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Index

Aaron, H. 344, 348 Abel, A. 197-8,348 Abramovitz, M. 340, 384 Absolute Income Hypothesis, see

Consumption Aggregate Demand 4-14 Aggregate Supply 14-16,223,

250 Aggregation

of agents 34-5 of consumption 57-60,73-5,

80, 94, 99, 117-18 of demand for money 162-4,

190-6, 203-4 of financial commodities 45 of goods 35-8 of investment 274-5,282,320,

323-4 of production 216-17,236-7,

240-5 of spending functions 38-41 temporal 190-3, 213 see also Composite goods

theorem, Divisia index, Money (definition of)

Ahmad, S. 203,348 Aigner, D. J. 116, 385 Akerlof, G. A. 204,348 Akhtar, M.A. 214,348 Alberts, W. W. 343, 348 Allen, R. G. D. 259,271,348 Allen, S.D. 172 Almon Lags 334-5 Almon, S. 62, 66, 191-2,210,

261,270,282-3,289,297, 336, 343, 348-9

Altmann, F. L. 373 Ando, A. 79, 100, 117-18,349 Andrews, W. J. 224,377 Applebaum, E. 267, 349 Arak, M. 120, 349 Archibald, G. C. 219,349 Arena, J. J. 79-80, 349 Armstrong, C. A. 168-9, 354 Arrow, K. J. 225,227-30,240,

260,349 Artis,N.J. 159,211,349 Artie, R. 320, 349 Asher, E. 261,349 Attfield, C. L. F. 71, 116, 349 Auerbach, A. 310-11,342,361 Austin, J. S. 344, 376 Azzi, C. F. 346, 349

Bailey, M. J. 250,349,373,375 Balance of payments, 12-13 Ball,R.J. 79,350 Ballabon, M. B. 381 Baltensperger, E. 325-6,346,

350 Barnett, W. A. 129, 152, 350 Baron, D.P. 202, 338-9, 350 Barrett, R. 201, 381 Barra, R. J. 17,27-33,45,94-5,

99, 120, 163-4, 183, 203, 312, 314,350

Batra, R.N. 258, 388 Baumol, W.J. 124,160-2,

164-6, 181, 194,204-5,350 Becker, W. E., Jr. 183,350 Belsey, P. A. 342,350 Benassy, J. 44, 350

391

392

Bergstrom, A. R. 341, 350 Bergstrom, V. 228-9, 239, 258,

351 Berndt, E. R. 230,247-9,

264-7,291,337,351 Bernstein, J. I. 106-11, 152-9,

172,202,250,252-3,267-8, 351

Bhalla, S. S. 71, 351 Bhatia, K. B. 80, 351 Bhattacharyya, D. K. 202, 351 Bierwag, G. 0. 153, 351 Bilson, J. F. 0. 98,351-2 Birch, E. M. 334, 352 Bird, R. C. 72, 352 Bischoff, C. W. 292,352 Black,F. 201,300,352 Blackorby, C. 266, 352 Blejer, M. I. 210, 352 Blinder, A. S. 52, 95, 312, 340,

352 Boatwright, B. D. 289, 335, 352 Bodkin, R. G. 72,223-4,228,

352 Boehm, T. P. 323, 353 Bomberger, W. A. 198,353 Bonds

as net wealth 94-5 demand 11-12,19-20 inside 11, 20, 22 market 22, 23-5 outside 11, 120 real balance effect on 24-5 supply 11-12,19-20 see also Interest rates, Money

(substitutes for) Bomhoff, E. J. 144-5, 197,353 Boness, A. J. 302-3, 355 Boorman, J. T. 207,367 Boskin, M. J. 103, 121,353 Bosworth, B. 341,353 Boughton, J. M. 66, 84, 94,

318-19,344,353 Bowden, R. J. 32-3, 122,347,

353 Bowley's Law 255-6 Box-and-Cox transformation

185-6,208,249,267,324

Index

Boyd, J. H. 183,353 Boyes, W. J. 186, 253, 268, 324,

353,363 Brainard, W. C. 151,296,329,

353 Branson, W. H. 93-4, 333, 353 Brechling, F. P.R. 338, 353, 356 Brendsel, L. 214, 354 Brenner,R. 93,353 Bridge, J. L. 257,260,353 Broer, D.P. 45, 353 Bronfenbrenner, M. 179, 189,

207,353 Brown, E. C. 363 Brown, M. 239-40, 255, 259,

353,365,385 Brown, R. L. 211-12,354 Bruce, N. 95, 354 Brumberg, R. 73-6, 100, 103,

114-15,378 Brunner, k. 164-6, 194, 199,

342,354 Bruno, M. 234-5, 354 Bryant,J. 342,354 Buchanan, J. M. 89-90, 354 Buffer stocks, see Investment

(precautionary) Buiter, W. H. 168-9, 354 Burnham, j. B. 344, 376 Butkiewicz, J. L. 207,354 Butterfield, D. W. 268, 354

Cagan, P. 141-5,200-1,206, 208,210,354

Cameron, N. 212-13, 354 Campbell, J. M. 322, 324, 385 Campbell, T. 214, 354 deCani, J. S. 239,240,259,353 Capital flows 12-13 Carleton, W. T. 339, 374 Carliner, G. 344,354 Carlson, J. A. 207-8,309-10,

355 Carter, H. 0. 235, 366 Caves, D. W. 267, 355 Caves, R. E. 341, 355 Chant, J. F. 204, 355

Chau, L. C. 83-6, 93, 104, 118-19,390

Chen, A. H. 302-3, 339, 355

Chenery, H. B. 225,227-30, 240,260,280,282,349,355

Chernicoff, H. B. 229, 390 Chetty, V.K. 149-50,201,355 Chew, I. 302, 356 Childs, G. C. 342, 355 Choi, E. K. 169-70, 381 Chow, G. C. 179, 190,207,258,

