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.
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
53:
812:
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.
824:
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.
3304:
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
3297:
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:
3290:
4208:
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
4213:
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
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'
4198:
1579:
1234:
1030:
1673:
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
4188:
2102:
4178:
4183:
3453:
3313:
854:
1616:
1119:
1060:
3696:
2055:
3321:
3267:
3223:
769:
4056:
4003:
3914:
3521:
2094:
3526:
3317:
1493:
3624:
3619:
3614:
3608:
3282:
1462:
The portfolio motive also focuses on demand for money over and above that required for carrying out transactions. The basic framework is due to
3892:
1388:
388:
164:
3897:
3426:
1830:
1079:
1063:
922:
4145:
847:
373:
2206:
1972:
4041:
2068:
525:
1686:
The above discussion implies that the volatility of money demand matters for how monetary policy should be conducted. If most of the
2144:
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
3887:
1846:
Benchimol, Jonathan; Fourçans, André (2012). "Money and Risk in a DSGE Framework : A Bayesian
Application to the Eurozone".
1424:
The precautionary demand for M1 is the holding of transaction funds for use if unexpected needs for immediate expenditure arise.
466:
4105:
840:
3839:
2705:
1774:
1756:
1293:
Hence in this simple formulation demand for money is a function of prices and income, as long as its velocity is constant.
3867:
3583:
2886:
2675:
2665:
2358:
2009:
571:
378:
1245:
3749:
2825:
2798:
1442:
510:
498:
3845:
3777:
2119:
929:. The real demand for money is defined as the nominal amount of money demanded divided by the price level. For a given
4063:
3252:
3233:
2810:
2655:
2621:
2606:
2585:
2580:
2107:
400:
230:
154:
82:
3950:
3945:
3904:
1302:
once a month they generally will wish to make purchases, and hence need money, over the course of the entire month.
4120:
4095:
3872:
3659:
3577:
3227:
2803:
2493:
2483:
1936:
1392:
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
520:
503:
383:
405:
4241:
4140:
4130:
3877:
2373:
1892:
1848:
959:
Conditions under which the LM curve is flat, so that increases in the money supply have no stimulatory effect (a
1712:
4030:
3818:
3257:
3203:
2946:
2901:
2740:
2611:
2488:
1157:
594:
559:
395:
3980:
3975:
3970:
2961:
1524:
1195:
963:), play an important role in Keynesian theory. This situation occurs when the demand for money is infinitely
4135:
4125:
4115:
4110:
4100:
3491:
2911:
2745:
2735:
2725:
2715:
2453:
2443:
2403:
2393:
2273:
2199:
980:
564:
486:
481:
453:
36:
3812:
3644:
1746:
363:
358:
3882:
3081:
2926:
2786:
2729:
2685:
2648:
2398:
2338:
2313:
2283:
2268:
964:
915:
796:
547:
343:
310:
169:
2896:
1628:
4068:
4051:
4046:
4035:
3998:
3993:
3987:
3598:
3567:
3465:
3213:
2871:
2856:
2830:
2769:
2448:
2388:
2368:
2363:
2163:
2160:
1884:
953:
926:
636:
611:
515:
448:
174:
137:
115:
110:
368:
3634:
3479:
3262:
2966:
2710:
2680:
2633:
2596:
2522:
2473:
2438:
2378:
2343:
2278:
1419:
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.
1123:
941:
918:. These can be further subdivided into more microeconomically founded motivations for holding money.
911:
554:
213:
2129:
3733:
3588:
3496:
3448:
3416:
3397:
3192:
3001:
2861:
2820:
2720:
2700:
2660:
2616:
2601:
2557:
2498:
2423:
2413:
2383:
2306:
1447:
1142:
907:
764:
641:
601:
476:
438:
179:
142:
933:
the locus of income-interest rate pairs at which money demand equals money supply is known as the
4218:
4203:
4193:
4173:
4168:
4163:
4158:
4152:
3470:
3438:
3247:
3218:
3176:
2981:
2690:
2670:
2638:
2552:
2547:
2527:
2478:
2418:
2408:
2353:
2348:
2192:
2026:
1980:
1953:
1909:
1865:
1799:
1791:
1306:
868:
716:
443:
410:
348:
1772:
Baumol, William J. (1952). "The transactions demand for cash: an inventory theoretic approach".
