This book provides a collection of essays by leading economists in honour of David Laidler's contributions to the field of macroeconomics, with important essays on central banking, monetary policy implementation, inflation targeting, monetary theory, monetary framework debates, and the mathematical theory of banking.

This book reconsiders the role of the Phillips curve in macroeconomic analysis in the first twenty years following the famous work by A. W. H. Phillips, after whom it is named. It argues that the story conventionally told is entirely misleading. In that story, Phillips made a great breakthrough but his work led to a view that inflationary policy could be used systematically to maintain low unemployment, and that it was only after the work of Milton Friedman and Edmund Phelps about a decade after Phillips' that this view was rejected. On the contrary, a detailed analysis of the literature of the times shows that the idea of a negative relation between wage change and unemployment - supposedly Phillips' discovery - was commonplace in the 1950s, as were the arguments attributed to Friedman and Phelps by the conventional story. And, perhaps most importantly, there is scarcely any sign of the idea of the inflation-unemployment tradeoff promoting inflationary policy, either in the theoretical literature or in actual policymaking. The book demonstrates and identifies a number of main strands of the actual thinking of the 1950s, 1960s, and 1970s on the question of the determination of inflation and its relation to other variables. The result is not only a rejection of the Phillips curve story as it has been told, and a reassessment of the understanding of the economists of those years of macroeconomics, but also the construction of an alternative, and historically more authentic account, of the economic theory of those times. A notable outcome is that the economic theory of the time was not nearly so naïve as it has been portrayed.

Who is David Laidler David Ernest William Laidler is an English/Canadian economist who has been one of the foremost scholars of monetarism. He published major economics journal articles on the topic in the late 1960s and early 1970s. His book, The Demand for Money, was published in four editions from 1969 through 1993, initially setting forth the stability of the relationship between income and the demand for money and later taking into consideration the effects of legal, technological, and institutional changes on the demand for money. The book has been translated into French, Spanish, Italian, Japanese, and Chinese. How you will benefit (I) Insights about the following: Chapter 1: David Laidler Chapter 2: Keynesian economics Chapter 3: Macroeconomics Chapter 4: Monetarism Chapter 5: Post-Keynesian economics Chapter 6: Monetary economics Chapter 7: Quantity theory of money Chapter 8: Neutrality of money Chapter 9: Demand for money Chapter 10: Karl Brunner (economist) Chapter 11: Phillip D. Cagan Chapter 12: Neoclassical synthesis Chapter 13: New classical macroeconomics Chapter 14: Paul Davidson (economist) Chapter 15: David Landes Chapter 16: Frank Hahn Chapter 17: History of macroeconomic thought Chapter 18: Robert W. Clower Chapter 19: New neoclassical synthesis Chapter 20: Apostolos Serletis Chapter 21: Thomas M. Humphrey Who this book is for Professionals, undergraduate and graduate students, enthusiasts, hobbyists, and those who want to go beyond basic knowledge or information about David Laidler.

Here is a clear and thoughtful introduction to the current literature of monetary economics and macroeconomics. The book's central theme is a view of the macroeconomy in which recession and inflation are to be interpreted as the result of the economy adjusting to a discrepancy between the quantity of money supplied and the quantity of money demanded, with the latter quantity being determined by a stable aggregate demand function. The author discusses in turn the place of monetarism in macroeconomics, its implications for the interpretation of the short-run demand for money function, its relationship to equilibrium business cycle theory, the disequilibrium transmission mechanism that underlies the monetarist viewpoint, and finally its implications for the policy of âeoegradualism.âe He synthesizes a large body of theoretical and empirical literature, and his empirical observations are broadly based on the experiences of England and Australia as well as Canada and the United States. Each chapter can be read apart from the others, and Laidler has taken particular care to keep the technical level of exposition low without sacrificing much in the way of theoretical sophistication.

This volume provides a critical evaluation of Anna J. Schwartz's work and probes various facets of the immense contribution of her scholarship—How well has it stood the test of time? What critiques have been leveled against it? How has monetary research developed over the years, and how has her influence been manifested? Bordo has collected five conference papers presented by leading monetary scholars, discussants' comments, and closing remarks by Milton Friedman and Karl Brunner. Each of these insightful surveys extends Schwartz's work and makes its own contribution to the fields of monetary history, theory, and policy. The volume also contains a foreword by Martin Feldstein and a selected bibliography of publications by Anna Schwartz.

Harry Johnson (1923–1977) was such a striking figure in economics that Nobel Laureate James Tobin designated the third quarter of the twentieth century as 'the age of Johnson'. Johnson played a leading role in the development and extension of the Heckscher-Ohlin model of international trade. Within monetary economics he was also a seminal figure who identified and explained the links between the ideas of the major post-war innovators. His discussion of the issues that would benefit from further work set the profession's agenda for a generation. This book chronicles his intellectual development and his contributions to economics, economic education and the discussion of economic policy.