Monetary Policy in Australia: The Conflict between Short-Term and Medium-Term Objectives

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Even though theorists acquiesce to the liquidity effect as a theoietical proposition, it is often challenged on efficacy grounds. It is argued that changes in the money stock do not leave all other things unchanged. Monetarists, such as Friedman (1968) assert that the liquidity effect is, at best, only temporary; the ultimate effect of more rapid money growth is higher inflation (or, mom-c impo...

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ژورنال

عنوان ژورنال: The Australian Economic Review

سال: 1991

ISSN: 0004-9018,1467-8462

DOI: 10.1111/j.1467-8462.1991.tb00386.x