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The result of this was the article in the American Economic Review and what has later been known as the M&M theorem. Miller and Modigliani published a number of follow-up papers discussing some of these issues. The theorem was first proposed by F. Modigliani and M. Miller in 1958.
The metric size is larger than the imperial size. For example, both 1 ⁄ 2 inch and 15 millimetres (0.59 in) copper pipe is actually the same pipe which has a nominal internal diameter of 1 ⁄ 2 an inch and a nominal external diameter of 15 millimetres [6] (diameter is always internal in the imperial measurement system and always external in ...
The money multiplier is normally presented in the context of some simple accounting identities: [1] [2] Usually, the money supply (M) is defined as consisting of two components: (physical) currency (C) and deposit accounts (D) held by the general public.
Miller was born in Boston, Massachusetts to Jewish parents Sylvia and Joel Miller, [1] [2] a housewife and attorney. He attended Harvard University as an undergraduate student. He worked during World War II as an economist in the division of tax research of the Treasury Department, and received a Ph.D. in economics from Johns Hopkins University ...
In mainstream economics, monetary policy (i.e., Central Bank adjustment of interest rates and its balance sheet) is the primary mechanism, assuming there is some interest rate low enough to achieve full employment. Kelton said that "cutting interest rates is ineffective in a slump" because businesses, expecting weak profits and few customers ...
d = s t. for s = 5 m/s, where t and d may be expressed in any units, converted if necessary. In contrast, a corresponding numerical-value equation would be: D = 5 T. where T is the numeric value of t when expressed in seconds and D is the numeric value of d when expressed in metres. Generally, the use of numerical-value equations is discouraged ...
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Under the standard assumption of neoclassical economics that goods and services are continuously divisible, the marginal rates of substitution will be the same regardless of the direction of exchange, and will correspond to the slope of an indifference curve (more precisely, to the slope multiplied by −1) passing through the consumption bundle in question, at that point: mathematically, it ...