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ARMEN ALCHIAN'S CONTRIBUTION TO MACROECONOMICS
Author(s) -
Jordan Jerry L.,
Gavin William T.
Publication year - 1996
Publication title -
economic inquiry
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.823
H-Index - 72
eISSN - 1465-7295
pISSN - 0095-2583
DOI - 10.1111/j.1465-7295.1996.tb01391.x
Subject(s) - economics , inflation (cosmology) , monetary policy , keynesian economics , macroeconomics , inflation targeting , macroeconomic model , physics , theoretical physics
Armen Alchian's contributions to macroeconomics forged important paths that are still crucial to the understanding of monetary theory and monetary policy. We outline Alchian's examination of the fundamental role of money in society and his work (with Benjamin Klein) on the measurement of inflation. We also detail how, in research with Reuben Kessel, Alchian brought insight into the problems that followed the erratic inflation policies of the 1960s and 1970s, explained the effects of anticipated and unanticipated inflation on the real economy, and described the difficulty of identifying the effects of monetary shocks in macroeconomic data.