Money in the Wharton Quarterly Model
讨论货币主义观点对非货币主义者的影响，并以沃顿季度模型为例，说明货币及相关变量在宏观计量模型中日益重要的作用。
Extremist positions usually have grains of truth, and it is natural to expect that the highly repetitive statements of the monetarist positions about the role of money in the economy, in particular its effect on inflation or in the determination of nominal income, would percolate through the thinking of nonmonetarists, leaving some traces of influence. While we would say that we are not persuaded by the monetarists' arguments, we can say that participation in the debate has been provocative and that model builders and operators are stimulated to thinking anew about how money and related variables enter macroeconometric models. Over the years money has played an increasingly important role in the successive generations of Wharton models.l Interest rate levels and swings, deregulation,