NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Money, Interest and Prices

Stanley Fischer

NBER Working Paper No. 3595
Issued in January 1991
NBER Program(s):   EFG

Twenty five years after the publication of the second edition, this paper describes and evaluates the Contributions to monetary and macroeconomics made in Don Patinkin's Money, Interest, and Prices (MIP). Its first accomplishment was to settle definitively many issues, such as the valid and invalid dichotomies between real and nominal magnitudes, Say's identity, the nature of the Keynesian system, and the requirements for the neutrality of money, which had been disputed for decades. It also opened the road to the future by developing macroeconomic models from a well specified microeconomic foundation. In so doing, it established the base on which subsequent equilibrium macroeconomics built. Beyond that, in Chapter XII, Patinkin pioneered the development of disequilibrium analysis by presenting a fully articulated model that makes the key distinction between notional and effective demands, and using it to explain price and quantity adjustments in conditions of unemployment.

download in pdf format
   (184 K)

email paper

This paper is available as PDF (184 K) or via email.

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w3595

Users who downloaded this paper also downloaded these:
Fischer w2473 Recent Developments in Macroeocnomics
Frankel w7338 No Single Currency Regime is Right for All Countries or At All Times
Drazen, Hamermesh, and Obst w0676 Quantity and Elasticity Spillovers onto the Labor Market: Theory and Evidence on Sluggishness
Fischer Growth, Macroeconomics, and Development
Portes w1875 The Theory and Measurement of Macroeconomic Disequilibrium in Centrally Planned Economies
 
Publications
Activities
Meetings
NBER Videos
Data
People
About

Support
National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us