1928:
52:
3939:
3933:
3927:
3533:
3506:
3443:
3431:
3392:
3361:
3111:
3086:
3036:
2996:
2876:
2764:
2567:
2503:
2468:
2458:
2328:
1826:
1752:
1499:
1396:
791:
779:
736:
651:
581:
576:
300:
225:
2051:
1818:
1588:
1305:
The most well-known example of an economic model that is based on such considerations is the
4020:
4015:
3861:
3850:
3511:
3501:
3371:
3366:
3341:
3336:
3332:
3161:
3106:
3091:
3076:
3061:
3041:
2991:
2971:
2951:
2906:
2513:
2463:
2433:
2428:
2318:
2256:
2060:
2018:
1989:
1945:
1901:
1857:
1783:
1687:
1505:
1407:
1089:
726:
711:
237:
196:
186:
122:
102:
72:
67:
3351:
1038:
333:
328:
4089:
4079:
3829:
3770:
3765:
3759:
3272:
3166:
3131:
3096:
3031:
2956:
2941:
2835:
2791:
2628:
2562:
2537:
2532:
2508:
2251:
2236:
1742:
1484:
1400:
949:
828:
731:
691:
671:
537:
338:
295:
267:
127:
3378:
3356:
3186:
3171:
3136:
3121:
3101:
3071:
2921:
2891:
2542:
2263:
2231:
1717:
1156:
The most basic "classical" transaction motive can be illustrated with reference to the
960:
906:
motivations for holding one's wealth in the form of M1 can roughly be divided into the
903:
895:
888:
884:
880:
786:
701:
696:
621:
353:
203:
159:
77:
44:
4235:
3806:
3800:
3791:
3785:
3727:
3718:
3709:
3691:
3680:
3668:
3638:
3460:
3151:
3141:
3116:
3056:
3051:
3046:
3026:
3016:
2986:
2976:
2881:
2781:
2754:
2518:
2111:
1869:
1803:
1488:
1176:
is its velocity (how many times a unit of money turns over during a period of time),
721:
706:
681:
666:
661:
656:
631:
626:
290:
252:
149:
2124:
Sriram, Subramanian S. (2001). "A Survey of Recent
Empirical Money Demand Studies,"
1957:
1913:
3550:
3543:
3538:
3407:
3402:
3346:
3181:
3126:
3021:
3011:
3006:
2931:
2776:
2301:
2241:
1722:
945:
930:
816:
741:
686:
646:
433:
305:
272:
262:
220:
97:
92:
2174:
2030:
2022:
1993:
1949:
1861:
3960:
3516:
3475:
3421:
3156:
3146:
2936:
2815:
2759:
2246:
2139:
Tobin, James (1956). "The
Interest-Elasticity of Transactions Demand For Cash,"
1467:
1463:
934:
746:
257:
242:
1905:
3744:
3066:
2866:
2643:
1707:
676:
606:
542:
493:
2106:. Macmillan, ch. 15, "The Psychological and Business Incentives To Liquidity"
3555:
3486:
3387:
3383:
2916:
2846:
2293:
2223:
2215:
899:
774:
616:
247:
132:
87:
17:
2042:
Friedman, Milton (1956). "The
Quantity Theory of Money: A Restatement," in
1399:
model) and the money-in-the-utility-function (MIU) model (as known as the
823:
2695:
1695:
1691:
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
1795:
1619:
1698:, then a policy of targeting the money supply will be destabilizing.
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
876:
415:
191:
3286:
2188:
1433:(including money broadly defined) as an additional motivation.
2169:
____ (1958). "Liquidity
Preference as Behavior Towards Risk,"
1365:{\displaystyle {\frac {M^{d}}{P}}={\sqrt {\frac {tY}{2R}}}\,}
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"
4078:
4014:
3959:
3913:
3828:
3743:
3690:
3597:
3566:
3202:
2844:
2578:
2327:
2292:
2222:
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".
1086:(.) is real money demand. An alternate name for
1475:Empirical estimations of money demand functions
3298:
2200:
848:
8:
1971:Benchimol, Jonathan; Qureshi, Irfan (2020).
