Money Demand and the Effects of Fiscal Policies

N. Gregory Mankiw · Lawrence H. Summers

233 citations0/0 files storedJournal of money credit and banking

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

Abstract

This paper reexamines the choice of the scale variable in the money-demand function. A variety of evidence suggests that consumer spending is a better scale variable than GNP. Changing the money- demand specification along these lines can profoundly affect the standard Keynesian analysis of a tax cut. Copyright 1986 by Ohio State University Press.

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2017A Monetary History of the United States, 1867-1960 1952The Transactions Demand for Cash: An Inventory Theoretic Approach 1956The Interest-Elasticity of Transactions Demand For Cash 1966A Model of the Demand for Money by Firms 1976The Case of the Missing Money

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