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The Nature of the Theoretical Debate about Monetarism
Credit and Capital Markets – Kredit und Kapital, Vol. 14 (1981), Iss. 1 : pp. 26–31
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Pippenger, John
References
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Archibald, G.C., and R.G. Lipsey: ‘“Monetary and Value Theory: A critique of Lange and Patinkin”, Review of Economic Studies (October 1958).
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Mayer, T., The Structure of Monetarism, (New York: W. W. Norton, 1978).
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Abstract
The Nature of the Theoretical Debate about Monetarism
There is a widespread belief, clearly stated by Benjamin Friedman [1978], that there is no theoretical debate over monetarism. The issues separating monetarists and Keynesians are empirical rather than theoretical. The position taken here is that there is a theoretical debate, but the important theoretical issues are excluded by standard macro models because they assume continuous monetary equilibrium.