... as the choice between ‘hoarding’ and ‘investing’,or, alternatively, as the choice between ‘bank deposits’ and ‘securities’. (Keynes 1930a: 141 [1 971 b: 1 27] ) And he adds in a footnote:It is ... However, by the 1 970 sthe P, Y version of aggregate demand and supply had become firmly entrenchedin the intermediate level textbooks, for example in Dornbusch and Fischer (1 978 :338– 67) . One reason ... stabilizing and destabilizing effects offalling wages and prices and, as argued in GT (chapter 19) and MAK (chapter 7) , thenet effects are uncertain.8 I shall use monetary policy as a shorthand for...