1825:. Cambridge: The MIT Press. pp. 41–92.
894:Money in the sense of M1 is dominated as a
3305:
3291:
3283:
2207:
2193:
2185:
1819:"Money in a General Equilibrium Framework"
855:
841:
31:
1664:
1658:
1645:
1630:
1596:
1590:
1570:
1564:
1545:
1532:
1526:
1361:
1339:
1325:
1319:
1317:
1279:
1269:
1255:
1249:
1247:
1225:
1215:
1203:
1197:
1091:
1046:
1040:
1021:
988:
982:
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
1734:
1494:A Monetary History of the United States
1229:{\displaystyle M^{d}=P{\frac {Y}{V}}\,}
43:
2128:, 47(3). International Monetary Fund.
1389:dynamic stochastic general equilibrium
1025:{\displaystyle M^{d}=P\times L(R,Y)\,}
165:Measures of national income and output
7:
1751:. Aldine Transaction. p. 308.
1668:{\displaystyle \pi =-g_{y}+g_{m}\,}
967:with respect to the interest rate.
3609:British credit crisis of 1772–1773
2141:Review of Economics and Statistics
25:
3322:Commonwealth of Nations countries
1383:Microfoundations for money demand
2730:neoclassical–Keynesian synthesis
822:
810:
51:
3318:recessions in the United States
2076:Journal of Economic Literature
2065:Handbook of Monetary Economics
1775:Quarterly Journal of Economics
1184:is real income. Consequently,
1108:
1096:
1074:is the nominal interest rate,
1018:
1006:
770:Publications in macroeconomics
1:
2666:Critique of political economy
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
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
4064:1997 Asian financial crisis
3697:Civil War-era United States
4258:
3840:Post–World War I recession
3660:Post-Napoleonic Depression
2804: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
3750:2nd Industrial Revolution
3683:(1836–1838 and 1839–1843)
3599:1st Industrial Revolution
3367:Price-and-wage stickiness
3328:
3244:
1893:Southern Economic Journal
1849:Journal of Macroeconomics
1132:Motives for holding money
4031:1990s United States boom
3819:Financial crisis of 1914
2046:, Chicago. Reprinted in
1158:Quantity Theory of Money
526:Saltwater and freshwater
3846:Depression of 1920–1921
3778:Depression of 1882–1885
3692:Early Victorian Britain
3427:Real and nominal values
2444:Industrial organization
2274: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
3951:Recession of 1969–1970
3946:Recession of 1960–1961
3905:Recession of 1937–1938
2649:Modern monetary theory
2314:Experimental economics
2284: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
4069:Early 2000s recession
4036:Early 1990s recession
3988:Early 1980s recession
3568:Commercial revolution
3466: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
3635:Copper Panic of 1789
2523:Social choice theory
2279:Behavioral 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
3971:1973–1975 recession
3915:Post–WWII expansion
3589:Great Frost of 1709
3417:Neutrality of money
3398:Classical dichotomy
3314:Economic expansions
2607:American (National)
2307: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
4153:COVID-19 recession
3813:Panic of 1910–1911
3645:Panic of 1796–1797
