Every major inflation has been produced by monetary expansion (Friedman, 1968). Does this assertion hold for the

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“Every major inflation has been produced by monetary expansion” (Friedman, 1968).

Does this assertion hold for the NK model, whose equations do not even include a monetary aggregate as a variable?

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Monetary Economics

ISBN: 9780415772099

2nd Edition

Authors: Jagdish Handa

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