Monetary Theory and Monetary Policy in the 1970s: Proceedings of the 1970 Sheffield Money SeminarGeorge Clayton, John Cannon Gilbert, Robert Sedgwick |
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adaptive expectations adjustment analysis argued asset ratios asymptotic Bain Bain's balance of payments bank deposits bank liquidity Bank of England Bank rate banking system behaviour borrowing capital cash ratio cent clearing banks commercial banks competitive consumption cost demand for money deposit accounts determined economic effect empirical equation equilibrium existence financial institutions Fixed Exchange Rates foreign assets Friedman H.M. Treasury holdings implies important increase influence interest rates investment Keynesian Laidler lending liabilities liquid assets liquidity ratio mechanism Milton Friedman monetarist monetary authorities monetary control monetary policy monetary theory money function money supply nominal income open-market operations optimal output period permanent income Phillips curve price level problem Professor public sector debt quantity of money question rate of inflation rate of interest real income real rate regulation relationship reserve ratio short-run short-term special deposits stable steady-state structure theoretical tion Treasury bills variable velocity W₁ Williamson