355 Christ, C. 375, 379 Christensen, L. R. 247-8,

264-7, 351, 355 Ciccolo, J. H. 296-8, 338, 355 Claasen, E. 250-2, 355 Clark, C. 117,139,207,355 Classical Economic System

29-30,87,125 see also Investment, Money

(demand for), Neoclassical economic system, Production functions

Clinton, K. 151, 202,212, 355 Clower, R. W. 28, 30, 31, 43,

99,205,356 Coates, C. R. 300-2, 356 Cobb, C. W. 220, 356 Cobb-Douglas (CD) function

in Consumption 101, 121, 206-7

see also Production functions Coen, R. M. 228,258,290-1,

294,356 Composite goods theorem 35-8,

129,240,265 Constant Elasticity of Substitution

(CES) function in Consumption 101-3, 120 in Demand for Money 149-50 see also Production functions

Consumption Absolute income effects on

49-52,69, 72,85,99, 111-12

Advertising effects on 113

Index

Age effects on 72-9, 103, 117-18,121

393

Durables in 85-6, 104-5, 121 Errors in variables theory of

69, 115-16 Estimation problems of 64-72,

96-100, 112 Fiscal policy (tax) effects on

80,94-5,98, 103-4, 117, 121

Function 4-6, 32, 48-122 Habit persistence theory of

51, 63,98-9 Income effects on 4, 49-78,

80-2, 115-16 Inflation rate effects on 66,

81-2,85-6, 104-5, 118, 119-22, 138-40

Interest rate effects on 4-5, 50-1,55-7,60,70-1, 73-7, 84-5, 90-2, 100-14, 117, 120-2, 138-40

Lags and 62-72, 78-86, 93-4, 96-9,102-3,115,117-19

Leisure and 90-2 Life-cycle model of 52,72-9,

90-4,97-111, 114-15, 117-22, 138-40,320-2

Liquid assets effects on 66, 83-6, 94, 120, 318-19

Monetary policy effects on 86, 98-100, 119

Permanent income effect on 4, 54-78, 80-6, 102, 112, 117, 120

Price level effect on 50-1, 83-4, 138-40

Propensity to consume 34, 50, 52,71,75-6,111-12

Ratchet model of 53 Rational expectations theory of

51, 62, 94,96-100, 104-5, 119,120-1

Real (Money) balances effect on 6, 83-4, 86-96, 119, 138-40

Relative income effect on 52-4,61,72,76,113

394 Index

Relative price effects on 66, 93-4, 121

Seasonal factors in 85-6 Social Security effect on 78,

80,94-5 Term structure of interest rates

effects on 103, 105-11, 121-2

Transactions costs effects on 90-2

Wealth effects on 50-2, 54-96, 100-11, 116-22

see also Distribution of income, Housing

Cooley, P. L. 302,356 Cooley, T. F. 211-12,356 Corbo, V. 201,356 Courchene, T. J. 189-90, 208,

356 Cox, J. C. 346,349 Craig, G. D. 94,356 Cramer, J. 46, 68, 115-16,257,

356 Credit Crunch 325, 329, 346-7 Credit rationing hypothesis, see

Housing Crockett, A. 191, 364 Croome, D. 369 Cropper, M. L. 203,356 Cross, S.M. 302, 356 Crouch, R. L. 184, 208, 356 Cukierman, A. 93-4, 356 Currency substitution 196-8, 214

Daniere, A. 77,356 Darby, M. R. 65-6,96,208,

357 Darling, P. G. 307-9,341-2, 357 Davenport, M. 300,357 Davidson, J. E. H. 68, 357 Davidson, P. 193, 357 Deaton, A. S. 80-2, 357 Deaver, J. 200,357 Della Valle, P. A. 52,357 Dennis, E. 254-5, 357 Denny, M.G. 239,261-2,

266-7,357

Denton, F. T. 121, 357 Deposits (bank), see Money Dernburg, T. 389 DeRosa, P. 329,347,358 Dhrymes, P. J. 261, 300, 358 Diamond, D. B., Jr. 323,358 Dickson, H. D. 191,358 Diewert, W. E. 219, 262, 358 Disequilibrium analysis

basic models 16-33,45 in consumption 99 in housing markets 327-32,

343-7 in investment 312 quantity effects in 42

Disintermediation 328 see also Housing (credit avail

ability) Distribution of income

effect on consumption 52, 70, 113

effect on demand for money 171-2,204

see also Production functions Divisia index 46, 129, 152, 195,

265 Dixon, P. B. 140, 358 Diz, A. 200, 358 Dolde, W. 72,320,358 Donovan, D. J. 129, 150, 189,

201,358 Dornbusch, R. 197-8, 348 Douglas, P. H. 220, 356 Drake, P. S. 79,350 Drazen, A. 28, 31, 32, 44, 78,

120,358 Dreze, J. H. 44, 258, 359, 390 Dual-decision framework 30, 99 Duesenberry, J. S. 52-4,61,72,

113, 359, 370 Durand, D. 299,359 Durbin, J. 211-12,354 Dutton, D. S. 176, 200, 204-6,

252-3,359 Dynamic consumption model, see

Consumption (life cycle model of)

Index 395

Eaton, J. R. 289, 335,352 Economics of scale, see Money

(demand for), Production functions

Eden, B. 210, 359 Edwards, F. R. 201, 359 Eisner, R. 116, 185, 189,208-9,

273,281-2,291-2,294,334, 337-8, 359

Elasticity of substitution definitions of 220 in consumption models 101-3 see also Production functions

Elliot, J. W. 339-40,359 Ellwood, D. T. 322, 324, 381 Engel curve 35 Enzler, J. 206,211, 360 Equation of exchange 12, 134-5 Euler conditions 285, 296, 301 Evans, J. M. 211-12,354 Evans, M. K. 79,307,343-4,360 Expectations

and consumption 62-72, 96-100,104-5,120-1

and demand for money 142-5, 184-6

and investment 306-16,342-3 see also Rational expectations

Fair, R. C. 329-32, 360 Fama, E. F. 300, 303, 339, 360 Farrell, M. J. 77,360 Faurot, D. J. 338, 360 Feige, E. L. 149-51, 199, 201,

