Money and Trade
Provides an analysis of the contents of ‘Money and Trade’ including emphasis on the money‐in‐advance requirement, the circular flow of income, the further analysis of inflation in a money supply and money demand framework, and the formulation of the law of one price for a small open economy—Law's weak point on the balance of payments.
Keywords: balance of payments, circular flow of income, demand for money, inflation, law of one price, money supply, money‐in‐advance
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