All of the major orthodox approaches to macroeconomics presume that money is neutral at least in the long run, although it might not be neutral in the short run. On the other hand, most heterodox approaches argue that money cannot be neutral. Compare and contrast these approaches to monetary neutrality. Be sure to include a discussion of the positions taken by the following schools of thought: New Classical, Real Business Cycle, New Keynesian, Post Keynesian, and Institutionalist.
All of the major orthodox approaches to macroeconomics presume that money is neutral at least in the long run, although it might not be neutral in the short run. On the other hand, most heterodox approaches argue that money cannot be neutral. Compare and contrast these approaches to monetary neutrality. Be sure to include a discussion of the positions taken by the following schools of thought: New Classical, Real Business Cycle, New Keynesian, Post Keynesian, and Institutionalist.
Chapter1: Making Economics Decisions
Section: Chapter Questions
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All of the major orthodox approaches to
long run, although it might not be neutral in the short run. On the other hand, most heterodox
approaches argue that money cannot be neutral. Compare and contrast these approaches to monetary
neutrality. Be sure to include a discussion of the positions taken by the following schools of thought:
New Classical, Real Business Cycle, New Keynesian, Post Keynesian, and Institutionalist.
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