RDP 7704: Money and Money–Income: An Essay on the “Transmission Mechanism” References

Alchian, A.A. (1970). In Phelps, E.S. et al. “Information Costs, Pricing and Resource Unemployment.”

Andersen, L.C. and Jordan, J.L. (1968). “Monetary and Fiscal Actions: A Test of Their Relative Importance in Economic Stabilisation.” Federal Reserve Bank of St. Louis Review 50 (November).

Arcelus, F. and Meltzer, A.H. (1973). “The Markets for Housing and Housing Services.” Journal of Money, Credit and Banking 5 (February), 78–99

Archibald, G.C. and Lipsey, R.G. (1998). “Monetary and Value Theory: A Critique of Lange and Patinkin.” Review of Economic Studies, vol. 26 (69) (January), 1–22.

Artis, M.J. and Nobay, A.R. (1969). “Two Aspects of the Monetary Debate.” National Institute Economic Review (August), 33–51.

Auerheimer, L. (1974). “The Honest Government's Guide to Inflationary Finance.” Journal of Political Economy, vol. 82 (3) (June), 498–606.

Ball, R.J. and Burns, T. (1976). “The Inflationary Mechanism in the U.K. Economy.” American Economic Review 66 (September), 478–84.

Ball, R.J. et al. In Renton, G. (ed.) (1975). “The London Business S.nooi Quarterly Econometric Model of the U.K. Economy.”

Bank of England (1970). “The Importance of Money.” Bank of England Quarterly Bulletin 10 (June), 159–198.

Barrect, C.R. and Walters, A.A. (1966). “The Stability of Koynesian and Monetary Multipliers in the United Kingdom.” Review of Economics and Statistics 4a (November), 395–405.

Barro, R.J. (1972). “A Theory of Monopolists Price Adjustment.” review of Economic Studies 39 (January), 17–26.

Barro, R.J. (1975). “Unanticipated Money Growth and Unemployment in the United States.” University of Rochester (mimeo).

Barro, R.J. and Grossman, H.I. (1976). Money, Employment and Inflation. Cambridge: Cambridge University Press.

Barth, J.R. ard Bennett, J.T. (1974). “The Role of Money in the Canadian Economy: An Empirical Test.” Canadian Journal of Economics 7 (May) 306–11.

Bell, G. (1973). The Eurodollar Market and the International Financial System. London: Macmillan.

Blinder, A.S. and Solow, R.M. (1973). “Does Fiscal Policy Matter?” Journal of Public Economics 2, 319–337.

Brechling, F.R. (1974). “Monetary Policy and Neoclassical Investment Analysis.” In Johnson, H.G. and Nobay, A.R. (eds.). Issues in Monetary Economics. London: Oxford University Press.

_____(1975). Investment and Employment Decisions. Manchester: Manchester University Press.

Brown, A.J. (1939). “Interest, Prices and the Demand for Idle Money.” Oxford Economic Papers 2 (May), 46–69.

Brunner, K. (1974). “Monetary Management, Domestic Inflation, and Imported Inflation.” In Aliber, R.Z. (ed.). National Monetary Policies and the International Financial System. Chicago and London: University of Chicago Press.

Brunner, K. and Meltzer, A.H. (1976). In Stein, J.L. (ed.). “An Aggregative Theory for a Closed Economy.”

Cagan. P. (1956). “The Monetary Dynamics of Hyperinflation.” In Friedman, M. (ed.). Studies in the Quantity Theory of Money. Chicago, Illinois.

Carlson, J.A. and Parkin, J.M. (1975). “Inflation Expectations.” Economica (NS), 42 (May), 123–38.

Caves, D.W. and Feige, E.L. (1976). “Efficient Foreign Exchange Markets and the Monetary Approach to Exchange Rate Determination.” University of Wisconsin (mimeo).

Christ, F. (1968). “A Simple Macroeconomic Model with a Governingnt Budget Constraint.” Journal of Political Economy 76 (February), 53–67.

Clower, R. (1965). “The Keynesian Counter-Revolution: A Theoretical Appraisel.” In Hahn, F.H. and Brechling, F.R. (eds.). The Theory of Interest Rates. London: Macmillan.

