Lonely planet top 10 destinations

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The quantity theory has regained support recently largely as a result of the work of m. friedman at the University of Chicago. Friedman showed that, on the basis of an analysis of the demand for money by an individual consumer, the overall velocity of circulation, V, would be determined as an endogenous variable by, amongst other things, the level of interest rates and the value of wealth in real terms. Although the value of V might vary, this variation is not capricious or random but can be accounted for and predicted within an economic model. Moreover, in the longer term the value of V, at least in the U.S., could be shown to be fairly stable. He concluded that monetary policy can have an effective role. As a result of these refinements, it can be said that the theories of the demand for money based on a quantity-theory-of-money approach do not differ a great deal from the theories based on the Keynesian framework. The relative emphasis on the practical importance of the money supply and the nature of policy recommendations still differs significantly between the two approaches, however. The controversy has considerable practical importance and the greater emphasis placed on monetary policy by policy-makers over the past decade has probably been the result of the influence of the money supply school.

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