1010:R
1007:(
1004:L
998:P
995:=
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986:M
856:e
849:t
842:v
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