3471:Real interest rate
3439: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
4229:
4228:
3940:Recession of 1958
3934:Recession of 1953
3928:Recession of 1949
3625:Thirteen Colonies
3432:Velocity of money
3362:Paradox of thrift
3280:
3279:
2811: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
4249:
4242:Demand for money
4021:Great Regression
4016:Great Moderation
3862:Great Depression
3851:Roaring Twenties
3372:Underconsumption
3342:Effective demand
3333:Aggregate demand
3307:
3300:
3293:
3284:
2484:Natural resource
2319:Economic history
2257:Mechanism design
2209:
2202:
2195:
2186:
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:
21:
4257:
4256:
4252:
4251:
4250:
4248:
4247:
4246:
4232:
4231:
4230:
4225:
4090:Great Recession
4082:
4080:Information Age
4074:
4023:
4019:
4010:
3963:
3961:Great Inflation
3955:
3917:
3909:
3832:
3830:Interwar period
3824:
3760:Long Depression
3752:
3748:
3739:
3699:
3695:
3686:
3601:
3593:
3570:
3562:
3527:U.S. recessions
3522:U.K. recessions
3454:U.S. expansions
3324:
3311:
3281:
3276:
3273:Business portal
3240:
3239:
3238:
3198:
2962:von Böhm-Bawerk
2850:
2849:
2840:
2612:Ancient thought
2590:
2589:
2583:
2574:
2573:
2572:
2323:
2288:
2252:Contract theory
2237:Decision theory
2218:
2213:
2039:
2038:
2006:
2005:
2001:
1975:
1970:
1969:
1965:
1931:
1926:
1925:
1921:
1887:
1882:
1881:
1877:
1845:
1844:
1840:
1833:
1816:
1815:
1811:
1788:10.2307/1882104
1771:
1770:
1766:
1759:
1741:
1740:
1736:
1731:
1704:
1654:
1641:
1627:
1626:
1592:
1587:
1586:
1560:
1541:
1528:
1523:
1522:
1515:
1482:
1477:
1460:
1445:
1439:
1430:
1422:
1416:
1401:Sidrauski model
1393:cash-in-advance
1385:
1350:
1342:
1321:
1314:
1313:
1299:
1251:
1244:
1243:
1199:
1194:
1193:
1154:
1152:Quantity theory
1145:
1139:
1134:
1088:
1087:
1042:
1037:
1036:
984:
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:
4255:
4253:
4245:
4244:
4234:
4233:
4227:
4226:
4224:
4223:
4222:
4221:
4216:
4211:
4209:United Kingdom
4206:
4201:
4196:
4191:
4186:
4181:
4176:
4171:
4166:
4161:
4150:
4149:
4148:
4143:
4141:United Kingdom
4138:
4133:
4128:
4123:
4118:
4113:
4108:
4103:
4098:
4086:
4084:
4083:(2007–present)
4076:
4075:
4073:
4072:
4066:
4061:
4060:
4059:
4054:
4052:United Kingdom
4049:
4044:
4033:
4027:
4025:
4012:
4011:
4009:
4008:
4007:
4006:
4001:
3999:United Kingdom
3996:
3985:
3984:
3983:
3978:
3976:United Kingdom
3967:
3965:
3957:
3956:
3954:
3953:
3948:
3943:
3937:
3931:
3925:
3921:
3919:
3911:
3910:
3908:
3907:
3902:
3901:
3900:
3895:
3893:United Kingdom
3890:
3885:
3880:
3875:
3870:
3859:
3856:
3853:
3848:
3843:
3836:
3834:
3826:
3825:
3823:
3822:
3816:
3810:
3804:
3798:
3795:
3789:
3783:
3780:
3775:
3774:
3773:
3768:
3766:United Kingdom
3756:
3754:
3741:
3740:
3738:
3737:
3731:
3725:
3722:
3716:
3713:
3707:
3703:
3701:
3688:
3687:
3685:
3684:
3678:
3675:
3672:
3666:
3663:
3657:
3654:
3651:
3648:
3642:
3632:
3629:
3628:
3627:
3622:
3617:
3605:
3603:
3595:
3594:
3592:
3591:
3586:
3581:
3574:
3572:
3564:
3563:
3561:
3560:
3559:
3558:
3548:
3547:
