Two Types of Monetarism
Abstract
The 1970s witnessed the rise of two fashionable macroeconomic schools of thought--monetarism
and the so-called "new classical" macroeconomics, the latter usually closely identified
with one of the fundamental components, the rational expectations hypothesis. Both
schools traice their acnestory to older economic doctrines, but it is just in the
last decade that they have moved into the mainstream of post-war macroeconomics.
Type
Journal articleSubject
moneterismPermalink
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Kevin Douglas Hoover
Professor of Economics
Professor Hoover's research interests include macroeconomics, monetary economics,
the history of economics, and the philosophy and methodology of empirical economics.
His recent work in economics has focused on the application of causal search methodologies
for structural vector autoregression, the history of microfoundational programs in
macroeconomics, and Roy Harrod's early work on dynamic macroeconomics. In philosophy,
he has concentrated on issues related to causality, especially in economi
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