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The Demand for Money in a Fixed Price Level
Price Flexibility in the Macromodel
A Brief Overview
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adjustment agent aggregate amount analysis approach argued argument assets assumed assumption average balances banks behavior bonds chapter concerned constant consumption cost deal demand for money demand function demand-for-money function depends deposits derived determined discussed economy effect elasticity empirical equal Equation equilibrium estimates evidence example expected expenditure fact factors fall Figure fitted follows given held hence higher implies important included increase individual inflation influence interest rate involved issues lagged Laidler least level of income LM curve matter means measured monetary money holding money supply nature nominal noted particular period possible predictions price level problem proportion quantity of money question rate of interest rate of return reader real income reason recent relationship relevant role scale shift short shows similar simple studies suggests tests theory tion transactions treated turn United variable variations vary wealth yield