Modigliani on the Interaction of Monetary and Real Phenomena

Louise Davidson

Chapter 33 in Money and Employment, 1990, pp 478-483 from Palgrave Macmillan

Abstract: Abstract In an important article,1 Modigliani has renewed his analysis of the relationship between the real and monetary parts of the Keynesian system One of Modigliani’s major points in his latest article is that his famous 1944 model2 embodied an error, for, in his opinion, it incorrectly specified the forms of the real aggregate consumption and investment demand functions.3 While we find much to agree with in this new model, we do not agree with him as to the fundamental source of error in the 1944 model. Consequently, we are in disagreement with some important aspects of the latest formulation and, as a result, with some of his more important conclusions.

Keywords: Price Level; Full Employment; Real Phenomenon; Redistributional Effect; Money Income (search for similar items in EconPapers)
Date: 1990
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:978-1-349-11513-6_34

Ordering information: This item can be ordered from
http://www.palgrave.com/9781349115136

DOI: 10.1007/978-1-349-11513-6_34

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 ().