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The Fall and Rise of Keynesian Economics$
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John Eatwell and Murray Milgate

Print publication date: 2011

Print ISBN-13: 9780199777693

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780199777693.001.0001

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The Analytical Foundations of Monetarism

The Analytical Foundations of Monetarism

(p.273) 13 The Analytical Foundations of Monetarism
The Fall and Rise of Keynesian Economics

John Eatwell

Murray Milgate

Oxford University Press

This chapter examines the theoretical foundations of monetarism and the nature of the relationship between the general price level and quantity of money. It focuses on interrelated sources of confusion in contemporary monetary debates, such as the belief of some economists that they are advancing different theories that are fundamentally the same and the use by economists of different conceptions of equilibrium, which lead to different interpretations of the role of imperfections in short-run and long-run analyses.

Keywords:   monetarism, monetary debates, price level, economists, equilibrium, imperfections, short-run, long-run

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