Inside the Monetarist Black Box: Comment
评论Stein的货币主义模型，指出其未能充分推导动态含义，导致错误认为财政政策对名义收入增长有永久正效应，实际仅在特殊情况下成立。
is asserted to be reducible to the question of whether a key reduced-form coefficient P5 iS positive or not. I argue that Stein has failed to work out fully the dynamic implications of his model. It has led him to the incorrect proposition that a positive P5 coefficient implies a permanent positive effect of fiscal policy on the equilibrium rate of growth of nominal income. This comment shows that the correct conclusion is that fiscal policy will, with the exception of a very special case where Stein's result holds, produce over the long run a rate of growth of nominal income that either attains an equilibrium value equal to the rate of growth of the