Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/123484
Authors: 
Laidler, David
Year of Publication: 
2013
Series/Report no.: 
EPRI Working Paper 2013-4
Abstract: 
Harry Johnson's 1971 ideas about the factors affecting the success of the Keynesian Revolution and the Monetarist Counter-revolution are summarised and extended to the analysis of the Rational Expectations - New Classical (RE-NC) Revolution It is then argued that, whereas Monetarism brought about a revival of the quantity theory of money from the limbo into which Keynesianism had pushed it, RE-NC modelling was responsible for that theory's most recent disappearance. This happened despite the fact that, initially, RE-NC economics appeared to be a mainly technical extension and refinement of Monetarism, rather than a radically new economic doctrine. Some implications of this story for todays' macroeconomics are briefly discussed.
Subjects: 
Keynesianism
Monetarism
Rational expectations New Classical economics Quantity Theory
Money
Velocity
Monetary policy
Inflation
Unemployment
Business cycle
Phillips curve
JEL: 
B21
E31
E41
E52
Document Type: 
Working Paper

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