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RIP, Gary Becker.
Toggle Commented May 7, 2014 on Sabbatical Notice at The Becker-Posner Blog
1 reply
Roger, I don't think monetarism hold that consumers are "irrationally" holding on to cash. They think that nominal prices for labor are "sticky" downward. Propensity to consume can remain the same and the recession still fixed by reducing unemployment & output through reduction of real (but not nominal) wages.
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Aug 21, 2013