Microfoundations for a Stable Demand for Money Function

Datos Bibliográficos

ID9703356
AutoresPaul Mizen (0000-0002-6193-0872, University of Nottingham and CEPR, autor de correspondencia)
Año1997
Volumen107
Número443
Páginas1202-1212
Fecha de publicación1997-07-01
Peer ReviewedSí
Open AccessSí
TipoARTICLE
RevistaThe Economic Journal (JOURNAL)
Identificadores de la revistaISSN: 0013-0133 • E-ISSN: 1468-0297
EditorialOxford University Press (OUP) (PUBLISHER)
DOI10.1111/j.1468-0297.1997.tb00019.x
OpenAlexW2051851121
IdiomaEN
Citas recibidas1
Referencias citadas21

Scientific revolutions seldom occur when the prevailing theories appear to be performing well: it is only when the accepted theory fails to offer a satisfactory explanation of events that new and more robust theories are proposed. Of these new theories the one which can explain the successful performance of the previous theory and also the events which led to its demise becomes the replacement. So it is in the history of modern monetary economics. The failure of the partial adjustment model in the mid‐1970s is well documented in the United Kingdom and the United States and the search for a replacement has been the main point on the agenda since that time. There are many contending theories, some of which are advocated by the other contributors to this controversy, but the mark of a truly better theory which can be claimed to supersede the partial adjustment model is one that can explain the success and the breakdown of the previous theory as well as the events subsequently

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