Coddington, A. (1976). “Keynesian Economics: The Search for First Principles.” Journal of Economic Literature 14 (December), 1258–1273.

ross, R.B. and Laidler, D.E.W. (1975). “Inflation, Excess Demand and Expectations in Fixed Exchange Rate Open Economies: Some Preliminary Empirical Results.” In Parkin, J.M. and Zis, G. (eds.). Inflation in the World Economy. Manchester: Manchester University Press (1976).

Deaton, A. (1972). “Wealth Effects on Consumption in a Modified Life Cycle Model.” Review of Economic Studies 32 (October), 443–54.

Dicks-Mireaux, L.A. (1961). “The Inter-Relationship Between Cost and Prict Changes, 1945–1959: A Study of Inflation in Postwar Britain.” Oxford Economic Papers (NS), 13 (October), 267–92.

Dornbusch. R. (1976). In Stein, J.L. (ed.). “Comments” (on Brunner and Mueltzer).

Dutton, D.S. (1977). “The Economics of Inflation and Output Fluctuations in the United States 1952–1974.” (mimeo).

Economic Council of Canada (1975). CANDIDE 1.2: A Description fcr Model Users. Ottawa (mimeo).

Feige, E.L. and Pearce, D.K. (1976a). “Economically Rational Expectations: Are Innovations in the Rate of Inflation Independent of of Innovation in Monetary and Fiscal Policy.” Journal of Political Economy 84 (June), 499–522.

Feige, E.L. and Pearce, D.K. (1976b). “On the Casual Causal Relationship Between Money and Income.” University of Wisconsin (mimeo).

Fisher, S. (1977). “Long Term Contracts, Rational Expectations and the Optimal Money Supply Rule.” Journal of Political Economy 85 (February), 191–206.

Fisher, G.R. and Sheppard, D.K. (1974). “Interrelationships between Real and Monetary Variables: Some Evidence from Recent U.S. Empirical Studies.” In Johnson, H.G. and Nobay, A.R. (eds.). Issues in Monetary economics. London: Oxford University Press.

Fisher, G.R. and Sparks, G. (1975). “A Survey of Empirical Evidence on the Structure of the Canadian Monetary Sector.” In Proceedings of Queen's University Conference on Monetary Issues. Kingston: Queen's University (mimeo).

Fisher, I. (1896). “Appreciation and Interest.” Publications of the American Economic Association, third series II (August), 331–442.

_____ (1926). “A Statistical Relation Between Unemployment and Price Changes.” International Labour Review. (Reprinted as “I Discovered the Phillips Curve.” Journal of Political Economy, vol. 81 (2), pt. 1 (March/April) 1973.), 496–502.

Fcurcans, A. (1977). “Inflation and Output Growth: The French Experience.” ESSE, Paris (mimeo).

Fratianni, M. (1977). “Inflation and Unanticipated Changes in Output in Italy.” Catholic University of Leuven (mimeo).

Friedman, M. (1958). “The Supply of Money and Changes in Prices and Output.” In Joint Economic Committee of 85th Congress, 2nd Session. The Relationship of Prices to Economic Stability and Growth. Washington, D.C.: U.S. Government Printing Office.

Friedman, M. (1968). “The Role of Monetary Policy.” American Economic Review 58 (March), 1–17.

_____ (1971). “A Monetary Theory of Nominal Income.” Journal of Political Economy 79 (March/April), 323–37.

_____ (1974). “Inflation, Taxation, Indexation.” In Lord Robbins et al. Inflation; Causes, Consequences, Cures. London: Institute for Economic Affairs.

_____ (1975). Unemployment Versus Inflation. London: Institute for Economic Affairs.

Friedman, M. and Meiselman, D. (1963). “The Relative Stability of Monetary Velocity and the Investment Multiplier in the United States,1898-1998.” In Commission of Money and Credit: Stabilization Policies. Englewood Cliffs, N.J.: Prentice-Hall.

Friedman, M. and Schwartz, A.J. (1962). A Monetary History of the United States, 1867–1960. Princeton, N.J.: Princeton University Press (for NBER).

_____ (1970). Monetary Statistics of the United States. New York: NBER.

Garganas, N.C. (1975). In Renton, G. (ed.). “An Analysis of Consumer Credit and Its Effect on Purchases of Consumer Durables.”

Gibson, W.E. (1970). “Interest Rates and Monetary Policy.” Journal of Political Economy 78 (May/June), 431–55.

