Sample Essay

Abstract

This report looks at the relationship between money supply and nominal income. It presents Friedman’s argument that changes in money supply affects nominal income in the short run however, there is no affect in the long run. These relationships are shown through the ‘Expectations Augmented Philips Curve’ and Friedman’s restatement of the Quantity Theory of Money.

Outline

  • Classical Economists’ views about employment and money
  • Keynesian Economists’ views about employment and money
  • Friedman’s restatement of Fisher’s Quantity Theory of Money
  • Original Philips Curve and its application to US data from 1961-1969
  • Friedman’s Expectation Augmented Philips Curve
  • Analysis and Implications of Expectation Augmented Philips Curve
  • Critic of Expectation Augmented Philips Curve

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