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| Date: | Tue, 18 Feb 2014 13:13:16 -0800 |
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In my previous response to Tom, I wrote: "the price level: P = H/kY,
where H = the quantity of the unit of account, k = the proportion of
income that the public wants to hold in the unit of account, and Y =
aggregate of nominal incomes in the community." //I should have written,
P = H/ky, where y = aggregate real incomes, not nominal incomes.
James Ahiakpor
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James C.W. Ahiakpor, Ph.D.
Professor
Department of Economics
California State University, East Bay
Hayward, CA 94542
(510) 885-3137 Work
(510) 885-7175 Fax (Not Private)
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