The Monetary Mechanism and Its Interaction with Real Phenomena

Franco Modigliani

208 citations0/0 files storedThe Review of Economics and Statistics

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Economic theories and models Monetary Policy and Economic Impact Economic Theory and Policy

Abstract

MECHANISM Si commodity, with each market in turn described by (a) supply conditions, (b) demand conditions, and (c) clearing of market or equilibrium conditions, of which one is redundant (Wairas' law).The main advantage of the general equilibrium framework is that it insures a systematic and, at least initially, symmetrical treatment of all markets.'For the commodity market, the demand conditions are described by equations (i) to (i); the supply conditions by (4b) and the clearing conditions by (7).In the labor market the supply is given by ( 6), to be reviewed more closely below; the demand by ( 5); and market clearing by (8).The remaining two markets are described under the next heading, 2.2. Explicit treatment of the bond market and

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References

1936The General Theory of Employment, Interest and Money.1961Dividend Policy, Growth, and the Valuation of Shares 1960A Theory of the Consumption Function 1954Utility analysis and the consumption function: An interpretation of cross-section data 1944Liquidity Preference and the Theory of Interest and Money 1957Studies in the Quantity Theory of Money.1960Money in a Theory of Finance.1958A Theory of the Consumption Function.

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