Research Discussion Paper – RDP 1978-01 Two Essays in Monetary Economics^[*]

Contents

• Money, Prices and Output: An Integrative Essay
  • Introduction
  • The Transmission Mechanism in General Terms
  • The Dynamics of Adjustment: A Simple One-Sector Model
  • A Two-Sector Model: The Shifting Phillips Curve
  • “Money” or “Assets”?
  • Concluding Comments
  • References
• Money, Inflation and the Balance of Payments
  • Introduction
  • Arguments that “Money” has a Special Role in Economic Dynamics, and Some Implications
  • Output Effects of Monetary Fluctuations
  • Price Effects
  • Balance of Payments Adjustemt
  • Concluding Remarks
  • References

  Endnote

  The views expressed in these essays are those of the author, and are not necessarily shared by the Reserve Bank of Australia. [*]