Godley, W. and Nordhaus, W.D. (1972). “Pricing in the Trade Cycle.” Economic Journal, vol. 82 (327), 853–82.

Goldfeld, S.M. (1973). “The Demand for Money Revisited.” Brookings Papers on Economic: Activity 3, 577–638.

Goodhart, C.A.E. (1075). Money Information and Uncertainty. London: Macmillan.

Gordon, R.J. (1976). “Recent Developments in the Theory of Inflation and Unemployment.” Journal of Monetary Economics 2, 185–219.

_____ (ed.) (1974). Milton Friedman's Monetary Framework. Chicago: University of Chicago Press.

Granger, C.J.W. (1969). “Investigating Causal Relations by Econometric Models and Cross-Spectral Methods.” Econometrica 37 (July), 424–38.

Hamburger, M.J. (1967). “Interest Rates and the Demand for Consumer Durable Goods.” American Economic Review 57 (December), 1133–1153.

Helliwell, J. F. et al. (1971). The Structure of PDX2. Bank of Canada Staff Research Papers, no. 7 (2 parts).

Hicks, J. R. (1974). The Crisis in Keynesian Economics. Oxford: Blackwell.

Hilton, K. and Crossfield, D.H. (1970). In Hilton and Heathfield (eds.). “Short Term Consumption Functions for the UK, 1955–66.”

Hilton, K. and Heathfield, D.F. (eds.) (1970). The Econometric Study of the United Kingdom. London: Macmillan.

Hines, A.G. and Catephores, G. (1970). In Hilton and Heathfield (eds.). “Investment in UK Manufacturing Industry 1956–67.”

Howson, S. (1975). Domestic Monetary Management in Britain 1919–33. University of Cambridge Department of Applied Economics Occasional Paper 48. Cambridge: Cambridge University Press.

Howitt, P.W. (1974). “Stability and the Quantity Theory.” Journal of Political Economy 82 (January/February), 133–151.

Jonson, P.D., Moses, E.R. and Wymer, C.R. (1976). “A Minimal Modol of the Australian Economy.” Reserve Bank of Australia Discussion Paper 7601. Sydney.

Jorgenson, D.W. (1967). “The Theory of Investment Behaviour.” In Ferber (ed.). The Determinants of Business Behaviour. New York: NBER.

Jorgenson, D. and Stevenson, J.A. (1967), “Investment Behaviour in U.S. Manufacturing 1947–60.” Econometrica (April), 169–220.

Jorgenson, D.W., Hunter, J. and Nadiri, M.I. (1970). “A Comparison of Alternative Models of Quarterly Investment Behaviour.” Econometrica (March), 187–212.

Kaldor, N. (1970). “The New Monetarism.” Lloyds Bank Review (July), 1–18.

Klein, B. (1974). “Competitive Interest Payments on Bank Deposits and the Long Run Demand for Money.” American Economic Review 64 (December), 931–949.

Korteweg, P. (1977). “The Economics of Inflation and Output Fluctuations in The Netherlands 1954–75.” Erasmus University of Rotterdam (mimeo).

Korteweg, P. and Meltzer, A.H. (1977). “Inflation and Price Changes: Some Estimates and Tests of Alternative Theories.” (mimeo).

Laidler, D.E.W. (1971). “The Influence of Money on Economic Activity: Survey of Some Current Problems.” In Clayton, G., Gilbert, J.C. and Sedgwick, R. (eds.). Monetary Theory and Policy in the 1970s. London: Oxford University Press. (Reprinted in Laidler (1975).)

_________ (1972). “The Current Inflation-Explanations and Policies.” National Westminster Bank Quarterly Review (November). (Reprinted in Laidler (1975).)

______ (1973). “The Influence of Money on Real Income end Inflation – A Simple Model with some Empirical Evidence for the United States 1967–72.” Manchester Series 41 (December). (Reprinted in Laidler (1975).)

_____ (1975) Europian Money and Inflation. Manchester: Manchaster University Press.

Laidler, D.E.W. (1976a). Expectations and the Phillips Trade-off-A Commentary.” Scottish Journal of Political Economy 23 (February), 55–72.

