Alternative Views of the Monetary Sector in the Macroeconomics Course

Stanley Bober

Eastern Economic Journal, 1988, vol. 14, issue 4, 381-388

Abstract: The assumption underlying the conventional explanation of interest-rate determination and that of the role of money in explaining levels of real economic activity have been thrown open to much doubt. A good case is made for the attitude that no reference need be made to the money stock or, indeed, to any other monetary aggregate in explaining the level of economic activity. There is a review of how money has been handled leading up to the neo-Ricardian approach which, as one aspect, takes the stance that the price level is directly linked to the wage bargain and degree of productivity. In general, it is an improper approach to model the financial side of the economy in terms of separate demand and supply curves for money.

Date: 1988
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