The Adjustment of the Economy to Monetary Changes
Bibliographic Data
| ID | 10172167 |
|---|---|
| Authors | Burton Zwick (corresponding author) |
| Year | 1971 |
| Volume | 79 |
| Issue | 1 |
| Pages | 77-96 |
| Publication date | 1971-01-01 |
| Open Access | No |
| Type | ARTICLE |
| Venue | Journal of Political Economy (JOURNAL) |
| Journal identifiers | ISSN: 0022-3808 • E-ISSN: 1537-534X |
| Publisher | University of Chicago Press (PUBLISHER • US) |
| DOI | 10.1086/259725 |
| OpenAlex | W2088155969 |
| Language | EN |
| Citations received | 3 |
| References cited | 2 |
In this paper, I first indicate how the contrasting views of Keynes and Irving Fisher about the relative substitution of money for bonds and for goods imply different processes of monetary adjustment and opposite responses of interest rates to changes in the monetary base. I then present estimates of an equilibrium interest rate model. These estimates, including a pair of responses of interest rates to changes in the base, are used to discriminate between the theories of Keynes and Fisher. The results suggest that both the Keynesian and Fisherian theories are necessary to analyze monetary adjustment processes
Econometrics · Economics · Fisher equation · Fisher hypothesis · Interest rate · Keynesian economics · Macroeconomics · Monetary economics · Monetary policy · New Keynesian economics · Nominal interest rate · Real interest rate · Economic theories and models · Economic Theory and Institutions · Economic Theory and Policy
| Citations per year | 0.06 |
|---|---|
| Citation span | 1972 - 2025 (54) |
| Highly cited | No |