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Topic: Monetarist

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In the News (Wed 17 Jul 19)

  Monetarism, by Allan H. Meltzer: The Concise Encyclopedia of Economics: Library of Economics and Liberty
Monetarists have emphasized the distinction between one-time price-level changes and the sustained rates of change that are properly called inflation.
Monetarists saw such efforts as frequently destabilizing (that is, doing the opposite of what they were supposed to do).
Monetarists did not predict the rapid fall in inflation after 1982 or the magnitude of the decline in output in 1982.
www.econlib.org /library/Enc/Monetarism.html   (3275 words)

 The Creditary/Monetarist Debate in Historical Perspective by Michael Hudson - financial economist and historian   (Site not responding. Last check: 2007-10-31)
Monetarists sidestep this problem by excluding consideration of the debt and payment instabilities that were most important in early Mesopotamia.
Monetarists are uncomfortable at acknowledging this dimension of policy interests (as long as they are in power), as this leads implicitly into a cartalist analysis.
Monetarists also have little to say about how capital gains for real estate, stocks and bonds may occur without spurring new tangible investment, and indeed while trends for “earned income” (wages and profits) actually are falling for most wage-earners.
www.michael-hudson.com /articles/monetary/03CreditaryMonetaristDebate.html   (16503 words)

 Spartanburg SC | GoUpstate.com | Spartanburg Herald-Journal   (Site not responding. Last check: 2007-10-31)
While most monetarists believe that government action is at the root of inflation, very few advocate a return to the gold standard.
Monetarists argue that there was no inflationary investment boom in the 1920s, in contrast to both Keynesians and to economists of the Austrian School, who argue that there was significant asset inflation and unsustainable GNP growth during the 1920s.
Monetarists of the Milton Friedman school of thought believed in the 1970s and 1980s that the growth of the money supply should be based on certain formulations related to economic growth.
www.goupstate.com /apps/pbcs.dll/section?category=NEWS&template=wiki&text=monetarism   (2658 words)

 The Monetarist Counterrevolution: An Attempt to Clarify Some Issues in the History of Economic Thought: Archive Entry ...
Johnson saw the monetarist counterrevolution as a true intellectual revolution--one that renders the previous literature obsolete, irrelevant, and uninteresting as the post-revolutionary generation focuses on new issues and dismisses the old questions and answers as badly posed or simply incoherent.
Johnson also--relatively cynically--saw the monetarist counterrevolution as the triumph not of new evidence (or a reevalution of old evidence) but as the triumph of misleading rhetoric, and was not sure that it reflected an advance in knowledge.
Monetarists tend to write of the rise and fall of Keynesian economics--its rise during the Great Depression, and its fall in the 1970s under the pressure of stagflation and the theoretical critiques of Friedman, Phelps, Lucas, Sargent, and Barro.
www.j-bradford-delong.net /movable_type/2004_archives/000393.html   (7786 words)

 "Monetarist" Definition
An economist who holds the strong belief that the economy"s performance is determined almost entirely by changes in the money supply.
Monetarist - An economist who holds the strong belief that the economy"s performance is determined almost entirely by changes in the money supply.
Monetarist : an economist who holds the strong belief that the economy"s performance is determined almost entirely by changes in the money supply.
www.level2.ru /dictionary/m/monetarist.html   (67 words)

 The Monetarist Transmission Mechanism
However, we should note that other Monetarists, notably Karl Brunner (1970) and Karl Brunner and Allan H. Meltzer (1971, 1972, 1976), have taken Friedman to task for using the IS-LM language and have gone on to build up a rather differently-founded construction in which to ground the Monetarist propositions.
The implication of the Monetarist transmission mechanism is that if M rises, then as V will not change by much, then PY will have to rise to the full extent to which M has risen.
Monetarists argue that the full impact is felt, Keynesians argue that velocity absorbs a good part of the impact -- and thus that the effect on nominal output is much smaller.
cruel.org /econthought/essays/monetarism/monetransmission.html   (3624 words)

 Book Review - Monetarist Economics
In the 1950s, for all practical purposes, there was only one type of economics — Keynesian economics.
These works, as well as a growing economics literature by others who came to share Friedman's views, brought about the defeat of Keynesian economics.
Friedman and those of like mind became known as the monetarists, and their new brand of economics became known as monetarism.
www.fff.org /freedom/0292e.asp   (594 words)

 Monetarist counter-revolution   (Site not responding. Last check: 2007-10-31)
You will notice that the style of presenting the monetarists and the subsequent economic schools is based on the theoretical tools already developed with the classical economists and the Keynesians.
Note that the monetarists find that the slope of the LM curve is steep and the slope of the IS curve is flat.
Monetarists believe that the "crowding out effect" from an increase in Y, which increases r, is very great.
warp6.cs.misu.nodak.edu /econ/drhuenneke/s314j.html   (1168 words)