3546:
3541:
3531:
3530:
3529:
3524:
3519:
3514:
3509:
3504:
3499:
3494:
3484:
3483:
3482:
3473:
3468:
3458:
3457:
3456:
3451:
3446:
3436:
3435:
3434:
3429:
3424:
3419:
3414:
3405:
3400:
3395:
3381:
3379:Business cycle
3376:
3375:
3374:
3369:
3364:
3359:
3357:Overproduction
3354:
3349:
3344:
3329:
3326:
3325:
3312:
3310:
3309:
3302:
3295:
3287:
3278:
3277:
3275:
3270:
3265:
3260:
3255:
3250:
3245:
3242:
3241:
3237:
3236:
3231:
3221:
3216:
3210:
3209:
3208:
3206:
3200:
3199:
3197:
3196:
3189:
3184:
3179:
3174:
3169:
3164:
3159:
3154:
3149:
3144:
3139:
3134:
3129:
3124:
3119:
3114:
3109:
3104:
3099:
3094:
3089:
3084:
3079:
3074:
3069:
3064:
3059:
3054:
3049:
3044:
3039:
3034:
3029:
3024:
3019:
3014:
3009:
3004:
2999:
2994:
2989:
2984:
2979:
2974:
2969:
2964:
2959:
2954:
2949:
2944:
2939:
2934:
2929:
2924:
2919:
2914:
2909:
2904:
2899:
2894:
2889:
2884:
2879:
2874:
2869:
2864:
2859:
2853:
2851:
2845:
2842:
2841:
2839:
2838:
2833:
2828:
2823:
2818:
2813:
2808:
2807:
2806:
2796:
2795:
2794:
2784:
2779:
2774:
2773:
2772:
2762:
2757:
2752:
2751:
2750:
2749:
2748:
2738:
2733:
2718:
2713:
2708:
2703:
2698:
2693:
2688:
2683:
2678:
2676:Disequilibrium
2673:
2668:
2663:
2658:
2653:
2652:
2651:
2641:
2636:
2631:
2626:
2625:
2624:
2614:
2609:
2604:
2599:
2593:
2591:
2579:
2576:
2575:
2571:
2570:
2565:
2560:
2555:
2550:
2545:
2540:
2535:
2530:
2525:
2516:
2511:
2506:
2501:
2496:
2491:
2489:Organizational
2486:
2481:
2476:
2471:
2466:
2461:
2456:
2451:
2446:
2441:
2436:
2431:
2426:
2421:
2416:
2411:
2406:
2401:
2396:
2391:
2386:
2381:
2376:
2371:
2366:
2361:
2356:
2351:
2346:
2341:
2335:
2334:
2333:
2331:
2325:
2324:
2322:
2321:
2316:
2311:
2310:
2309:
2298:
2296:
2290:
2289:
2287:
2286:
2281:
2276:
2271:
2266:
2264:Macroeconomics
2261:
2260:
2259:
2254:
2249:
2244:
2239:
2232:Microeconomics
2228:
2226:
2220:
2219:
2214:
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:
24:
14:
13:
10:
9:
6:
4:
3:
2:
4254:
4243:
4240:
4239:
4237:
4220:
4217:
4215:
4214:United States
4212:
4210:
4207:
4205:
4202:
4200:
4197:
4195:
4192:
4190:
4187:
4185:
4182:
4180:
4177:
4175:
4172:
4170:
4167:
4165:
4162:
4160:
4156:
4155:
4154:
4151:
4147:
4146:United States
4144:
4142:
4139:
4137:
4134:
4132:
4129:
4127:
4124:
4122:
4119:
4117:
4114:
4112:
4109:
4107:
4104:
4102:
4099:
4097:
4093:
4092:
4091:
4088:
4087:
4085:
4081:
4077:
4070:
4067:
4065:
4062:
4058:
4057:United States
4055:
4053:
4050:
4048:
4045:
4043:
4039:
4038:
4037:
4034:
4032:
4029:
4028:
4026:
4022:
4017:
4013:
4005:
4004:United States
4002:
4000:
3997:
3995:
3991:
3990:
3989:
3986:
3982:
3981:United States
3979:
3977:
3974:
3973:
3972:
3969:
3968:
3966:
3962:
3958:
3952:
3949:
3947:
3944:
3941:
3938:
3935:
3932:
3929:
3926:
3923:
3922:
3920:
3916:
3912:
3906:
3903:
3899:
3898:United States
3896:
3894:
3891:
3889:
3886:
3884:
3881:
3879:
3876:
3874:
3871:
3869:
3865:
3864:
3863:
3860:
3857:
3854:
3852:
3849:
3847:
3844:
3841:
3838:
3837:
3835:
3831:
3827:
3820:
3817:
3814:
3811:
3808:
3807:Panic of 1907
3805:
3802:
3801:Panic of 1901
