tailieunhanh - MONEY, MACROECONOMICS AND KEYNES phần 2

số nhân cơ sở / tiền gửi ngân hàng cung cấp một cách đơn giản và ngắn gọn về giải thích sự phát triển lịch sử. Tuy nhiên, thuyết trọng tiền khác cảm thấy hoàn toàn hài lòng với VL i v mô hình M VH. Vì vậy, trong khi niềm tin của tôi là thuyết trọng tiền hơn chấp nhận, và giảng dạy, H vm vi mô hình, và như bạn tiến bộ thông qua Keynes để các phe phái khác nhau sau Keynes, một tỷ lệ ngày càng lớn hơn từ chối H vm vi (với nhiều người. | C. GOODHART base bank deposit multiplier provided a simple and concise way of explaining historical developments. Yet other Monetarists feel perfectly happy with the i vL v M vH model. So while my belief is that more Monetarists accept and teach the H vM vi model and that as you progress through Keynesian to various factions of post-Keynesians an increasingly larger proportion reject HvMvi with many accepting i vL vMvH it is hard to argue that the issue is primarily ideological. So what has caused academic monetary theory to be out-of-step with reality for so long One view of the failings of economics is that it is too abstruse and mathematical. I believe that to be wrong. In financial economics finance complex maths . the Black Scholes formula and the pricing of derivatives goes most successfully hand-in-hand with practical and empirical work. My own criticism instead is that large parts of macroeconomics are insufficiently empirical assumptions are not tested against the facts. Otherwise how could economists have gone on believing that central banks set H not i 9 Insofar as the relevant empirical underpinnings of macroeconomics are ignored undervalued or relatively costly to study it leaves theory too much in the grasp of fashion with mathematical elegance and intellectual cleverness being prized above practical relevance. In the particular branch of monetary theory described here that had remained the case for decades at least until recently when matters have been greatly improving. 5. Summary and conclusions 1 In their analysis most economists have assumed that central banks exogenously set the high-powered monetary base so that short-term interest rates are endogenously set in the money market. 2 Victoria Chick is one of the few economists to emphasise that the above analysis is wrong. Central banks set short-term interest rates according to some reaction function and the monetary base H is an endogenous variable. 3 This latter has been better understood in