On the short-run non-neutrality of money in the quantity theory
Recent years have seen a renewed interest in the traditional pre-Keynesian quantity theory. This paper is concerned with the contention that - in the formal development of this theory in the past - a change in the quantity of money expends itself solely in influencing the price level, but not the vo...
| Main Author: | |
|---|---|
| Format: | Article |
| Language: | English |
| Published: |
Associazione Economia civile
2013-11-01
|
| Series: | PSL Quarterly Review |
| Subjects: | |
| Online Access: | https://rosa.uniroma1.it/rosa04/psl_quarterly_review/article/view/11125 |
| _version_ | 1811172536504811520 |
|---|---|
| author | D. PATINKIN |
| author_facet | D. PATINKIN |
| author_sort | D. PATINKIN |
| collection | DOAJ |
| description | Recent years have seen a renewed interest in the traditional pre-Keynesian quantity theory. This paper is concerned with the contention that - in the formal development of this theory in the past - a change in the quantity of money expends itself solely in influencing the price level, but not the volume of output even in the short run. This contention about the nature of the theory seems to be common both to its critics and to at least one of its modern-day adherents. The author examines the writings of Irving Fisher, the Chicago school, the Cambridge economists, and other quantity theorists to determine the validity of the interpretations put forth by Lawrence Ritter and Milton Friedman.
JEL: E31, E40, E51
|
| first_indexed | 2024-04-10T17:31:49Z |
| format | Article |
| id | doaj.art-d0c25393878b4f0594721a6f4ed29403 |
| institution | Directory Open Access Journal |
| issn | 2037-3635 2037-3643 |
| language | English |
| last_indexed | 2024-04-10T17:31:49Z |
| publishDate | 2013-11-01 |
| publisher | Associazione Economia civile |
| record_format | Article |
| series | PSL Quarterly Review |
| spelling | doaj.art-d0c25393878b4f0594721a6f4ed294032023-02-03T16:45:22ZengAssociazione Economia civilePSL Quarterly Review2037-36352037-36432013-11-012510010.13133/2037-3643/11125On the short-run non-neutrality of money in the quantity theoryD. PATINKINRecent years have seen a renewed interest in the traditional pre-Keynesian quantity theory. This paper is concerned with the contention that - in the formal development of this theory in the past - a change in the quantity of money expends itself solely in influencing the price level, but not the volume of output even in the short run. This contention about the nature of the theory seems to be common both to its critics and to at least one of its modern-day adherents. The author examines the writings of Irving Fisher, the Chicago school, the Cambridge economists, and other quantity theorists to determine the validity of the interpretations put forth by Lawrence Ritter and Milton Friedman. JEL: E31, E40, E51 https://rosa.uniroma1.it/rosa04/psl_quarterly_review/article/view/11125Quantity theorynon-neutrality of moneyFisherChicago SchoolRitterFriedman |
| spellingShingle | D. PATINKIN On the short-run non-neutrality of money in the quantity theory PSL Quarterly Review Quantity theory non-neutrality of money Fisher Chicago School Ritter Friedman |
| title | On the short-run non-neutrality of money in the quantity theory |
| title_full | On the short-run non-neutrality of money in the quantity theory |
| title_fullStr | On the short-run non-neutrality of money in the quantity theory |
| title_full_unstemmed | On the short-run non-neutrality of money in the quantity theory |
| title_short | On the short-run non-neutrality of money in the quantity theory |
| title_sort | on the short run non neutrality of money in the quantity theory |
| topic | Quantity theory non-neutrality of money Fisher Chicago School Ritter Friedman |
| url | https://rosa.uniroma1.it/rosa04/psl_quarterly_review/article/view/11125 |
| work_keys_str_mv | AT dpatinkin ontheshortrunnonneutralityofmoneyinthequantitytheory |