203,207-9,360 Feldstein, M.S. 95, 120, 121,

261,310-11,338,342,361 Ferber,R. 46,361,370,375,379,

386 Ferguson, C. E. 229, 260, 361 Ferguson, J.D. 31,361 Fiscal policy, see Consumption

(fiscal policy effects on), Investment

Fischer, S. 250-2, 361 Fischelson, G. 260, 361 Fisher, D. 84-5, 86, 87, 106-11,

119,152-9,172,199,201-2,

204,207-9,211,268,345, 351,361

Fisher, F. M. 264,361 Fisher, G. 139, 200, 209, 362 Fisher, I. 55, 73, 93, 124,204,

270,348,362 Fisher, M. R. 77,362 Flemming, J. S. 338,361 Fletcher, L. B. 262, 375 Floyd, J. E. 89, 362 Foot, D. K. 212, 362 Foreign spending (net) 8 Frenkel, J. A. 144, 197,201,362 Freund, R. J. 145,362 Frew, J. R. 207-8,355 Friar, M. E. 194-5,387 Friedman,B.M. 325-7,362 Friedman, M. 15, 22, 54-73, 75,

84,88-90,93,98, 113-17, 124-5, 130, 140-2, 162, 171-2, 178-9, 181, 199,203, 206,208-9,210,282,354, 362-3

Friedman, P. 352 Friend, I. 80, 363 Frodin, J. H. 208,212-13,363 Fromm, G. 296-7,338,352,355 Frost, P. A. 204, 363 Fuchs, V. A. 228, 230, 363 Fundamental equation of value

theory 36-7 Fuss, M.A. 248,255,266-7,

357,363

Gabor, A. 251,363 Gandolfi, A. E. 208, 363 Ganjarerndee, S. 213, 363 Garbade, P. J. 303, 363 Garcia, G. 211, 363 Garrett, B. 194-5, 387 Geisel, M.S. 67, 390 Gerking, S.D. 324,363 Gertler, M. 340, 363 Gibbons, M.R. 303, 360 Gibson, W. E. 152, 191,209,364 Girton,L. 197,214,364 Glassman, J. E. 98,352

396 Index

Glauber, R. R. 274-6, 278-81, 377

Golden path 238, 333-4 Goldberger, A. S. 121,364 Goldfeld, S.M. 181, 184, 187,

191-3,207,209,211,331, 347,364

Goldsmith, R. 53, 112, 364 Goodhart, C. A. E. 191,364 Gould, J.P. 291,338,364 Government spending 7-8,

10-11,207 Graham, J. 78,364 Gramlich, E. M. 152, 328, 344,

364,369-70 Gramm, W. P. 176,204-5,252,

359 Grandmont, J. 44, 210, 364 Gray, M. R. 160,195,201,203,

364,381 Green, H. A. J. 38, 46,243,264,

365 Green, J. 110,365 Gregory, A. W. 196,214,365 Gregory, P.R. 248, 266, 365 Griffin, J. M. 248, 266, 365 Griliches, Z. 191,224,239,248,

258,261,292,365 Grinols, E. 240, 363 Grossman, H. I. 17,27-33,42,

45, 99, 169-70,312,336-7, 350,365

Grove, M.A. 153, 351 Grunfeld, Y. 276, 333, 365 Guilkey, D. K. 267,365 Gupta, K. L. 206, 366 Gurley, J. G. 87-8,366 Guttentag, J. M. 326,343,366

Haavelmo, T. 294-5, 366 Habit persistence, see Consump­

tion Hacche, G. 211,366 Hafer, R. W. 172, 187,211,348,

366 Hahn, F. H. 356 Haley, C. W. 340,366

Hall, R. E. 78,96-9,291-4, 296, 314, 337-8, 366

Halter, A.N. 235,366 Hamburger, M. J. 104, 119,

183-4,190,198,211,366 Hanoch, G. 219, 260, 267, 366-7 Haraf, W. S. 314, 367 Harberger, A. 373, 375 Harcourt, G. C. 227, 367 Harris, D. G. 326,367 Harris, D. J. 227,367 Harrod, R. F. 237-40,277,333,

367 Harrod-Domor model 333 Harrod neutrality 237-40 Hart, W. R. 31, 361 Hartman, R. C. 293, 338, 367 Harvey, A. C. 236,367 Havrilesky, T. M. 207,367 Hay, G. A. 309-10,341-2,342,

367 Heathfield, D. 257,367,381,386 Heckman, J. 77,367 Heien, D. M. 101, 121, 367 Hein, S. E. 187,211,366-7 Heller, H. R. 121, 172, 368 Heller, W. P. 85,368 Hendry, D. F. 68,357 Hester, D. D. 296,368 Hickman, B. G. 228,258,280,

290-1,356,368 Hicks, J. R. 35-8, 122, 159,

237-40,277-8,368 Hicks neutrality 237-40 Hildebrand, G. H. 224,229,234,

368 Hill, R. 158, 385 Hilton, K. 381,386 Hoch, I. 224, 368 Hocking, J. G. 235,366 Hodgman, D. R. 326,368 Hoffman, R. F. 231, 262, 368,

383 Hoffman, S. G. 194, 236 Holbrook, R. S. 70-1, 116,368 Holmes, J. M. 114, 368 Holt, C. A. 342, 368 Homogeneity postulate 133