3799:
3796:
3793:
3792:Panic of 1893
3790:
3787:
3786:Baring crisis
3784:
3781:
3779:
3776:
3772:
3771:United States
3769:
3767:
3763:
3762:
3761:
3758:
3757:
3755:
3751:
3746:
3742:
3735:
3732:
3729:
3728:Panic of 1866
3726:
3723:
3720:
3719:Panic of 1857
3717:
3714:
3711:
3710:Panic of 1847
3708:
3705:
3704:
3702:
3698:
3693:
3689:
3682:
3681:Panic of 1837
3679:
3676:
3673:
3670:
3669:Panic of 1825
3667:
3664:
3661:
3658:
3655:
3652:
3649:
3646:
3643:
3640:
3639:Panic of 1792
3636:
3633:
3630:
3626:
3623:
3621:
3618:
3616:
3612:
3611:
3610:
3607:
3606:
3604:
3600:
3596:
3590:
3587:
3585:
3584:Slump of 1706
3582:
3579:
3576:
3575:
3573:
3569:
3565:
3557:
3554:
3553:
3552:
3549:
3545:
3542:
3540:
3537:
3536:
3535:
3532:
3528:
3525:
3523:
3520:
3518:
3515:
3513:
3510:
3508:
3505:
3503:
3500:
3498:
3495:
3493:
3492:Balance sheet
3490:
3489:
3488:
3485:
3481:
3477:
3474:
3472:
3469:
3467:
3464:
3463:
3462:
3461:Interest rate
3459:
3455:
3452:
3450:
3447:
3445:
3442:
3441:
3440:
3437:
3433:
3430:
3428:
3425:
3423:
3420:
3418:
3415:
3413:
3409:
3406:
3404:
3401:
3399:
3396:
3394:
3391:
3390:
3389:
3385:
3382:
3380:
3377:
3373:
3370:
3368:
3365:
3363:
3360:
3358:
3355:
3353:
3350:
3348:
3345:
3343:
3340:
3339:
3338:
3334:
3331:
3330:
3327:
3323:
3319:
3315:
3308:
3303:
3301:
3296:
3294:
3289:
3288:
3285:
3274:
3271:
3269:
3266:
3264:
3261:
3259:
3256:
3254:
3251:
3249:
3246:
3243:
3235:
3232:
3229:
3225:
3222:
3220:
3217:
3215:
3212:
3211:
3207:
3205:
3201:
3195:
3194:
3190:
3188:
3185:
3183:
3180:
3178:
3175:
3173:
3170:
3168:
3165:
3163:
3160:
3158:
3155:
3153:
3150:
3148:
3145:
3143:
3140:
3138:
3135:
3133:
3130:
3128:
3125:
3123:
3120:
3118:
3115:
3113:
3110:
3108:
3105:
3103:
3100:
3098:
3095:
3093:
3090:
3088:
3085:
3083:
3080:
3078:
3075:
3073:
3070:
3068:
3065:
3063:
3060:
3058:
3055:
3053:
3050:
3048:
3045:
3043:
3040:
3038:
3035:
3033:
3030:
3028:
3025:
3023:
3020:
3018:
3015:
3013:
3010:
3008:
3005:
3003:
3000:
2998:
2995:
2993:
2990:
2988:
2985:
2983:
2980:
2978:
2975:
2973:
2970:
2968:
2965:
2963:
2960:
2958:
2955:
2953:
2950:
2948:
2945:
2943:
2940:
2938:
2935:
2933:
2930:
2928:
2925:
2923:
2920:
2918:
2915:
2913:
2910:
2908:
2905:
2903:
2900:
2898:
2895:
2893:
2890:
2888:
2885:
2883:
2880:
2878:
2875:
2873:
2870:
2868:
2865:
2863:
2860:
2858:
2857:de Mandeville
2855:
2854:
2852:
2848:
2843:
2837:
2834:
2832:
2829:
2827:
2824:
2822:
2819:
2817:
2814:
2812:
2809:
2805:
2802:
2801:
2800:
2799:New classical
2797:
2793:
2790:
2789:
2788:
2785:
2783:
2780:
2778:
2775:
2771:
2768:
2767:
2766:
2763:
2761:
2758:
2756:
2755:Malthusianism
2753:
2747:
2744:
2743:
2742:
2739:
2737:
2734:
2731:
2727:
2724:
2723:
2722:
2719:
2717:
2716:Institutional
2714:
2712:
2709:
2707:
2704:
2702:
2699:
2697:
2694:
2692:
2689:
2687:
2684:
2682:
2679:
2677:
2674:
2672:
2669:
2667:
2664:
2662:
2659:
2657:
2654:
2650:
2647:
2646:
2645:
2642:
2640:
2637:
2635:
2632:
2630:
2627:
2623:
2620:
2619:
2618:
2615:
2613:
2610:
2608:
2605:
2603:
2600:
2598:
2595:
2594:
2592:
2587:
2582:
