Year: 2024
Type: article
Abstract: How the popularity of economic ideas shifts has been a contentious subject with historians of economic thought, who mainly address this topic qualitatively. This paper attempts to answer this question empirically, using monetarism as a case study. I firstly analyze the applicability of the Quantity Theory of Money to the economic data of the USA and the UK, generating two regression residuals to measure this for each country. I then regress yearly mentions of monetarism in Google Scholar papers with the country residuals and two controls denoting the pandemic and financial crisis episodes of quantitative easing. I find significant, positive effects on the UK residual and the pandemic dummy, with the rest of the effects being insignificant. However, further research utilizing a more advanced keyword detection algorithm is required to validate these results and their interpretations.
Source: UCL Journal of Economics
Author: Konstantinos Paschalis
Institution: University College London
Language: English
Domain: Social Sciences
Open Access status: hybrid
OpenAlex ID: W4402721435
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