... to the analysis of economic time series. In the 1920’s, several advances on the statistical front-including new techniques of time-series decom- position, trend and cycle analysis, distributed-lag analysis, and price- index construction-grew out of or were employed in tests of the quantity theory...

... of an almost hydraulically smooth macroeconomic system. It envisaged that the Act would produce a re- markable contrast with the years up to 1844. In that era, the Bank of England had ultimately controlled the money supply, but only after dis- astrous lags, which allowed fluctuations-originating...

... that there are lags in the system, and argues that suchlags are at best secondary complications. As Besomi quotes Harrod, “I prefer to define dynamics as referring to propositions in whicha rate of growthappears as an unknown variable. This equation is clearly more fundamental than those ex- pressing lags...

.... 254 History of Political Economy 28:2 (1996) 2. Attempts to construct a dynamic theory have recently been proceed- ing upon another line, namely by the study of time lags between certain adjustments. By the introduction of an appropriate lag the tendency of a system to oscillate can...

..., and the assumption of perfectly elastic supply is approximated” (590). They were not satisfied with the first results, especially the coefficient of the lagged dependent variable, which implied an implausibly negative depreciation rate of gas appliances. Several explanations were presented. One of them...

... . User’s Manual for the Estimation of Linear Equations with Lagged Dependent Variables and Autoregressive Errors . London School of Economics . ———. 1974 . Stochastic Specification in an Aggregate Demand Model of the United Kingdom . Econometrica 42.3 : 559 – 78 . Hildreth C. Jarrett F...

... , Michael 1976 . Macroeconomics . New York. Friedman , Milton 1953 . ‘The methodology of positive economics’ In Milton Friedman, Essays in positive economics . Chicago. Friedman , Milton 1969a . ‘The lag in effect of monetary policy’ (1956). In Milton Friedman, The optimum quantity...

... and Direction oflnventive Activity (Princeton, 1962), pp. 299-32 I. 12. Enos’s findings are used or relied upon in many places. Edwin Mansfield, in his own influential work, has reproduced Enos’s data on the lag between invention and innovation in two books. See his The Economics of Technological...

... consideration of the business cycle (with the addi- tion, of course, of government expenditure and taxation). A closed economy is assumed, in which money-wage rates are given, and there is no workers’ saving. The time lag between investment decisions and the resulting investment is at least as long...

... and the lags that characterize their effects. In addition, Mints built on the work of other economists in the areas of (1) the Federal Reserve s role in the Great Depression, (2) the role of wealth effects in the transmission of monetary policy, (3) the use of a portfolio balance model of the demand for money...

..., but time in their derivation played only a minor role in theoretical macro models. In empirical applications, however, time did become more important be- cause these theories provided a rationale for the use of distributed lags in econometric estimation. In what follows, we discuss four overlapping...

... linking the behav- ior of prices to the supply of money, but as a theory of the demand for money. After an unfortunately long time-lag, Don Patinkin (1969) would dispute this claim, arguing that the 1930s Chicago tradition as evidenced Laidler and Sandilands / Reply to James Ahiakpor...

... it clear, however, that this competi- tive standard of wages existed only in a static world and that he planned to extend his approach to wages with a dynamic analysis. In that dy- namic analysis, Clark postulated a productivity-wage gap under which wages lagged behind labor’s marginal product. He...

... occur a disequilibrium, owing either to the appearance on the market, in demand for goods, of an excess of incomes over those generated by the goods currently offered in the market, or to the con- verse” (Robertson 1940b, 55–56). The explanation is based on the time lag between “the end...

... History of Political Economy I1:3 (1979) search; and the circuit velocity of money lags behind the busi- ness cycle peaks and troughs [1966, p. 561. Warburton also emphasized that there was a close association be- tween the amplitude of changes in the money supply...

... Distributed Lag Functions.” Econometrica 34 ( January ): 135 – 49 . Lucas R. E. Jr. 1966 . “Optimal Investment with Rational Expectations.” Unpublished , Carnegie Tech. ———. 1967 . “Adjustment Costs and the Theory of Supply.” Journal of Political Economy 75 ( 4 ): 321 – 34...

.... Friedman , M. Papers 1961 . The Lag in the Effect of Monetary Policy. In Friedman 1969. Friedman , M. Papers 1969 . The Optimum Quantity of Money . Chicago: Aldine. Friedman , M. Papers [1972] 1974 . Comments on the Critics. In Milton Friedman's Monetary Framework , edited by R. J...