2577:
2569:
2566:
2564:
2561:
2559:
2556:
2554:
2551:
2549:
2546:
2544:
2541:
2539:
2536:
2534:
2531:
2529:
2526:
2524:
2520:
2519:Public choice
2517:
2515:
2512:
2510:
2507:
2505:
2502:
2500:
2497:
2495:
2494:Participation
2492:
2490:
2487:
2485:
2482:
2480:
2477:
2475:
2472:
2470:
2467:
2465:
2462:
2460:
2457:
2455:
2454:Institutional
2452:
2450:
2447:
2445:
2442:
2440:
2437:
2435:
2432:
2430:
2427:
2425:
2422:
2420:
2417:
2415:
2412:
2410:
2407:
2405:
2404:Expeditionary
2402:
2400:
2397:
2395:
2394:Environmental
2392:
2390:
2387:
2385:
2382:
2380:
2377:
2375:
2372:
2370:
2367:
2365:
2362:
2360:
2357:
2355:
2352:
2350:
2347:
2345:
2342:
2340:
2337:
2336:
2332:
2330:
2326:
2320:
2317:
2315:
2312:
2308:
2305:
2304:
2303:
2300:
2299:
2297:
2295:
2291:
2285:
2282:
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:
2000:
1995:
1991:
1987:
1983:
1982:
1974:
1967:
1964:
1959:
1955:
1951:
1947:
1943:
1939:
1938:
1930:
1923:
1920:
1915:
1911:
1907:
1903:
1899:
1895:
1894:
1886:
1879:
1876:
1871:
1867:
1863:
1859:
1856:(1): 95–111.
1855:
1851:
1850:
1842:
1839:
1834:
1828:
1824:
1820:
1813:
1810:
1805:
1801:
1797:
1793:
1789:
1785:
1781:
1777:
1776:
1768:
1765:
1760:
1754:
1750:
1749:
1744:
1738:
1735:
1728:
1724:
1721:
1719:
1716:
1714:
1711:
1709:
1706:
1705:
1701:
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:
1512:
1510:
1507:
1503:
1501:
1496:
1495:
1490:
1486:
1479:
1474:
1472:
1469:
1465:
1457:
1455:
1451:
1449:
1444:
1436:
1434:
1427:
1425:
1421:
1413:
1411:
1409:
1404:
1402:
1398:
1394:
1390:
1382:
1380:
1376:
1354:
1351:
1346:
1343:
1336:
1331:
1326:
1322:
1312:
1311:
1310:
1308:
1303:
1296:
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:
1151:
1149:
1144:
1136:
1131:
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:
42:
38:
34:
33:
30:
19:
4131:South Africa
3888:South Africa
3734:Black Friday
3551:Unemployment
3411:
3408:Money supply
3403:Disinflation
3347:General glut
3268:Publications
3224:Publications
3191:
2787:Neoclassical
2777:Mercantilism
2686:Evolutionary
2548:Sociological
2521: /
2419:Geographical
2399:Evolutionary
2374:Digitization
2339:Agricultural
2302: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
4199:New Zealand
4157:2020–2022;
4121:New Zealand
4094:2007–2009;
4040:1990–1991;
4024:(1982–2007)
3992:1980–1982;
3964:(1973–1982)
3942:(1957–1958)
3936:(1953–1954)
3930:(1948–1949)
3918:(1945–1973)
3883:New Zealand
3866:1929–1939;
3842:(1918–1919)
3833:(1918–1939)
3815:(1910–1912)
3809:(1907–1908)
3803:(1902–1904)
3794:(1893–1897)
3788:(1890–1891)
3764:1873–1879;
3753:(1870–1914)
3736:(1869–1870)
3730:(1865–1867)
3721:(1857–1858)
3712:(1847–1848)
3700:(1840–1870)
3671:(1825–1826)
3662:(1815–1821)
3647:(1796–1799)
3641:(1789–1793)
3613:1772–1774;
3602:(1760–1840)
3580:(1430–1490)
3578:Great Slump
3571:(1000–1760)
3517:Stagflation
3476:Yield curve
3422:Price level
3062:von Neumann
2831:Supply-side
2816:Physiocracy
2760:Marginalism
2449:Information
2389:Engineering
2369:Development
2364: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
