1. Classical Theory of demand for money
Faktor penentu
penting dari price level dalam sebuah perekonomian adalah:
The Quantity of Money Circulation
sehingga:
Kunci utama untuk
mengetahui/memahami (perilaku) price level adalah dengan memahami:
”How much money all households
desired to hold?”


Analysis price
level determination
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Theory demand for
money
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Quantity theory
demand for money
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Quantity Theory
Demand for Money

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Equation of Exchange Cambridge Equation
MV = Py Md = k Py

The Classical Aggregat
Demand
Schedule
Yd = M0/kP
Appendix:
1.
Aggregat Demand Schedule:
Nominal money supply lewat kebijakan bank sentral adalah : Ms = Mo
Dalam kondisi Equilibrium; Ms = Md, maka persamaan (1) menjadi : Mo = kPy à yd = M0/kP
2. Price Level Determination:
In the classical model, output is supply-determined, and so:
ys =
yo, full employment output level
Dalam kondisi equilibrium: ys = yd, maka:
yo = Mo/(kP) à P = Mo/(kyo)
3. Velocity in the Classical Model
M = kPy à M/k
= Py …………. (a)
Fisher: MV = Py …………. (b)
Substitusi a&b, sehingga:
M/k =MV à
v = 1/k
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