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Description
In response to widespread interest in a formal complete statement analyzing aspects of the money-income relationship and clarification of his quantity theory, Milton Friedman in 1970 published "A Theoretical Framework for Monetary Analysis," and a year later "A Monetary Theory of Nominal... read more
First Sentence
Every empirical study rests on a theoretical framework, on a set of tentative hypotheses that the evidence is designed to test or to adumbrate.
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