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The Demand for Money

Theoretical and Empirical Approaches

  • Book
  • © 2001

Overview

Authors:
  1. Apostolos Serletis

    1. University of Calgary, Canada

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Table of contents (20 chapters)

  1. Front Matter

    Pages i-xxv
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  2. Static Monetary Macroeconomics

    1. Front Matter

      Pages 1-1
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    2. Classical Macroeconomic Theory

      • Apostolos Serletis
      Pages 3-11

    3. Keynesian Macroeconomic Theory

      • Apostolos Serletis
      Pages 13-24

  3. Dynamic Monetary Macroeconomics

    1. Front Matter

      Pages 25-25
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    2. Neoclassical Growth Theory

      • Apostolos Serletis
      Pages 27-40

    3. Monetary Growth Theory

      • Apostolos Serletis
      Pages 41-51

  4. Theoretical Approaches to the Demand for Money

    1. Front Matter

      Pages 53-53
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    2. The Classics, Keynes, and Friedman

      • Apostolos Serletis
      Pages 55-66

    3. Transactions Theories of Money Demand

      • Apostolos Serletis
      Pages 67-78

    4. Portfolio Theories of Money Demand

      • Apostolos Serletis
      Pages 79-87

  5. Empirical Approaches to the Demand for Money

    1. Front Matter

      Pages 89-89
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    2. Conventional Demand for Money Functions

      • Apostolos Serletis
      Pages 91-112

    3. Modeling Trends in the Variables of the Money Demand Function

      • Apostolos Serletis
      Pages 113-125

    4. Cointegration and the Aggregate Demand for Money Function

      • Apostolos Serletis
      Pages 127-139

    5. Balanced Growth, the Demand for Money, and Monetary Aggregation

      • Apostolos Serletis
      Pages 141-155

  6. Microfoundations and Monetary Aggregation

    1. Front Matter

      Pages 157-157
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    2. The Microeconomic Foundations of the Definition of Money

      • Apostolos Serletis
      Pages 159-171

    3. The New Monetary Aggregates

      • Apostolos Serletis
      Pages 173-186

    4. The Stylized Facts of the Monetary Variables

      • Apostolos Serletis
      Pages 187-198
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Keywords

About this book

Almost half a century has elapsed since the demand for money began to attract widespread attention from economists and econometricians, and it has been a topic of ongoing controversy and research ever since. Interest in the topic stemmed from three principal sources. First of all, there was the matter of the internal dynamics of macroeco­ nomics, to which Harry Johnson drew attention in his 1971 Ely Lecture on "The Keynesian Revolution and the Monetarist Counter-Revolution," American Economic Review 61 (May 1971). The main lesson about money that had been drawn from the so-called "Keynesian Revolution" was - rightly or wrongly - that it didn't matter all that much. The inherited wisdom that undergraduates absorbed in the 1950s was that macroeconomics was above all about the determination of income and employment, that the critical factors here were saving and investment decisions, and that monetary factors, to the extent that they mattered at all, only had an influence on these all important variables through a rather narrow range of market interest rates. Conventional wisdom never goes unchallenged in economics, except where its creators manage to control access to graduate schools and the journals, and it is with no cynical intent that I confirm Johnson's suggestion that those of us who embarked on academic careers in the '60s found in this wisdom a ready-made target.

Authors and Affiliations

  • University of Calgary, Canada

    Apostolos Serletis

Bibliographic Information

  • Book Title: The Demand for Money

  • Book Subtitle: Theoretical and Empirical Approaches

  • Authors: Apostolos Serletis

  • DOI: https://doi.org/10.1007/978-1-4757-3320-4

  • Publisher: Springer New York, NY

  • eBook Packages: Springer Book Archive

  • Copyright Information: Springer Science+Business Media New York 2001

  • eBook ISBN: 978-1-4757-3320-4Published: 21 November 2013

  • Edition Number: 1

  • Number of Pages: XXV, 303

  • Number of Illustrations: 1 b/w illustrations

  • Topics: Macroeconomics/Monetary Economics//Financial Economics, Econometrics

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