_____ (1976b). “Inflation-Alternative Explanations and Policies: Tests on Data Drawn from Six Countries.” In Brunner, K. and Meltzer, A (eds.). Institutions, Policies, and Economic Performance. Carnegie-Rochester Conference Series on Public Policy, vol. 4. Amsterdam: North-Holland.

_____ (1977). The Demand for Money: Theories and Evidence (2nd ed.). New York: Dun-Donnelley.

Laidler, D.E.W. and Parkin, J.M. (1975). “Inflation – A Survey.: Economic Journal 85 (December), 741–809.

Leijonhufvud, A. (196S). On Keynesian Economics and the Economics of Keynes. London: Oxford University Press.

Lipsey, R.G. and Parkin, J.H. (1970). “Incomes Policy: A Reappraisal.” Economica (NS) 36 (May), 115–38.

Lucas, R.E., Jr. (1972). “Expectations and the Neutrality of Money.” Journal of Economic Theory, vol. 4 (2), 103–24.

_____ (1975). “An Equilibrium Model of the Business Cycle.” Journal of Political Economy 83 (November/December), 1113–1144.

_____ (1976). “Econometrc Policy Evaluation-A Critique.” Journal of Monetary Economics, Supplement Series 1, 19–46.

Lucas, R.E. and Rapping, L.A. (1969). “Price Expectations and the Phillips Curve.” American Economic Review, vol. 59 (3) (June), 341–50. (Reprinted in Phelps, E.S. et al., 1970.)

Lund, P.J. (1971). Investment: The Study of an Economic Aggregate. Edinburgh: Oliver and Boyd.

Macesitch, G. (1964). “The Quantity Theory and the Income-Exjenditure Theory in an Open Economy: Canada 1926–58.” Canadian Journal of Economics and Political Science 30, 368–90.

_____(1969). “The Quantity Theory and Income-Expenditure Theory in an Open Economy Revisited.” Canadian Journal of Economics 2, 448–52

Marty, A.L. (1976). “Real Cash Balances and the Optimal Tax Structure.” In Artis, M.J. and Nobay, A.R. (eds.). Essays in Economic Analysis. Cambridge: Cambridge University Press.

McCallum, B.T. (1975). “Rational Expectations and the Natural Rate Hypothesis: Some Evidence for the United Kingdom.” Manchester School, vol. 43 (March), 55–67.

Melitz, J. (1976). “Inflationary Expectations and the French Demand for Money 1959–70.” Manchester School 44 (March), 17–41.

Meltzer, A.H. (1977). “Anticipated Inflation and Unanticipated Price Change: A Test of the Price Specie Flow Theory and the Phillipr. Curve.” Journal of Money, Credit and Banking 9 (February), pt. 2, 182–205.

Modigliari, F. (1975). In Renton, G. (ed.). “The Channels of Monetary Policy in the Federal Reserve-MIT-University of Pennsylvania Econometric Model of the U.S.”

_____ (1977). “The Monetarist Controversy or, Should We Forsake Stabilization Policies.” American Economic Review 67 (March), 1–19.

Moroney, J.R. and Mason, J.M. (1971). “The Dynamic Impacts of Autonomous Expenditure and the Monetary Base on Aggregate Income.” Journal of Money, Credit and Banking 3 (November), 793–814.

Mortenson, D.T. (1970). “Job Search, the Duration of Unemployment and the Phillips Curve.” American Economic Review, vol. 60 (5), 817–63. (Reprinted in Phelps, E.S. et al., 1970.)

Mussa, M. (1976). “Output and Employment in a Dynamic Model of Aggregate Supply.” London School of Economics (mimeo).

Muth, J.F. (1961). “Rational Expectations and the Theory of Price Movements.” Econometrica, vol. 29 (May), 315–35.

Myhrman, J. (1977). “Inflation and Economic Activity-The Swedish Experience 1953–1973.” University of Stockholm (mimeo).

Neumann, M. (1977). “The Impulse-Theoretic Explanation of Changing Inflation and Output Growth: Evidence From Germany.” Free University of Berlin (mimeo).

Farkin, J.M. (1977a). “A Monetarist Analysis of the Generation and Transmission of World Inflation 1958–71.” American Economic Review 67, Papers and Proceedings (May).

