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In this edited transcript of a lecture presented in Beijing in December 2019, the author provides a critique of the theory of monetarism that focuses on the difficulty of reconciling its main tenets with growing evidence, especially since the great financial crisis, of the murky relationship between growth in the money supply and rates of inflation and GDP growth. The central critique of monetarism spelled out in the lecture, which draws on Hyman Minsky's response to Milton Friedman and Anna Schwartz's seminal article (both published in the same volume in 1965), is the theory's failure to account for how money enters and spreads throughout the economy.
Journal of Applied Corporate Finance – Wiley
Published: Dec 1, 2020
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