Armen Alchian's Contribution to Macroeconomics

Jerry L Jordan and William Gavin ()

Economic Inquiry, 1996, vol. 34, issue 3, 496-505

Abstract: Armen Alchian's contributions to macroeconomics forged important paths that are still crucial to the understanding of monetary theory and monetary policy. The authors outline Alchian's examination of the fundamental role of money in society and his work (with Benjamin Klein) on the measurement of inflation. They also detail how, in research with Reuben Kessel, Alchian brought insight into the problems that followed the erratic inflation policies of the 1960s and 1970s, explained the effects of anticipated and unanticipated inflation on the real economy, and described the difficulty of identifying the effects of monetary shocks in macroeconomic data. Copyright 1996 by Oxford University Press.

Date: 1996
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