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Book Reviews |
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| Authors: | Robb J Muirhead Alan J Oppenheim Keith N Johnson William Greene Halina Frydman |
| Institution: | 1. Montclair State College;2. University of Michigan;3. New York University |
| Abstract: | This article examines some difficulties associated with the Haynes–Stone model and attempts to clarify how the model can be justified as representing the hypothesis that “quantity is demand determined and price is supply determined.” It also argues that the applications of such a model as was done by Haynes and Stone might not have resolved the controversies related to the Phillips curve and the supply function of exports (or imports). |
| Keywords: | Demand identification of Supply identification of Structural model Phillips curve Trade balance |