Money in the Neoclassical Model

John Weeks
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John Weeks: Middlebury College

Chapter 4 in A Critique of Neoclassical Macroeconomics, 1989, pp 50-65 from Palgrave Macmillan

Abstract: Abstract In Chapter 2 we presented the basic neoclassical macroeconomic model as a ‘real’ system, treating all variables measured in terms of the single product. It might be thought that this presentation was of a strawman, for the analysis of monetary relationships is apparently a central characteristic of the neoclassical school. Indeed, the term ‘monetarist’ refers to the most orthodox of the neoclassicists. However, this partitioning of economic analysis between the real system and the system in its monetary (or nominal) form is a fundamental trademark of the synthesis school, as inspection of any standard textbook will show.

Keywords: Price Level; Money Supply; Excess Demand; Money Market; Full Employment (search for similar items in EconPapers)
Date: 1989
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-20296-6_4

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DOI: 10.1007/978-1-349-20296-6_4

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