Index 397

Honkapohja, S. 44, 368 Horizen

in consumption 70-1, 102, 116 in demand for money 116

Horwich, G. 355,375 Housing

aggregation problems in demand for 320, 323-4

capital gains and 319-23, 344 credit availability (rationing)

and 317,319-20,323-32, 344-6

demand for 316-32, 343-7 deprciation and 320-1, 323 disequilibrium analysis of

329-32, 345, 347 estimation problems of

318-19,322-4,327-32, 343-7

income effect on 320-1,343 inflation and 322-3 interest rate effects on 317-18,

322-7,330-2,345-6 liquid assets and 318-20 monetary policy and 325-9,

332,345 neoclassical demand for 320-2 permanent income effects on

317-19,322-3 prices and 318-19,322 rational expectations and 346 real interest rate effect on 321,

323 renting and 320-1 residual inputs and 317 supply of 316-17,329-32,

343-4, 346-7 taxes and 319-23, 328, 344-5 term structure of interest rates

and 325 Howard, D. H. 32, 86,368 Howitt, P. W. 31,205, 356, 368 Huang, D. S. 83-6,93, 104,

118-19,346,368,390 Hudson, E. A. 248, 369 Hulett, D. T. 152, 199, 364, 369 Humphrey, D. B. 246-8,369 Huzinga, J. 197-8,348

Hynes,J.E. 89,362 Hyperinflation 141-5, 188,

200-1

Implicit contract theory 32 Inflation, see Consumption,

Housing, Inventory invest­ment, Investment, Money (demand for)

Interest rates forward 122 implicit 182-3 inflation effect on 5, 41-2 liquidity preference theory of

29-30 loanable funds theory of

29-30,44 normal 184-6 on money 90-2, 182-3, 207-8 permanent 208 real 5-6,41-2, 104-5,188-9,

201 snapback in 105 see also Consumption, Housing,

Inventory investment, Investment, Money (de­mand for)

Intriligator, M. 370 Inventory investment 273,

303-16,340-3 capital stock and 306-10 cost of capital and 314 financial effects on 312-14 flexible accelerator and

307-11 income effects on 306-10 inflation and 312, 314, 340, 343 interest rate effects on 312-14 Keynesian theory of 312, 315 money balances effects on

312-14 output effects and 309-10 precautionary 304, 306-14,

340-3 pricesand 315-16 speculative 304,314-16,343 target-adjustment model of

310-11

398 Index

transactions costs and 304-6 wages and 312

Investment 269-347 accelerator (and accelerator­

multiplier) 270, 275-81, 293-5,306-14,333-4

accelerator-residual funds theory of 275-6, 378-80, 324

aggregation in 274-5,290,299 and demand for money 204,

213,300-2 capacity and 279-80, 282-3,

297-8, 306, 336-7 capital stock and 271-2,

278-9,292-3,297,332 cost of capital in 204, 272-3,

286,295,298-302,335, 338-40

credit rationing and 276,281, 339

debt-equity ratio and 279, 298-300, 302, 338-9

depreciation effects on 6, 271-2, 279, 283-6, 293-4, 298, 333, 335, 337-8

estimation problems of 279-83, 287-95, 297-8, 336

financial effects on 294-303, 333,338-9

flexible accelerator and 277, 280-95,297,335-8,342-3

income effects on 7, 274, 276-7

inflation and 302-3 in production studies 228-9,

269,271-2 interest rate effects on 7,

271-6, 279-80, 282-6, 292-7' 301-2, 332-3, 335,337-43

Keynsian theory of 269-70, 273-82, 302-3

liquidity and 280 marginal efficiency in 274-5 money balances (real) effects on

7,300-2,340,342-3

neoclassical theory of 269-73, 282-300,333-4,336-7

output effects and 290-1, 294, 298

permanent income model of 334

price of capital goods and 283-6, 294-8

prices and 271-2, 279,281, 294,296-7,308-10

production function in 271-3, 283-6, 289-92, 294-5, 300-2, 309, 335

profits and 275-6,278, 281, 283-6,293

"q" theory of 294-8, 333, 338, 340

rational expectations and 314-15,342-3

real interest rates in 7, 272-3, 301-3,312

retained earnings and 278-80, 282-3, 298-300, 302, 334, 339

sales and 278-81, 304-16, 333,341-3

taxes and 283-6, 293-4, 297-302, 338-9

term structure of interest rates and 290,292-3,299-300

vintage model of 6-7, 271-3, 332,337-8

wages and 283-6,290-1, 296-7,338

see also Housing (demand for), Inventory investment, Monetary policy

Irvine, F. 0. 314, 369 Isachsen, A. J. 210-11, 369 IS curve 4-9 IS-LM Model 4-14, 16-33,85,

105 Ito, T. 44, 368-9

Jackson, J.D. 53, 385 Jacobs, R. L. 143, 187,209, 369 Jaffee, D. M. 300,326-30,332,

344-7' 360, 364, 369-70

Index 399

Jarrett, J.P. 341, 355 Johnson, H. G. 88-9, 214, 360,

369 Johnson,L. 206,211,360 Johnston, J. 334-5, 369 Jorgenson, D. W. 230, 248,

282-96, 299-301, 314, 320, 335-6, 338-9,366, 369-70

Jump, G. V. 118, 120,370 Juster, F. T. 80, 119, 370

Kadiyala, K. R. 262, 370, 378 Kahn, R. F. 277,370 Kalchbrenner, J. H. 319-20,370 Kalt, J.P. 240, 370 Karni, E. 170-1, 176,204,371 Katz, B. G. 32,371 Katzimbris, G. M. 194, 204, 371 Kavanagh, N.J. 209, 371 Kavanaugh, D. C. 253,268,353 Kearl, J. R. 322-3, 328-9,

344-6,371 Kelejian, H. H. 331, 360 Kelly, A. K. 208, 356 Kendrick, D. 370 Kendrick, J. W. 240,371 Keran, M. W. 199,371 Kessel, R. A. 325, 371 Keynes, J. M. 22, 27, 30, 34,

