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Money pp 216–222Cite as

Palgrave Macmillan

Monetary Disequilibrium and Market Clearing

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Abstract

Conventional wisdom interprets the empirical relation between monetary aggregates and measures of real aggregate economic activity primarily as reflecting the effect of monetary policy on real activity. A host of historical episodes apparently accord with this interpretation. It is, for example, hard to deny that disinflationary monetary policy contributed to the 1982 recession in the United States.

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Authors
  1. Herschel I. Grossman
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Editor information

John Eatwell Murray Milgate Peter Newman

Copyright information

© 1989 Palgrave Macmillan, a division of Macmillan Publishers Limited

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Grossman, H.I. (1989). Monetary Disequilibrium and Market Clearing. In: Eatwell, J., Milgate, M., Newman, P. (eds) Money. The New Palgrave. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-19804-7_26

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