The ‘Missing Equations’ for Postwar USA, UK, and Japan

Masanori Amano

Chapter 1 in Money, Capital Formation and Economic Growth, 2013, pp 3-21 from Palgrave Macmillan

Abstract: Abstract Searching for factors which determine the proportion of output change in nominal income change, and the proportion of price change in nominal income change, has been regarded as one of the unresolved questions in macro-economics. (See Nobay and Johnson 1977; Gordon 2009, ch 7.) In the papers which were intended to describe monetary theory in the monetarist tradition, M. Friedman (1970, 1971) and Gordon (1974) presented frameworks for monetary analysis which describe the quantity theory and the income-expenditure theory. The two frameworks differ in the last equation, which solves the variables of the systems determinately. The difference between the two frameworks described by Friedman was that one made output (national income) fixed for quantity theory, while the other made the price level fixed for income-expenditure theory.

Keywords: Price Level; Capital Stock; Total Factor Productivity; Money Supply; National Income (search for similar items in EconPapers)
Date: 2013
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-28183-8_1

Ordering information: This item can be ordered from
http://www.palgrave.com/9781137281838

DOI: 10.1057/9781137281838_1

Access Statistics for this chapter

More chapters in Palgrave Macmillan Books from Palgrave Macmillan
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().