RIP Robert Mundell
Undergrad macroeconomics students of my generation learned 3 core models: The Quantity theory identity MV= PT (which becomes a model when you assert M[oney]is controlled by the Cent Bank, V[elocity] is a function of primitives, P[rice level] is subject to some time varying expectations augmented adjustment process, and T[ransactions] reflects nominal GDP), IS-LM and the Mundell- Fleming extension to the open economy, and Lucas’s rational expectations island parable.
There were 2 major intellectual battles in post war macroeconomics (each featuring Milton Friedman as a protagonist). …
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Daniel is, first and foremost, a person. He is a person who has done some things, is doing other things and wishes to do more and different things in the future