By R. G. D. Allen (auth.)

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It is usually appreciated that time lags occur, less often that the forms they take are important. The time-paths followed by the variables of the model depend, not only on the fact that lags exist, but also on the particular forms they take, see Koyck (1954) and Phillips (1956). Some attention can usefully be paid at this early stage to the various types and forms which time lags can assume. (A) Period Analysis. If the unit of time is taken for convenience as the period of the analysis, two variables X and Y can be timed by the addition of a subscript t (t=O, 1, 2, ...

In macro-economics, however, the main variables are Y, C, S, I and i and the main relations are between these variables. 2 A Formulation ofKeynesian Liquidity Preference There is no general agreement among economists on the theory of interest, despite (or perhaps because of) the work of Keynes. A good analysis of the position is given by Hahn (1955). Much of the dispute arises because of the partial analysis adopted; out of a whole system of supply-and-demand relations, one particular relation is selected as the determinant of the rate of interest.

2 A Formulation ofKeynesian Liquidity Preference There is no general agreement among economists on the theory of interest, despite (or perhaps because of) the work of Keynes. A good analysis of the position is given by Hahn (1955). Much of the dispute arises because of the partial analysis adopted; out of a whole system of supply-and-demand relations, one particular relation is selected as the determinant of the rate of interest. But which relation is the question? According to a simple kind of theory the rate of interest is determined by the equation of demand and supply on the money market.

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