Unemployment, Inflation, and Monetarism- A Further Analysis: Comment
评论了Van Order对Stein模型的简化，纠正其分析中的错误，并将其结果与Stein后续工作联系起来，探讨这些论文对宏观经济政策机制和有效性争论的贡献。
In a recent paper in this Review, Robert Van Order proposes an interesting simplification of the important model of Jerome Stein (1974). The purpose of this comment is to correct some errors in Van Order's analysis, to relate his results to Stein's later work (1976b,c), and to analyze the role of these papers in the current debate over the mechanisms and effectiveness of macroeconomic policy. For the convenience of the reader and to simplify the necessary references to Van Order's paper, his equations through (7') and relevant notation are reproduced: g, g*: actual and expected rates of inflation y: real output f: indicator of fiscal policy M, m: nominal and real money supply P, W: levels of prices and wages V: velocity of circulation n: growth rate of M X: speed of adjustment of expected inflation 9: ratio of bonds to money Functions: P: Phillips curve F: production function E: aggregate demand S: aggregate supply R: reduced form of E and S Van Order's equations are as follows: