The article studies the evolution of monetary theory during the 20th century and observes succession of the propositions in the sphere of monetary theory, advanced by main schools of economic science: neoclassical school (I. Fisher, A. Marshall, K. Wicksell), Keynesian, neoclassical synthesis (Hicks, Pigou, Patinkin), and modern monetarism (M. Freedman). The authors examine the model of Patinkin as the most adequate for conditions of emerging market and suggest certain modification of the model for practical use in macroeconomic analysis.
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