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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 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. By definition, therefore: = +.
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 ...
M-C (an act of purchase: a sum of money purchases a commodity, or "money is changed into a commodity") [17] C-M (an act of sale: a commodity is sold for money) [18] M-M' (a sum of money is lent out at interest to obtain more money, or, one currency or financial claim is traded for another; "money begets money") [19]
In some economics textbooks, the supply-demand equilibrium in the markets for money and reserves is represented by a simple so-called money multiplier relationship between the monetary base of the central bank and the resulting money supply including commercial bank deposits. This is a short-hand simplification which disregards several other ...
The hemline index is a theory that suggests that skirt length (hemlines) rise or fall along with stock prices. The most common version of the theory is that skirt lengths get shorter in good economic times (1920s, 1960s) [1] and longer in bad, such as after the 1929 Wall Street crash. However, the reverse has also been proposed with longer ...
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 ...
Download as PDF; Printable version; In other projects ... article list of economics ... reserve banking – Free good – Free-rider problem – Free trade ...
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