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Money and Trade

Antoin E. Murphy

in John Law: Economic Theorist and Policy-maker

Published in print:
1997
Published Online:
November 2003
ISBN:
9780198286493
eISBN:
9780191596674
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019828649X.003.0008
Subject:
Economics and Finance, History of Economic Thought

Provides an analysis of the contents of ‘Money and Trade’ including emphasis on the money‐in‐advance requirement, the circular flow of income, the further analysis of inflation in a money supply and ... More


Metamorphosis: John Law the Economist

Antoin E. Murphy

in John Law: Economic Theorist and Policy-maker

Published in print:
1997
Published Online:
November 2003
ISBN:
9780198286493
eISBN:
9780191596674
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/019828649X.003.0006
Subject:
Economics and Finance, History of Economic Thought

Discusses Law's first writing on economic issues, the Essay on a Land Bank. His introduction of the paradox of value and the concept of demand. His use of supply and demand analysis. His introduction ... More


Econometrics in Action

David F. Hendry

in Dynamic Econometrics

Published in print:
1995
Published Online:
November 2003
ISBN:
9780198283164
eISBN:
9780191596384
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198283164.003.0016
Subject:
Economics and Finance, Econometrics

The methods, approaches, and principles are applied to modelling the transactions demand for money in the UK over 1963–89. Financial innovations affect the opportunity cost of holding money, captured ... More


John Law: A New Monetary System

Antoin E. Murphy

in The Genesis of Macroeconomics: New Ideas from Sir William Petty to Henry Thornton

Published in print:
2008
Published Online:
May 2009
ISBN:
9780199543229
eISBN:
9780191715709
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199543229.003.0003
Subject:
Economics and Finance, Economic History, History of Economic Thought

This chapter begins with an assessment of John Law's contributions to macroeconomics. It then analyzes the way in which Law attempted to implement his macroeconomic ideas as macroeconomic policy in ... More


John Law: Economic Theorist and Policy-maker

Antoin E. Murphy

Published in print:
1997
Published Online:
November 2003
ISBN:
9780198286493
eISBN:
9780191596674
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/019828649X.001.0001
Subject:
Economics and Finance, History of Economic Thought

Despite his popular reputation as a rake and a gambler, John Law (1671–1729) left a remarkable legacy of economic concepts at a time when economic conceptualization was very much at an embryonic ... More


Monetary Economic Myth and Econometric Reality

David F. Hendry

in Econometrics: Alchemy or Science?: Essays in Econometric Methodology

Published in print:
2000
Published Online:
November 2003
ISBN:
9780198293545
eISBN:
9780191596391
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198293542.003.0013
Subject:
Economics and Finance, Econometrics

Evaluates and replicates an improved specification of the transactions’ demand for money model, and shows that some empirical econometric equations which appear to ‘break down’ out of sample, had ... More


Predictive Failure and Econometric Modelling in Macroeconomics: The Transactions Demand for Money

David F. Hendry

in Econometrics: Alchemy or Science?: Essays in Econometric Methodology

Published in print:
2000
Published Online:
November 2003
ISBN:
9780198293545
eISBN:
9780191596391
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198293542.003.0012
Subject:
Economics and Finance, Econometrics

This tests the DHSY approach in another subject‐matter area (money demand) to investigate its ability to produce improved models and to encompass previous findings. ‘Simple‐to‐general’ modelling ... More


Joint Testing of the HRL Formulation of the Demand for Money and of the Fundamental Equation of Monetary Dynamics

Eric Barthalon

in Uncertainty, Expectations, and Financial Instability: Reviving Allais's Lost Theory of Psychological Time

Published in print:
2014
Published Online:
November 2015
ISBN:
9780231166287
eISBN:
9780231538305
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231166287.003.0006
Subject:
Economics and Finance, Behavioural Economics

This chapter focuses on the simultaneous testing of the compatibility of both the HRL formulation of the demand for money and the fundamental equation of monetary dynamics (FEMD) with empirical data. ... More


Microfoundations of Monetary Dynamics: The HRL Formulation of the Demand for Money

Eric Barthalon

in Uncertainty, Expectations, and Financial Instability: Reviving Allais's Lost Theory of Psychological Time

Published in print:
2014
Published Online:
November 2015
ISBN:
9780231166287
eISBN:
9780231538305
Item type:
chapter
Publisher:
Columbia University Press
DOI:
10.7312/columbia/9780231166287.003.0004
Subject:
Economics and Finance, Behavioural Economics

This chapter examines the microfoundations of Maurice Allais's theory of monetary dynamics, with particular emphasis on his hereditary, relativist, and logistic (HRL) formulation of the demand for ... More


Milton Friedman, the Quantity Theory, and Hyperinflation in Russia

Vincent Barnett

in Milton Friedman: Contributions to Economics and Public Policy

Published in print:
2016
Published Online:
August 2016
ISBN:
9780198704324
eISBN:
9780191773761
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198704324.003.0020
Subject:
Economics and Finance, Economic History, Macro- and Monetary Economics

This chapter examines the Russian hyperinflation of 1921–24 as an example of the case-study approach to providing empirical support for the quantity theory of money, as was presented by Milton ... More


Remembering Milton Friedman

Gregory C. Chow

in Milton Friedman: Contributions to Economics and Public Policy

Published in print:
2016
Published Online:
August 2016
ISBN:
9780198704324
eISBN:
9780191773761
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198704324.003.0004
Subject:
Economics and Finance, Economic History, Macro- and Monetary Economics

This chapter begins with some reflections on Milton Friedman as a teacher at Chicago: how impressive he was and how stimulating his lectures. Also, the fact that he showed the power of economic ... More


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