Future Research Agenda

  • Apostolos Serletis


Clearly many unsolved problems exist in what Barnett (1997) calls the ‘high road’ literature regarding the inter-related problems of monetary aggregation and estimation of money demand. These problems continue to be the subject of expanding research. In fact, as Barnett (1997, p. 1182) puts it,

“[t] he high road builds on the foundation of existing microeconomic theory, including the theory of the firm, consumer theory, and the implied microeconomic aggregation and index number theory. Advances in those areas are accepted and absorbed in a coherent manner as research proceeds up the high road. Constructive criticism of the high road is based upon recognition of the existence of unsolved problems in the supporting areas of economic research and the need for further development in those areas to permit the high road to climb even higher.”


Monetary Policy Money Demand Demand System High Road Future Research Agendum 
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Copyright information

© Springer Science+Business Media New York 2001

Authors and Affiliations

  • Apostolos Serletis
    • 1
  1. 1.University of CalgaryCanada

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