48-52,72,93,98,111-15, 124-6, 129-30, 184-6, 193, 203,269-70,273-7,315,333, 371

Keynesian system 2, 19,22-3, 27,29-33,44,48,85,87, 125, 129-30, 189-90, 327

see also Consumption, Inventory investment, Investment

Khaled, M.S. 248-9, 351 Khan, M.S. 121,172,210,268, 368,371-2 Kim, E. H. 339,355 Kim, M. K. 302-3, 372 Klein, B. 152, 182, 210, 372 Klein, L. R. 72, 223-4, 228, 265,

273-5,307,333,352,372 Klein, M.A. 207,372 Klevorick, A. K. 93,353

Klovland, J. T. 67-8,211-12, 372

Kmenta, J. 258, 261, 372, 390 Kochin, L. A. 120, 372 Kohli, U. R. 139, 372 Kotowitz, Y. 261, 372 Kouri, P. J. K. 268,372 Koyck, L. M. 62-7, 83-4, 98,

103,180,191-2,270,282, 290,335,372

Kreinin, M. E. 72, 372 Kuh, E. 274, 278-9, 377 Kuipers, S. K. 44, 263, 373 Kumar, T. K. 261,349 Kurihara, K. 378 Kurz, M. 300, 358 Kuznets, S. 53, 112, 373 Kyn, 0. 373

Labour demand for 14-15,228-9,250 in production function 14 market 15-16, 31 supply of 15, 258

Ladenson,M.L. 151,202,373 Laidler, D. 45,181-2,187,199,

203,207,209,211,344,373 Landsberger, M. 71-2, 373 Lange, 0. 251, 373 Lau, L. J. 264, 373 Laufenberg, D. E. 332,373 Laumas, G. S. 190,194,211-12,

373-4 Laumas,P.S. 114,212,374,382 Lee, T. H. 149, 344, 374 Leijonhufvud, A. 31, 34-5, 40,

43,99,129-30,276,312,374 Leimer, D. R. 95,374 Leisure 90-2 Lerner, E. M. 339,374 Lesnoy, S.D. 95,374 Lessard, D. R. 371 Levi, M.D. 342-3, 374 Levin, J. H. 198, 374 Lewis, M. K. 159,211,349 Lieberman, C. 80, 176-7,

206-7,314,363,374

400 Index

Lintner, J. 299-300,302,339, 375

Liquidity 45, 124, 127-8, 153-4, 161

see also Consumption, Money (demand for, definition of)

Liquidity trap, see Money (demand for)

Liu,T. 224,229,234,368 Liviatan, N. 70, 72, 372, 375 Lloyd, C. 199-200, 375 Lluch, C. 140, 358 LM curve 9-14, 198 Lorie, H. R. 44, 375 Lothian, J. R. 208, 363 Loucks,M.K. 341,355 Lovell, C. A. K. 235-7,261-3,

267,365,375 Lovell, M. C. 307-10,312-14,

341-2,357,375 Lu, Y. 262,375 Lucas, R. E., Jr. 259-60,336,

342,376

McAleer, M. 139, 196,200, 209, 214,362,365

McCabe, G. M. 300, 376 Maccini,L.J. 311-12,376 McDonald, I. M. 42, 376 McDonald, J. 205,252-3,359 McElroy, M. B. 80,376 McFadden, D. 255, 259, 376, 363 Mackay, R. J. 99,376 McKenzie, J. A. 323,353 McMahon, P. C. 79,385 Maddala, G. S. 347,376 Magnus,J.R. 267,376 Maisel, S. J. 343-4, 376 Makepeace, G. H. 263-4, 376 Makinen, G. E. 198, 353 Malcomson, J. M. 261,376 Malkiel, B. G. 121, 293, 298,

376,389 Marcus, A. 197-8,348 Marschak, J. 224, 377 Marshallian adjustment 18 Marwah, K. 207,377 May, J.D. 239,377

Mayer, T. 66, 115-17, 179, 189, 207,353,377

Mayshar,J. 204,377 Mean-variance model

of consumption 106-11, 122 of demand for money 124,

145-9,151-9, 168-9,199, 201

Mehra, Y. P. 187-8, 190, 194, 211, 374, 377

Meiselman, D. 122, 159, 199, 200,357-8,363,377

Melander, H. 228-9, 239, 258, 351

Melitz, J. 210, 377 Meltzer, A. H. 141, 164-6, 190,

199,209,327,342,346,354, 377

Meltzer, L.A. 88-9,306-7,312, 377

Meyer, J. R. 274-6, 278-81, 377' Meyer, L. H. 87, 105,211,377 Meyer, P. A. 176,206-7,213,

377 Meyer, R. A. 262,378 Milbourne, R. D. 204,348 Miles, M.A. 214, 378 Miller, J. 212, 382 Miller, M. H. 166-8, 204, 295,

298-300,305-6,339,360,379 Miller, S.M. 194, 204, 371 Mills, T. C. 185-6, 378 Minhas, B.S. 225,227-30,240,

260,349 Mirer, T. W. 78, 95,378 Mishkin, F. S. 86, 93, 328-9,

346,353,371,378 Mizon, G. E. 261,378 Modigliani, F. 73-6,79,87, 100,

103, 114-15, 117-18,295, 298-300,326-7,339,342, 345-6,349,368-9,371,379

Mohabbat, K. A. 117, 379 Monetarism 2, 130, 132, 140-5,

186-7' 189-90 see Money (demand for,

definition of) Monetary base 93, 190, 196, 207

Index 401

Monetary indicator 199 Monetary policy 10-11

and consumption 86-9, 96-100, 105

and demand for Money 123, 127,191-2, 195-6

and housing 325-9,332, 345 and interest rates 41 and investment 276, 297,

312-14,342 Money

as net wealth broad 120,131,155,182,

190-1,194,211 currency 94, 120, 126, 131,

152,173-4, 190, 195 deposits 131 high-powered 7, 9-11, 13, 90,

93-4 in production function 173,

205-6, 249-55 inside 87-92, 94-5, 120,

126-7 multiplier 188, 199 narrow 9, 93, 131, 182, 190-1,

194,198,201,211-12 neutrality of 87-95 outside 87-92, 94-5, 120,

126-7 quantity theory of 29-30,

132-5,140-1,164-6, 199-200, 203-4

substitutes (and complements) for 127, 130-2, 140-1, 145-52, 158-9, 173, 189, 195,201-2

supply of 152, 209-10 velocity of 12, 144-5, 161,

178-9,268 see also Equation of exchange,

Monetarism, Money (demand for)

