Nonneutrality of money in classical monetary thought

Thomas M. Humphrey

Economic Review, 1991, vol. 77, issue Mar, 3-15

Abstract: Contrary to the strawman classical model of the textbooks, the original classical economists did not believe that money-stock changes affect only the price level and not real output and employment. Most classicals saw money as having powerful short-run real effects and perhaps some residual long-run effects as well. Concern for moneys impact on real activity strongly influenced the classicals views of the desirability or undesirability of monetary expansion and contraction.

Keywords: Money theory; Economists; Economic history (search for similar items in EconPapers)
Date: 1991
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