 Take a BrainSip
Many monetarists back, or at least are sympathetic to, a return to some form of gold standard as a way of preventing misallocation of capital and preventing fiat money from being inflated, since their view is that government action is at the root of inflation.
The result was a significant disillusionment with Keynesian demand management: a Democratic President Jimmy Carter appointed a monetarist Federal Reserve chief Paul Volcker who made inflation fighting his primary objective, and restricted M1 to tame inflation in the economy.
Many monetarists sought to resurrect the pre-Keynesian view that market economies are inherently stable in the absence of major unexpected fluctuations in the money supply.
monetarism.brainsip.com   (2482 words)

On the contrary, Obasanjo became converted from a patriotic/nationalist economic programme to a crude neo-liberal, monetarist agenda.
...``Monetarist theory has it that if people have more money, they are likely to spend more, and if they spend more, prices are likely to go up,'' said Holger...
When Keith Joseph and Margaret Thatcher began the monetarist revolution at the Centre for Policy Studies by exploring the ideas of the right-wing economists...
finance.za-news.com /new/Monetarist.html   (492 words)

 Venezuelan Inflation: The Monetarist Prescription   (Site not responding. Last check: 2007-10-31)
If the central bank were to sell government securities in an attempt to reduce the money supply interest rates would rise attracting dollars which would be converted into bolivars and the money supply would increase to its previous value.
Since Venezuela's inflation is of the cost-push type due to the devaluation of the currency, the applicability of the monetarist prescription is, at best, doubtful.
The fact that money supply, and therefore interest rates, cannot be affected under a fixed exchange rate system has not deterred the central bank from attempting to do so.
members.aol.com /aegv/eco_2013/monpresc.htm   (466 words)

 Green Left - Yeltsin's 'reforms' end with a whimper   (Site not responding. Last check: 2007-10-31)
The final battle over the fate of monetarist “reform” was lengthy -- Fyodorov resigned as finance minister only on January 26 -- and often obscure; one journalist likened it to “bulldogs fighting under a blanket”.
Fyodorov and his fellow monetarists, with their quasi-religious faith in the “free market”, have opposed all calls for the state to limit price rises, despite the fact that such controls are a common feature of anti-inflation programs in the West.
The monetarists have persistently ignored the fact, pointed out by Gerashchenko among others, that the Russian market is anything but “free”.
www.greenleft.org.au /1994/130/10418   (1571 words)

 Brussels wins new allies for monetarist relic | Columnists | Guardian Unlimited
The second is that those who should be supporting the demise of this monetarist relic risk being on the wrong side of the argument.
Moreover, it is clear that the government's fiscal set-up is far more flexible and appropriate to current economic conditions than the stability and growth pact, underpinned as it is by the same monetarist belief in balanced budgets that gave us the 1981 budget.
All this is deeply unhelpful to those who believe that it is the Treasury's job to ignore the dubious economics of monetary union and rubber-stamp an early euro referendum.
www.guardian.co.uk /Columnists/Column/0,5673,652140,00.html   (1187 words)

The modern term 'monetarist' derives from the debate of the 1960s and...
Monetarist economists such as Milton Friedman argue against the...
One consequence of this is that monetarist economists do not believe that the rise in...
www.idrassociate.org /h11a-n80-6.html   (221 words)

 Literature on Some Unpleasant Monetarist Arithmetic
The popular rationalexpectations model of 'Unpleasant Monetarist Arithmetic' of Sargent and Wallace yields ambiguouspredictions concerning the response of inflation to an increase in the fundamental deficit.
Abstract 1: The celebrated monetarist arithmetic argument of Sargent and Wallace implies outcomes that may be large and unpleasant.
The major result is that the monetarist arithmetic is not overly unpleasant and that the nominal side of the economy is not very sensitive to whether money growth does or does not respond to government debt.
politics.ankara.edu.tr /~kibritci/sargewall.html   (1605 words)

 Introduction to Monetarists [Virtual Economy]
Monetarists are a group of economists so named because of their preoccupation with money and its effects.
The most famous Monetarist is Milton Friedman who developed much of the Monetarist theory we learn.
Much of the Monetarists' work revolved around the role of expectations in determining inflation, and a key part of their theory was the development of the expectations-augmented Phillips Curve
www.bized.co.uk /virtual/economy/library/theory/monetarist.htm   (159 words)

 Monetarism   (Site not responding. Last check: 2007-10-31)
In particular, the Monetarists and their successors, the New Classical Economists wanted to revive the view that employment is determined by the supply and demand for labor, that is, that the supply and demand for labor are equal.
Monetarists saw no need for a new kind of economic theory based on "aggregate demand." They took the view that relative prices and production could be fully explained by the theory of supply and demand, with (perhaps!) a little help from monopoly theory.
That was the central issue, for the monetarists.
william-king.www.drexel.edu /top/prin/txt/controv1/mon1.html   (340 words)