Money, definition of 120, 124-32

medium of exchange function and 126-8, 159

store of value function and 126-8

unit of account function and 126

see also Money (demand for) Money demand for 9, 32-3,

123-214 adjustment effects in 33,

142-5, 179-81, 190-3,204, 206-7' 211' 213

aggregation of 162-4, 190-6 asset theory of 124-8, 140-1,

145-59,207 business firms and 42, 131,

164-8, 173-5, 184, 193-5, 204,211,213-14

causation in 187-8, 208-9 economics of scale in 161-2,

166-8,177,181,194,302 exchange rates and 196-8,

214 finance motive for 193, 213-14 horizon in 116 income effect on 9, 33, 124-5,

132-40, 151, 158, 163-4, 168-81, 190, 192-4, 198, 200,203-7,209,214

inflation effect on 138-45, 150-1,169-70,173-4, 188-9, 197-8,200-1, 210-12

interest rate effects on 9, 33, 90-2, 124-5, 127-8, 130-2, 135-42, 145-77, 179-86, 188-90, 192-8, 201,203-14,300-2

inventory-theoretic model of 159-72, 181,203-5,251-2

investment and 300-2 Keynesian 135, 141, 153, 179,

184-6, 189-90, 203-4 liquid asset effects on 189 liquidity trap in 22, 27,

112-13, 184-6,208 mean-variance model of 124,

145-9, 151-9,168-9, 199, 201-4,211-12

monetarist models of 140-5, 186-90, 200-1, 203-4

money balances (real) effect on

402 Index

9, 90-2, 135-44, 189, 205-7, 300-2

neoclassical theory of 132-40 open economy and 196-8, 214 permanent income effect on

125, 139-42, 176, 178-81, 190-1, 200, 203, 206-7

population effects on 187, 208-9

precautionary 126, 195, 203 price level effects on 186-7 productivity of 249-51,267-8 rational expectations and 140,

143-5, 197 relative price effects on

169-70 simultaneous equations

approaches 145-52, 189, 195,201,209-10

speculative 126, 153, 184-6, 203,208

stability of 185-6, 189-90, 194-5,211-13

storage costs and 175-6, 205 taxes and 176 term structure and 128, 152-8,

171-2, 182-4 transactions cost theories of

90-2, 124-5, 150, 159-77, 181, 194-5,204-7,213, 250-5, 267-8

wage rate effects on 170-1, 173,176,204-6,268

wealth effects on 90-2, 125, 138-42, 145-52, 158, 181, 194, 199-200, 203, 205-7

see also Equation of exchange, Money

Money illusion 92-4, 105, 119-20,258

Monte Carlo experiments 44 Moore, B. J. 187,379 Morgan, I. 300, 379 Morgan, J. 387 Morishima, M. 364 Morley, S. A. 77,379 Moroney, J. R. 150,246-8,260,

369,379

Mossin, J. 302, 339, 379 Motley, B. 77, 138-40,300,320,

336,379 Muellbauer, J. 44,379 Mukerji, V. 259, 379 Mullineaux, D. 190, 379 Mundell, R. A. 250, 379 Mundlak, Y. 255, 258, 363, 379 Munnell, A. H. 95,379 Murphy, N. B. 207,372 Musgrove, P. 52, 71,114,379 Muth,J.F. 315,342,368,379 Muth, R. F. 318, 322, 324, 345,

380

Nadiri, M.l. 45,291-2,337-8, 359,380

Nagatani, K. 122, 202, 380 Nelson, C. R. 302-3, 380 Nelson, F. D. 347,376 Neoclassical Economic System

19, 22, 27,29-30,87-9, 132-140

see also Patin kin, D., Housing, Investment, Money (demand for), Production functions

Neoclassical growth models 221 Neri, J. A. 176, 206-7, 213, 377 Net wealth theory 87-92, 176 Nickell, S. J. 294-5, 380 Niehans, J. 124, 159, 175-6,380 Nissanke, M. K. 32, 380 No bay, A. R. 360 NOW accounts 129,208,212-13

O'Brien, J. M. 201,380 Offenbacher, E. K. 129, 152,

195,350,380 Oguchi, N. 52, 357 Open economy 8-9, 12-14,

196-8 Orr, D. 166-8, 204, 213, 305-6,

378,380 Ostas, J. R. 332, 380 Ott, A. F. 111,113,237,306-7,

319-20, 325, 343-4, 380

Ott,D.J. 111,113,237,306-7, 319-20,325,343-5,380

Pagan, A. 212, 380 Pak, S. 211, 363 Paraskevopoulos, C. C. 260, 380 Park,S. 113,381 Parkan, C. 219, 358 Parkin, M. 45, 160, 195, 201,

203,209,364,373,381 Parsons, L. J. 113,381 Patinkin,D. 2,17,37-8,42-5,

87-9, 92-3, 119, 207' 267, 381

basic model 19-27,132-8 Paulus, J. 206, 211, 360 Pearce, D. K. 199, 201, 209, 360 Pearce,I.F. 251,363 Permanent income hypothesis, see

