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- Title
Comments and Discussion.
- Authors
Branson, William H.
- Abstract
This section presents comments on the article Global Monetarism and the Monetary Approach to the Balance of Payments by Marina Whitman. Whitman's paper surveyed recent developments in the monetary and monetarist approaches to the analysis of the balance of payments. The survey is interesting and evenhanded, but as is appropriate for a survey, it offers no new results. The discussion begun with global monetarism, and then goes on to address other approaches, such as monetary, Keynesian, elasticities, absorption, to understand the balance of payments as extensions of global monetarism. Toward the end of the paper, Whitman criticized the monetary approach for having nothing to say about the composition of the balance of payments. While this observation is true, the monetary approach made no claim to addressing this matter, so it is believed that this criticism is misplaced. Another critic believed that Whitman's paper provided a comprehensive view of the monetary approach to the balance of payments. She faced a very difficult problem because so many writers are developing this approach and the literature is expanding very rapidly. She has worked conscientiously and, on the whole, became successful in the presentation of the main ideas. Identifying the main current in any approach poses difficult questions of selection and judgment. Whitman viewed the content of global monetarism, as she defined it in the paper, as part of the mainstream of the monetary approach. In brief summary, the connection among global monetarism, the monetary approach, and monetarism is a main question. The hard version of the monetary approach emphasized the stability in the demand for money and attributed many of the disturbances to government activity, especially with respect to the variations in the supply of money.
- Subjects
CHICAGO school of economics; ECONOMICS; MONETARY policy; BALANCE of payments; FOREIGN exchange; CAPITAL movements; WHITMAN, Marina von Neumann
- Publication
Brookings Papers on Economic Activity, 1975, Issue 3, p537
- ISSN
0007-2303
- Publication type
Article