According to monetarist theory, the British economy should have enjoyed low inflation and high stability.
The "monetarist" label was simply political cover, to mollify the Fed's growing number of critics.
Such criticism was not renewed after monetarism failed in Britain, and Keynesian policies produced a seven-year boom in the U.S. The contrasting experience of those two nations was responsible for the demise of Friedman's theory.
www.huppi.com /kangaroo/L-chimonetarism.htm   (1471 words)

 Chronology of Money Timeline
Economists, and especially monetarists, tend to overestimate the purely economic, narrow and technical functions of money and have placed insufficient emphasis on its wider social, institutional and psychological aspects.
However, money originated very largely from non-economic causes: from tribute as well as trade, from blood-money and bride-money as well as from barter, from ceremonial and religious rites as well as from commerce, from ostentatious ornamentation as well as from acting as the common drudge between economic men.
Thus money, more than ever in our monetarist era, needs to be widely interpreted to include discussion not only of currency and banking, but also savings banks, building societies, hire purchase finance companies and the fiscal framework on those not infrequent occasions when fiscal policy conflicts with or complements the operation of monetary policy.
www.ex.ac.uk /~RDavies/arian/amser/chrono.html   (658 words)

 Monetarist economist Friedman dies | | Guardian Unlimited Business
Milton Friedman, the Nobel prize-winning economist and Margaret Thatcher's monetarist guru, died today at the age of 94.
Mr Friedman, however, later distanced himself from Mrs Thatcher's policy of cutting public-sector borrowing at a time of recession.
In 2003, he publicly declared in the Financial Times that monetarist policy had failed.
business.guardian.co.uk /story/0,,1949816,00.html?gusrc=rss&feed=1   (398 words)

 monetarist and Stock Trading at TradeStars + Stock Trading   (Site not responding. Last check: 2007-10-31)
monetarist and stock trading - learn about monetarist totally disclosed at no charge.
Senate monetarist subcommittee, former SEC Chairman Arthur Levitt testified that, I am concerned that some stock traders dont fully understand the monetarist level of risk they are assuming.
Short selling as part of your for a monetarist Pattern stock trader - When your transactions require us to designate your account as a pattern monetarist stock trader, you will be required to maintain Effective August 27, 2001, revised regulation of the New York Stock Exchange (NYSE) and the National Association of Securities Dealers
www.tradestars.com /content/monetarist.asp   (123 words)

 Reexamining the monetarist critique of interest rate rules
Monetarist economists argued long ago that central bank interest rate rules exacerbate macroeconomic fluctuations, essentially by not allowing the interest rate to respond promptly to shifts in the supply and demand for loans.
Yet, when there are real shocks and a real business cycle, modern macroeconomic models imply that some procyclicality of money is desirable, to stabilize the price level.
A simple interest rate rule illustrates that the monetarist critique can be valid within this model, since the rule exacerbates the response of real activity to real shocks.
ideas.repec.org /a/fip/fedlrv/y2005ijulp513-530nv.87no.4.html   (625 words)

 Introduction to Monetarists [Virtual Economy]   (Site not responding. Last check: 2007-10-31)
Monetarism is very closely allied with the classical school of thought.
Much of the Monetarists' work revolved around the role of expectations in determining inflation, and a key part of their theory was the development of the expectations-augmented Phillips Curve
For more details on this and other areas of monetarism, try the links below or at the foot of the page or in the side panel.
www.bized.ac.uk /virtual/economy/library/theory/monetarist.htm   (159 words)

 PKT message, monetarist coup?
Greider does document the point that, inside the Fed, they knew that if they changed their operating strategy from rates to reserves, that rates would shoot sky high.
The fact that they dramatically tightened at the same time that they 'went monetarist' is not so much a reflection of a sudden conversion to the monetarist/conservative call for tighter policy, but an ability to tighten up without taking so much heat by doing it in monetarist clothes.
I don't have the historical specifics of when the FR Banks' presidencies and top advisory staff 'went monetarist,' but the story of the seventies is one of ongoing conversions to monetarism within the FR System.
archives.econ.utah.edu /archives/pkt/1994m05/msg00288.htm   (406 words)

 Amazon.com: monetarist   (Site not responding. Last check: 2007-10-31)
The leader of the monetarist counter-revolution is Milton Friedman,...
Monetarist, Keynesian and Neoclassical Economics by Jerome L. Stein (Paperback - April 1, 1984)
Monetarists and Keynesians, their contribution to monetary theory by Brian Morgan (Paperback - 1980)
www.amazon.com /s?ie=UTF8&keywords=monetarist&tag=lexico&index=blended&link_code=qs&page=1   (314 words)

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