Consumption Pesando, J. E. 104-5,381 Pesek, B. P. 43, 50,87-90, 119,

120,126-7,176,381 Phelps, E. S. 237-8, 333-4, 381 Phillips curve 15 Phlips, L. 200, 381 Pifer, H. W. 184-6, 208-9, 381 Pigou, A. C. 51, 88-9, 381 Pilon, T. L. 113, 381 Pindyck, R. S. 267,381 Pissarides, C. A. 84-5, 381 Poindexter, J. C. 80,376 Policano, A. J. 169-70, 365, 381 Polinsky, A.M. 322,324,381 Poloz, S. S. 212, 382 Population

and demand for money 187, 208-9

deflation by 39-41, 46-7 effects of, on consumption 51

Portes, R. 44, 379 Portfolio effects

on consumption 85-6 see also Money (demand for,

mean variance model of) Prais, Z. 268, 382 Prescott, E. C. 211-12,312-13,

356,375

Index 403

Price, L. D. D. 194, 382 Prices

permanent 142-3, 210 relative 66, 93-4, 121, 129 rigidity of 22, 27, 28, 31-3, 44,

98 see also Housing, Inventory

investment, Investment, Money (demand for)

Primont, D. 266, 352 Production functions 14, 16,

215-68 adjustment effects in 228-9,

261 aggregation of 216-7, 219,

227,229,236-7,240-5, 248,263-6

and demand for Money 173, 205-6, 249-55

and investment functions 228-9,271-3,283-6

Cobb-Douglas (CD) 218-31, 235-9, 244-6, 248, 253-4, 256-8, 260-4, 266, 268, 271-2,274,286,289-92, 301

cost function of 222-3, 248-9, 254-5, 256, 259-60, 264, 266-7

constant elasticity of substitution (CES), 224-31, 233-40, 244-5,247-8,253,257-63, 265,289,335

constant marginal share (CMS) 235

CRESH 260,267 distribution of income and 216,

222, 224-7' 230-1' 233-4, 236-9,247,255-6,258, 262,266-7

economics of scale of 221-5, 229,232,257,261,290-2

elasticity of substitution in 219-22, 225-38, 247-9, 255,259-63,289,291-2, 294

estimation problems of 219, 223-5,227-32,234-7,

404 Index

241-2,247-9,253-5, 257-60,263

fixed coefficients 226 generalized Leontief 249,261,

267-8 generalized quadratic 261-2 money in 249-55,267-8 neoclassical theory of 218,

226-7,232,246,261-2 reswitching in 227 technological change in

219-21, 223-5, 228-30, 237-40,253,257-9,268

translog (TL) 227,239-40, 245-9, 253-5, 266-7

variable elasticity of substitution (YES) 227,231-7,239, 245,261-3

weak separability and 240-6, 264-5,267

Propensity to consume, see Con­sumption

Purvis, D. D. 201, 382 Putnam, B. H. 214, 348

"q" theory, see Investment Quandt, R. E. 43,331,347,364,

382 Quantity theory of money, see

Money

Raj, B. 258, 382 Ramsey, J. B. 236,268,382 Random walk 97-8 Rational distributed lags 288-9 Rational expectations

and consumption 51, 62, 94, 96-100

and demand for money 140, 143-5, 197

and housing demand 346 and investment 298,314-15,

342-3 and labour supply 31 and Phillips curve 15

Rausser, G. C. 212, 382 Reaction function 100

Real balance effect 22 see Bonds, Consumption, In­

vestment, Money (demand for)

Regulation Q 190 Regulation T 299 Reid, M.G. 72,382 Reimer, R. R. 208,386 Relative Income Hypothesis, see

Consumption Representative economic agent

41, 102-3, 106-7 Residual funds theory, see Housing

(credit availability), Invest­ment (accelerator-residual funds theory of)

Revankar, N. S. 231-4,236,382 Richard, J. F. 258, 390 Ringstad, V. 239, 261, 365, 382 Risk aversion, definitions of 202 Risk premium (on interest rates)

103, 122 Rodriguez, C. 201, 362 Roenfeldt, R. L. 302, 356 Roistacher, E. A. 322, 382 Roper, D. 197,214,364 Rosen, H. S. 323, 344, 382 Rosen, K. T. 322-3, 328, 344,

346-7,369,371,382 Rosen, S. 45, 338, 380 Rosenbluth, G. 219,349 Rosett, R. 389 Rossana,R.J. 311-12,376 Rothschild, M. 219, 367 Rotterdam demand system 195 Rowan, D. C. 212,382 Rowley, J. C. R. 40,306,

315-16,340-1,382 Rozek, R. 205-6, 359 Rubin, L. S. 314, 382 Russell, R. R. 266, 352 Russell, T. 72, 345, 369, 383

Saint-Pierre, J. 300, 379 Saito, M. 200, 383 Salemi, M. K. 144, 383 Samuelson, P. A. 25, 27, 36, 46,

201,267,277,355,375,383

Index 405

Santomero, A.M. 160, 180-1, 183,203,350,383

Sargen, N. P. 214, 383 Sargent, T. J. 99, 144,201,259,

383 Sato, K. 247,260,263,383 Sato, R. 230-1,236,240,262,

371,383 Saving, T. R. 43, 50, 87-92, 119,

126-7, 159, 172-6,204-6, 252-3, 381, 384

Saving function, see Consumption Say's Law 88, 133 Scadding, J. L. 208,384 Schaafsma, J. 261, 384 Schall, L. D. 340, 366 Schmalensee, R. 113, 384 Scholes, M.S. 300, 352 Schultz, R. L. 113, 381 Schumpeter, J. A. 275,384 Schwartz, A. J. 88-90, 93, 130,

199,210, 363 Schwert, G. W. 303,380 Schydlowsky, D. M. 230,384 Scott, I. 0. 326, 384 Sealey, C. W. 347,384 Seater, J. J. 65, 180-1, 183,

383-4 Serial correlation

in consumption function 50, 67-8

in demand for money 152, 191, 211-12

in housing models 331 in investment 292, 297

Shapiro, A. A. 192, 210, 384 Shapiro, H. T. 189-90,356 Shapiro, I. A. 72, 384 Sharpe, W.F. 302,339,384 Shell, K. 384 Shaw, E. S. 87-8,366 Short, B. K. 201, 384 Short, E. D. 253-4, 385 Siebert, C. D. 293, 334, 352, 370 Siebrand, J. C. 45, 353 Simon, H. A. 342, 368 Simon, J. L. 116,385 Simos, E. 0. 117,379

