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Journal Article
The relationship between money and expenditure in 1982
An abstract for this article is not available.
Journal Article
A shift-adjusted M2 indicator for monetary policy
Journal Article
The behavior of the M1 demand function in the early 1980s
Models of the demand for M1 have underpredicted the level of real balances since late 1982, indicating a rightward shift in the publics M1 demand function. Most observers attribute this shift to the introduction of interest-bearing checking accounts, but, at present, it is not possible to tell whether M1 demand has been permanently or only temporarily affected. In The Behavior of the M1 Demand Function in the Early 1980s, Robert L. Hetzel points out that deposit deregulation conceivably could have affected the demand for M1 in at least two alternative ways. First, consumers could be using the ...
Journal Article
The contributions of Milton Friedman to economics
Journal Article
How useful is M2 today?
One of the most difficult aspects of formulating monetary policy is assessing the impact of policy actions on the public's dollar spending. Historically, the behavior of M2 has offered considerable information about the impact of monetary policy on dollar spending. It appears likely that M2 will continue to offer useful information to the policymaker.
Journal Article
Opinion: Milton Friedman and liberty
Journal Article
The October 1979 regime of monetary control and the behavior of the money supply in 1980
An abstract for this article is not available.
Working Paper
ECB monetary policy in the recession: a New Keynesian (old monetarist) critique
Use of the New Keynesian model to identify shocks points to contractionary monetary policy as the cause of the Great Recession in the Eurozone.
Working Paper
What Caused the Great Recession in the Eurozone?
Since 2008, the Eurozone has undergone two recessions, which together constitute the "Great Recession." The combination of a decline in output and disinflation as well as a persistent decline in inflation suggests that contractionary monetary policy was one factor. This paper makes two methodological points. First, in analyzing the causes of the Great Recession, it is important to distinguish between credit and monetary policy. Second, a multiplicity of estimated models can "explain" the Great Recession. In practice, economists choose between models through an associated narrative that ...