scholarly journals The Barnett Critique

Encyclopedia ◽  
2021 ◽  
Vol 1 (3) ◽  
pp. 964-973
Author(s):  
William A. Barnett ◽  
Hyun Park ◽  
Sohee Park
Keyword(s):  
Economic Theory ◽  
Money Demand ◽  
Monetary Economics ◽  
Demand And Supply ◽  
Monetary Aggregation ◽  
Internal Inconsistency

The Barnett critique states that there is an internal inconsistency between the theory that is implied by simple sum monetary aggregation (perfect substitutability among components) and the economic theory that produces the models within which those aggregates are used. That inconsistency causes the appearance of unstable demand and supply for money. The incorrect inference of unstable money demand has caused serious harm to the field of monetary economics.

Estimation of Money Demand and Money Supply Functions for Pakistan: A Simultaneous-equations Approach

1986 ◽  
Vol 25 (4) ◽  
pp. 855-871
Author(s):  
Najam-Us- Saqib ◽  
Ather Masood Ahmed
Keyword(s):  
Money Supply ◽  
Money Demand ◽  
Monetary Economics ◽  
Simultaneous Equations ◽  
Empirical Estimation ◽  
Economic Variables ◽  
Demand And Supply ◽  
Economics Literature ◽  
Supply Functions

The role of monetary sector in determining the level of key macro-economic variables like income, employment and prices is well established in the economics literature. The importance of monetary economics has inspired many economists to undertake research in this field and most of their work on Pakistan relates to empirical estimation of the two key relationships in the monetary sector, namely, demand and supply functions for money.

A Dictionary of Economics

2017 ◽  
Author(s):  
John Black ◽  
Nigar Hashimzade ◽  
Gareth Myles
Keyword(s):  
Public Finance ◽  
Economic Theory ◽  
Environmental Economics ◽  
Public Economics ◽  
Monetary Economics ◽  
Applied Microeconomics ◽  
Economic Data ◽  
Entry Level ◽  
Labour Economics ◽  
Greek Alphabet

Over 3,500 entriesThis authoritative and comprehensive dictionary contains clear, concise definitions of key economic terms. Covering all aspects of economics including economic theory and policy, applied microeconomics and macroeconomics, labour economics, public economics and public finance, monetary economics, and environmental economics, this is the essential reference work in this area.Entries are supplemented by entry-level web links, and useful appendices include a list of institutional acronyms and their affiliated websites, a list of Nobel prize-winners in economics, the Greek alphabet, and a list of relevant websites.This dictionary is an essential guide for students and teachers of economics, business, and finance, as well as for professional economists and anyone who has to deal with economic data.

The Antebellum Money Market and the Economic Impact of the Bank War

1976 ◽  
Vol 36 (4) ◽  
pp. 809-835 ◽  
Author(s):  
Marie Elizabeth Sushka
Keyword(s):  
Economic Impact ◽  
Structural Stability ◽  
Money Demand ◽  
Economic Model ◽  
Money Market ◽  
Financial Behavior ◽  
Demand And Supply ◽  
The Impact ◽  
Panic Of 1837

This paper examines the impact of the Bank War on the economic events of the 1830's. An economic model of the antebellum money market is developed and tested. Specifications for money demand and supply are drawn from contemporary monetary literature and empirically estimated. Next, the historical hypotheses are tested by exploring the structural stability of the model. The results clearly indicate that: the Bank War affected the economy because it altered the pattern of financial behavior; wildcat banking was not characteristic of the post-Bank period; and finally, the Panic of 1837 was the result of a severe monetary contraction.

INDETERMINACY IN A ONE-SECTOR MODEL REVISITED: DEMAND VERSUS SUPPLY-SIDE INDETERMINACY

2009 ◽  
Vol 54 (02) ◽  
pp. 183-196
Author(s):  
NICHOLAS C. S. SIM
Keyword(s):  
Economic Theory ◽  
Labor Supply ◽  
Production Function ◽  
Supply Side ◽  
Demand Side ◽  
Demand And Supply ◽  
Sector Model ◽  
The One ◽  
Versus Supply

This paper explains how indeterminacy in a one-sector model may arise due to externalities in the disutility of labor supply, which is termed as demand-side indeterminacy. This contrasts supply-side indeterminacy that is driven by externalities in the production function as exemplified by Benhabib and Farmer (Journal of Economic Theory, 1994). For the one-sector models considered, I find that indeterminacy arises more easily from the demand than from the supply side. In addition, demand and supply-side indeterminacy generate different cyclical patterns of wages, a feature that is useful for identifying episodes of self-fulfilling prophecies within the two types of indeterminacy.

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