Sinai, A. 253, 385 Singh, B. 258,388 Slovin, M. B. 158, 190, 385 Smith, B. A. 322, 324, 343, 385 Smith, G. 201,385 Smith, L. B. 212, 346, 385 Smith, P. 213, 385 Smith, V. K. 254-5, 357 Smith, V. L. 339, 385 Smyth,D.J. 53,79,280-1,385 Social Security, see Consumption Solow, R. M. 225,227-30,

237-40,258-60,349,385 Solow neytrality 237-40 Sparks, G. R. 346,385 Spencer, B. G. 121, 357 Spies, R. R. 300, 386 Spindt, P. A. 129, 152, 350 Spiro, A. 79,386 Spitzer, J. J. 152, 186,209,386 Sprenkle, C. M. 213, 386 Srba, F. 68, 357 Stability 17-18 Stafford, F. P. 77, 116,368,386 Starleaf, D. R. 191,208, 358, 386 Starr, R. M. 85,368 Startz, R. 208,212-13,363,386 Stephenson, J. A. 283, 370 Sterilization 13 Stiglitz, J. E. 106-11, 122,299,

339,386 Stock-flow problems 9-13, 173,

175-6, 179-81,205-6, 281-22,286

Stokes, H. H. 253,385 Strotz, R. H. 273, 338, 359 Strumpel, B. 387 Summers, L. H. 298,386 Supernumerary

income 52 consumption 101, 121

Supply-side economics 14-16, 294,298

Surrey, M. J. C. 46, 386 Sushka, M. E. 158, 190, 385 Sveikauskas, L. 260, 386 Swamy,P.A.V.B. 149,360 Swan, C. 322, 328, 371

406 Index

Syring, E. 209-10, 386 Syrquin, M. 230, 384

Taggart, R. A. 300, 386 Tanner,J.E. 119,120,387 Tax effects, see Consumption

(fiscal policy effect on), Money (demand for), Housing, Investment

Taylor, L. D. 80, 113, 119, 370, 387

Technological change, see Production functions, Invest­ment

Teigen, R. L. 152, 209-10, 387 Term structure of interest rates,

see Consumption, Investment, Money (demand for)

Term to maturity 45, 128 Thomas, J. J. 191, 387 Thorn, R. S. 361 Thurlow, L. C. 77, 387 Thurston, T. B. 65, 387 Time preference 77, 102,205,

320 Tinbergen, J. 280, 387 Tinsley, P. A. 194-5, 387 Tobin, J. 27, 43, 113, 124, 151,

160-3, 181, 194,204,295-8, 320,329,340,353,355,358, 368,387

Tower, E. 214, 387 Town end, J. C. 151, 202, 388 Translog cost function 248-9,

254-5 Translog models, see Money

(demand for), Production functions

Treadway, A. B. 336,338,388 Trivedi, P. K. 40,306,315-16,

340-1,382,388 Tsurumi, H. 261,388 Tucker,D.P. 17,28-9,43-4,

325,388 Turnovsky, S. J. 251, 388

Ueda, K. 347,369 Ullah, A. 258, 388

Ungar, M. 194, 388 Uzawa, H. 247, 259, 262, 388

Valentine, T. J. 209-10,212,388 Van Daal, J. 94,388 Van Horne, J. C. 302,388 Varaiya, P. 320, 349 Varian, H. R. 44, 388 Vaughn, G. A. 322, 324, 388 Velocity, see Money (velocity of) Vickers, D. 251,339,389 Villanueva, D.P. 201, 384 Vinod, H. D. 258, 382 Vogel, R. C. 201, 389 Von Furstenberg, G. M. 121,

297-8, 376, 389

Wachtel, P. 303, 363, 370 Wagener, H. J. 373 Wallace, N. 144,201, 259, 383 Wallis, K. F. 68,257,389 Walrasian adjustment 18, 27,

42-4 Walras's Law 11-12, 20, 22-3,

27-8,44, 130, 133-8 Walters, A. A. 209, 256, 264,

371,389 Warner,J.C. 283,389 Watson, H. S. 298, 376 Watts, H. 77, 389 Waverman, L. 267,357 Wealth effects, see Consumption,

Money (demand for) Weber, W. E. 99, 102-3, 111,

121,376,389 Wehrs, W.E. 309-10,355 Weinrobe, M.D. 203, 389 Weintraub, E. R. 45, 389 Weiserbs, D. 113, 387 Welch, F. 248, 389 Whalen, E. L. 203, 389 White, B. B. 78, 389 White, W. H. 184, 189,389 White, W. L. 300, 389 Wilbratte, B. J. 150, 194,390 Wilkinson, R. K. 322, 390 Wilpstra, B.S. 44, 373 Winder,J. W.L. 212,385

Winger, A. 322,390 Witte, J. G. 294,390 Wong,C. 210,390 Wood, D. 0. 248,267,351 Woodland, A. D. 266, 390 Wright, C. 102,117,390 Wu, S. 205-6, 359

Yaari, M. E. 101, 390 Yatchew, A. 104-5,381 Yawitz, J. B. 105, 377 Yeo, S. 68,357 Yield curve 108, 122

see also Term structure of inter­est rates

Index 407

Yoo, J. H. 111, 113,237,306-7, 319-20, 325, 343-4, 380

Yoshikawa, H. 296,390 You, J. S. 268,390

Zahn, E. 387 Zahn, F. 332, 380 Zarembka, P. 229-30, 236,

260-1,268,358,382,390 Zellner, A. 67,83-6,93, 104,

118-19, 258, 390 Zilberfarb, B. 194, 388 Zwick, B. 105, 121, 390