_____ (1977b). “Consistent Expectations and Inconsistent Policies.” University of Western Ontario (mimeo).

Parkin, J.M., Sumner, M.T. and Ward, R. (1976). “The Effects of Excess Demand, Generalised Expectations and Wage-Price Controls on Wage Inflation in the U.K.” In Brunner, K. and Meltzer, A.H. (eds.). The Economics of Wage and Price Controls. Carnegie-Rochester Conference Series on Public Policy, vol. 2. Amsterdam: North-Holland.

Patinkin, D. (1965). Money, Interest and Prices. (2nd ed.). New York: Harper and Row. (1st ed., 1956.)

Phelps, E.S.” (1968). “Money Wage Dynamics and Labour Market Equilibrium.” Journal of Political Economy, vol. 76 (4), pt. II, 678–711. (Amended reprint in Phelps, E.S. et al., 1970.)

_____ (1972). Inflation Policy and Unemployment Theory: The Cost-Benefit Approach to Monetary Planning. London: Macmillan.

Phelps, E.S. and Taylor, J.B. (1977). “Stabilizing Powers of Monetary Policy under Rational Expectations.” Journal of Political Economy 85 (February), 163–190.

Phelps, E.S. and Winter, S.G., Jr. (1970). In Phelps, E.S. et al. “Optimal Price Policy Under Atomistic Competition.”

Phelps, E.S. et al. (1970). Microeconomic Foundation; of Employment and Inflation Theory. New York: Norton.

Poole, W. (1976). “Rational Expectations in the Macro-Model.” Brookings Papers in Economic Activity 2, 463–505.

Radcliffe Committee (1959). Committee on the working of the monetary system. Report. London.

Renton, G.A. (ed.) (1975). Modelling the Economy. London: Heineman Educational Books for the SSRC.

Saidi, N.H. and Barro, R.J. (1976). “Unanticipated Money, Output and Unemployment in Canada.” University of Rochester (mimeo).

Sargent, T.J. (1976). “Testing for Neutrality and Rationality.” Proceedings of McMaster University Conference of Monetary Economics. Hamilton: McMaster University (mimeo).

Sargent, T.J. and Wallace, H. (1973). “The Stability of Models of Money and Growth with Perfect Fcresight.” Econometrica 41 (November), 1043–18.

_____ (1975). “Rational Expectations and the Theory of Economic. Policy.” Research Department, Federal Reserve Bank of Minneapolis, Studies in Monetary Economics 2.

Shapiro, A.A. (1973). “Inflation, Lags, and the Demand for Money.” International Economic Review 14 (February), 81–96.

Sims, C.A. (1072). “Money, Finance, and Causality.” American Economic Review, vol. 62 (September), 540–52.

Spinelli, F. (1976). “The Determinants of Price and Wage Inflation: The Case of Italy.” In Parkin, J.M. and Zis, G. (eds.). Inflation in Open Economies. Manchester: Manchester University Press.

Stein, J.L. (1976). In Stein, J.L. (ed.). “Inside the Monetarist Elack Box.”

_____ (ed.) (1976). Monetarism. Amsterdam: North-Holland.

Tanner, J.E. (1969). “Lags in the Effects of Monetary Pclicy: A Statistical Investigation.” American Economic Review 59 (December), 794–805.

Tobin, J. (1969). “A General Equilibrium Approach to Monetary Theory.” Journal of Money, Credit and Banking 1 (February), 15–29.

Tobin, J. and Buiter, W. (1976). “Long Run Effects of Fiscal and Monetary Policy on Aggregate Demand.” In Stein, J. (ed.). Monetarism. Amsterdam: North-Holland.

Trivedi, P.K. (1970). “Inventory Behaviour in U.K. Manufacturing.” Review of Economic Studies 37 (October), 517–36.

Tucker, D. (1966). “Dynamic Income Adjustment to Money Supply Changes.” American Economic Review 56 (June), 433–49.

Walters, A.A. (1971). “Consistent Expectations, Distributed Lacs and the Quantity Theory.” Economic Journal, vol. 81 (322), 273–91.

Wickseli, K. (1986). Interest and Prices. London: Macmillan. (1st published in German (1893).)

Williams, D., Goodhart, C.A.E. and Gowlard, D.H. (1976). “Money, Income and Causality: The U.K. Experience.” American Economic Review 66 (June), 417–23.

Wagin, C. (1976). “Rational Expectations and the Natural Rule of Unemployment Hypothesis.” Washington University (mime).