The Dynamic Impacts of Autonomous Expenditures and the Monetary Base on Aggregate Income

Abstract

If such a striking division of opinion existed at that time, it can certainly no longer be claimed to persist. The research of Friedman and Meiselman, as well as that of their chief critics [5], [14], and [21], and others [1], [2], [9], [13], [24], and [33], has established beyond doubt the important role of the money stock in determining the rate of aggregate economic activity.l There is now a broad measure of professional agreement that both the money stock and autonomous expenditures inIRuence the economy in a major

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