Macroeconomics and Monetary Theory

ISBN-13: 9780202308654 / Angielski / Miękka / 2006 / 228 str.

Harry G. Johnson

Opis

Macroeconomics is an outgrowth from the mainstream of classical monetary theory following Keynes. Keynes changed the emphasis from the determination of the level of money prices to the determination of the level of output and employment. He also changed the key relationship from demand and supply of money as determining the price level, to the relationship between consumption expenditure and income, in conjunction with private investment expenditure, as determining the level of output and therefore employment demanded. The income multiplier replaced the velocity of circulation as the key concept of monetary theory.

Spis treści

Part I Macroeconomics, Part II The Demand for Money, Part III Integration of Monetary and Value Theory, Part IV Empirical Work in Monetary Economics, Part V Some Major Policy Issues, Appendix

O autorze

Harry G. Johnson