4164:Bangladesh
4101:Bangladesh
3745:Gilded Age
3497:Depression
3449:Stagnation
3219:Economists
3092:Schumacher
2997:Schumpeter
2967:von Wieser
2887:von ThĂĽnen
2847:Economists
2746:Circuitism
2711:Humanistic
2706:Historical
2681:Ecological
2671:Democratic
2644:Chartalism
2634:Behavioral
2597:Mainstream
2558:Statistics
2553:Solidarity
2474:Managerial
2439:Humanistic
2434:Historical
2379:Ecological
2344: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
4204:Singapore
4159:Australia
4136:Sri Lanka
4096:Australia
4042:Australia
3868:Australia
3858:1926–1927
3855:1923–1924
3821:(1913–14)
3797:1899–1900
3653:1807–1810
3650:1802–1804
3631:1785–1788
3556:Sahm rule
3487:Recession
3388:Inflation
3384:Deflation
3137:Greenspan
3102:Samuelson
3082:Galbraith
3052:Tinbergen
2992:von Mises
2987:Heckscher
2947:Edgeworth
2826:Stockholm
2821:Socialist
2721:Keynesian
2701:Happiness
2661:Classical
2622:Mutualism
2617:Anarchist
2602:Heterodox
2499:Personnel
2459:Knowledge
2424:Happiness
2414:Financial
2384:Education
2359:Democracy
2294: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
4236:Category
4189:Malaysia
4174:Botswana
4126:Pakistan
4116:Malaysia
3620:Scotland
3480:Inverted
3444:Recovery
3248:Category
3228:journals
3214:Glossary
3167:Stiglitz
3132:Rothbard
3112:Buchanan
3097:Friedman
3087:Koopmans
3077:Leontief
3057:Robinson
2942:Marshall
2792:Lausanne
2696:Georgism
2691:Feminist
2639:Buddhist
2629:Austrian
2528:Regional
2504:Planning
2479:Monetary
2409:Feminist
2354:Cultural
2349: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
4194:Namibia
3782:1887–88
3724:1860–61
3715:1853–54
3706:1845–46
3677:1833–34
3674:1828–29
3665:1822–23
3615:England
3507:Rolling
3393:Chronic
3263:Outline
3234:Schools
3226: (
3187:Piketty
3182:Krugman
3047:Kuznets
3037:Kalecki
3012:Polanyi
2902:Cournot
2897:Bastiat
2882:Ricardo
2872:Malthus
2862:Quesnay
2765:Marxian
2656:Chicago
2586:history
2581:Schools
2568:Welfare
2538:Service
2329: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
4219:Zambia
4179:Canada
4169:Belize
4106:Canada
4071:(2001)
4047:Canada
3994:Canada
3873:Canada
3544:Supply
3539:Demand
3512:Shapes
3502:Global
3412:demand
3337:Supply
3172:Thaler
3152:Ostrom
3147:Becker
3142:Sowell
3122:Baumol
3027:Myrdal
3022:Sraffa
3017:Frisch
3007:Knight
3002:Keynes
2977:Fisher
2972:Veblen
2957:Pareto
2937:Menger
2932:George
2927:Jevons
2922:Walras
2912:Gossen
2836:Thermo
2514:Public
2509:Policy
2464:Labour
2429: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
4184:India
4111:India
3878:India
3534:Shock
3352:Model
3258:Lists
3253:Index
3204:Lists
3177:Hoppe
3162:Lucas
3127:Solow
3117:Arrow
3107:Simon
3072:Lange
3067:Hicks
3042:Röpke
3032:Hayek
2982:Pigou
2952:Clark
2867:Smith
2782:Mixed
2741:Post-
2563:Urban
2543:Socio
2533: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
3924:1945
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3320:and
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2892:List
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