Inflation is always, everywhere, a monetary phenomenon
Inflation is has nothing to do with a monetary phenomenon
Inflation is caused by rising unit costs as full employment is approached
Inflation is caused by rising unit costs as full unemployment is approached
7. Money is
neither
exogenous
Both
endogenous
8. rent controls
sell equity
sell money
sell housing
sell real estate
9. exogenous
both
external
other
internal
10. Ms = Md
in equilibrium
isn't right
is always right
none
11. an interest rate rise
sell real estate
sell bonds
sell housing
sell money
sell equity
12. The 1981 budget, what happened?
Professor Sir Alan Walters wanted to overturn Keynes orthodoxy by raising taxes in the middle of a serve recession
Professor Sir Alan Walters wanted to overturn Keynes orthodoxy by decrease taxes in the middle of a serve recession, and increase government expenditure
Because inflation was around high, Professor Sir Alan Walters wanted to overturn Keynes orthodoxy by decrease taxes in the middle of a serve recession, and decrease government expenditure
13. MsV =
MsV = PQ = Y, Ms ≡ (PQ/V) ≡ (Y/V)
MsV = YQ = P, Ms ≡ (YQ/V) ≡ (P/V)
MsV = PQ = Q
MsV = PQ = Y
14. Bond prices low
sell - high interest rate
buy - high interest rate
sell - low interest rate
buy - low interest rate
15. How long did the recession take to recover?
5 Years
15 Years
9 Years
9 Months
16. Keynes Cost-Push...
Inflation is caused by rising unit costs as full unemployment is approached
Other
Inflation is caused by rising unit costs as full employment is approached
Inflation is always, everywhere, a monetary phenomenon
17. What are the characteristics of Neanderthal Keynesianism?
1. Money does not matter, 2. Real variables can be fine-tuned by fiscal interventions, 3. Ignores monetary implications of fiscal deficits.
1. Money does matter, 2. Real variables can be fine-tuned by fiscal interventions, 3. Ignores monetary implications of fiscal deficits.
1. Money does not matter, 2. Real variables can be fine-tuned by fiscal interventions, 3. Values monetary implications of fiscal deficits.
18. Friedman: New Hypothesis
Variations in the business cycle are caused by wage variation
Variations in monetary policy cause business cycle variations
Variations in monetary policy cause business cycle variations
Variations in monetary policy cause caused by business cycle variations
19. industrial unrest
sell housing
sell money
sell equity
sell real estate
20. The Radcliffe Report, which of these is not true:
The government should raise taxes during a recession
Looked at "the working of the monetary and credit system"
published 1959
The report saw "no sound basis for active monetary policy"
