Discusses the controversy between the Keynesian income-expenditure school and the monetarist school as to whether the direction of causation runs from income to money or from money to income. Expects the relationships of money, income, and prices in Singapore to be complicated and cross-directional instead of unidirectional; tests this hypothesis, presents empirical results, and discusses the statistical findings in terms of economic theory and relevance to the Singapore economy. Copyright © 1983 Singapore Economic Review.
|Singapore Economic Review
|Published - 1983