Begründung der monetaristischen Geldmengenregel mit Hilfe einer Formalisierung des Konjunkturmodells von Milton Friedman
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Begründung der monetaristischen Geldmengenregel mit Hilfe einer Formalisierung des Konjunkturmodells von Milton Friedman
Credit and Capital Markets – Kredit und Kapital, Vol. 30 (1997), Iss. 1 : pp. 81–100
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Wolfgang Patzig, Stendal
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Abstract
Justifying the Monetaristic Rule of Money Supply by Formalizing the Business Cycle Model of Milton Friedman
In this article, the verbal business cycle model of Milton Friedman gets formalised by using a mixed difference-differential-equation. Going beyond the initial attempt of Laidler, an additional dependence of the velocity of circulation on the inflation rate is modelled. Concerning the statements of Friedman, the mathematical testing leads to similar results. Given an elasticity of the velocity of circulation that is high enough in relation to the rate of inflation - the discretionary use of monetary policy may lead to fluctuations of nominal demand. Excluding the special case of constant real wages, this results in variations of real income. The higher the elasticity of circulation velocity and/or nominal wages in regard to the inflation rate, the more probable oscillating solutions leading to instable results get. The higher the degree of price-flexibility of a market system, the more likely the achievement of long-term-stability gets. Concerning possibilities of money supply control - especially in countries with an increasing degree of price-inflexibilities - but also in regard to measures of price-decontrol within transformation processes this is an important result