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Monetarist economists argued that the interest elasticity of money demand was low. Why?

Monetarist economists argued that the interest elasticity of money demand was low. Why?

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According to monetarist economists demand for money is interest inelastic. Monetarists base their arguments in the context of quantity theory of money and with flexibility of wages and prices, full employment will be maintained. Monetarists believe that interest Elasticity of money demand is low, so that, LM curve is almost vertical and fiscal policy is less effective. When interest rate increases to decrease demand for money, crowding out of investment takes place.

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