Cite JOURNAL ARTICLE
Eine keynesianische Erklärung für Friedmans „monetaristische“ Beobachtungen
Credit and Capital Markets – Kredit und Kapital, Vol. 10 (1977), Iss. 4 : pp. 516–524
A Keynesian Explanation of Friedman’s “Monetaristic” Observations
The object of this study is to explain Milton Friedman’s empirical observations, which, with the help of his new approach to the quantity theory, resulted in a “monetaristic-counterrevolution” in macro-theory, by means of a theory of Keynesian orientation. This is done with the help of the fourth money-holding motive, Keynes’ business motive. I£f the central bank pursues a policy of levelling interest rates, with the help of the business motive it is possible to show that changes in the quantity of money precede the changes in real magnitudes. The changes in real magnitudes are foreshadowed, so to speak, by the changes in money magnitudes. Contrary to the monetarists’ view, the empirical data do not contradict the Keynesian theory, but in fact corroborate it.