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W o rkingP aper128Th r e e L e c t u r e s o n M o n e t a r yTh e o r y a n d P o l i c y :S p e a k i n gN o t e s a n d B a c k g rou n d Pa p e r sDavid LaidlerEUROSYSTEM
2Editorial Board of the Working Papers Eduard Hochreiter, Coordinating Editor Ernest Gnan, Guenther Thonabauer Peter MooslechnerDoris Ritzberger-Gruenwald Statement of Purpose The Working Paper series of the Oesterreichische Nationalbank is designed to disseminate and to provide a platform for discussion of either work of the staff of the OeNB economists or outside contributors on topics which are of special interest to the OeNB. To ensure the high quality of their content, the contributions are subjected to an international refereeing process. The opinions are strictly those of the authors and do in no way commit the OeNB. Imprint: Responsibility according to Austrian media law: Guenther Thonabauer, Secretariat of the Board of Executive Directors, Oesterreichische Nationalbank Published and printed by Oesterreichische Nationalbank, Wien. The Working Papers are also available on our website () and they are indexed in RePEc ().
3Editorial In order to promote the exchange of ideas and to support its own research capacity, the Oesterreichische Nationalbank regularly invites internationally renowned economists for short guest professorships. This year, from June 12 -14 2006, David Laidler (Professor Emeritus, University of Western Ontario, Canada) gave three public lectures on topics related to monetary theory and monetary policy. The first lecture was on “Monetary Policy and the Austrians”, the second on “The Rise and Fall of Monetarism”and the third has dealt with the question “Is there a Role for Money in Monetary Policy in the 21st Century?”. The lectures were based on three background papers, which are contained in this OeNB Working Paper. Two of these background papers have already been circulated as BIS Working Paper No. 136 (September 2003) and as RBC Financial Group, EPRI Working Paper No. 2005-11. The third paper on “Axel Leijonhufvud and the Quest for Micro-foundations – Some Reflections” is made available for a larger audience for the first time. This Working Paper includes also the speaking notesthat were prepared for the lecture series at the Oesterreichische Nationalbank. June 19, 2006
4Table of Contents 1.Speaking notes for three lectures on monetary topics ……………………5 2.Axel Leijonhufvud and the Quest for Micro-foundations – Some Reflections ........................................................................…………..….19 3.Milton Friedman and the Evolution of Macroeconomics ………………43 4.The Price Level, Relative Prices, and Economic Stability. Aspects of the Inter-war Debate .………………………………………..77
5Speaking notes for three lectures on monetary topics (delivered at the Austrian National Bank June 12th-14th2006) David Laidler
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7Monetary Policy and the Austrians’ Cycle TheoryThis group (Mises, Hayek, Robbins, Haberler et al.- not all of whom were Austrians) propounded a specific theory of the cycle during the inter-war years,

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