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c_y1deqjbh08s6 | Abbey Park - Abbey Ave. and West 19th 4.45 acres (1.80 ha) Ambler Park - MLK Jr Blvd., N. of Fairhill Rd. 52.44 acres (21.22 ha) Ambler-Holton Playground - W. of Woodhill S. of Buckeye Rd. 0.94 acres (0.38 ha) Archmere Park - W. | Cleveland Public Parks District |
c_53xtaywlxrjo | 41st & Archmere Av. 4.04 acres (1.63 ha) Artha Woods Park - MLK Jr. Blvd. | Cleveland Public Parks District |
c_4oic4hrsfz9w | & Woodstock Av. 6.08 acres (2.46 ha) W. 108th & Baltic Ave. | Cleveland Public Parks District |
c_cilcnrtahfzd | 1.20 acres (0.49 ha) Barkwill Playground - E. 53rd & Barkwill Av. 1.29 acres (0.52 ha) Belmont Park -W. | Cleveland Public Parks District |
c_yhw4aixnftpl | 114th, N. of Lorain Av. 1.12 acres (0.45 ha) Beman Playground - S. of Harvard Av. | Cleveland Public Parks District |
c_3inr9lvsjezv | & E. 78th 8.25 acres (3.34 ha) Briggs Playfield Briggs Av. | Cleveland Public Parks District |
c_jtlbhi88lolj | & W. 106th 0.55 acres (0.22 ha) Brookfield Park W. | Cleveland Public Parks District |
c_kyapij5md54l | 125th, S. of I-71 3.03 acres (1.23 ha) Brookside Park Fulton Rd. & Denison Av. 111.34 acres (45.06 ha) Buckeye Mini Park -E. | Cleveland Public Parks District |
c_f2858omobh3j | 118th & Buckeye Rd. 0.15 acres (0.061 ha) Calgary Park- W. 23rd, S. of Denison Av. | Cleveland Public Parks District |
c_y316amb5rft6 | 5.24 acres (2.12 ha) Carol McClendon Park -E. 98th, S. of Union Av. 2.79 acres (1.13 ha) Carrie Cain Playground- E. | Cleveland Public Parks District |
c_zl4wdd0r9oob | 79th & Sowinski Av. 1.29 acres (0.52 ha) Cleveland Skatepark -1 Key Plaza 0.25 acres (0.10 ha) 1 2 North Coast Harbor behind Rock Hall Coit Park -St. Clair Av. | Cleveland Public Parks District |
c_ohuctqgaw5am | & Coit Rd. 1.57 acres (0.64 ha) Collinwood Athletic Complex- 1070 East 152nd 8.50 acres (3.44 ha) Colonel Chas. Young Square -E. | Cleveland Public Parks District |
c_fmbnt13q3ap2 | 46th & Prospect Av. 0.40 acres (0.16 ha) Median Pk, Cleveland Landmark Crawford Park -East Blvd, S. of Miles Av. 21.50 acres (8.70 ha) Crossburn Park -Crossburn Av., W. of W. | Cleveland Public Parks District |
c_13l8cd2jefww | 130th 5.28 acres (2.14 ha) Dan Kane Gardens- Kenyon Av. & E. | Cleveland Public Parks District |
c_a6jj3lml4k74 | 65th 0.50 acres (0.20 ha) Davinwood Park- W. 191st, N. of Puritas Av. 5.00 acres (2.02 ha) Dell Playground- E. | Cleveland Public Parks District |
c_daqlb3mk23im | 75th, S. of Woodland Av. 1.30 acres (0.53 ha) Dove Park - E. 102nd, N. of Harvard Av. | Cleveland Public Parks District |
c_m14jt0mcn2pa | 4.17 acres (1.69 ha) Drake Tot Lot - E. 68th, S. of Woodland Av. 0.07 acres (0.028 ha) Drakefield Park- W. | Cleveland Public Parks District |
c_s6ig40mj1tf6 | 157th, S. of Lorain Av. 5.67 acres (2.29 ha) Duggan Park- Catalpa Rd., N. of Euclid Av. 8.70 acres (3.52 ha) East 110th & Harvard Park -E. | Cleveland Public Parks District |
c_96vwulav0zkh | 110th & Harvard Av. 2.99 acres (1.21 ha) East 69th & Central Playground- E. 69th & Central Av. | Cleveland Public Parks District |
c_l6e7apvhuh39 | 0.24 acres (0.097 ha) East 9th/Rockwell Park- E. 9th St. & Rockwell Av. | Cleveland Public Parks District |
c_id9krit0e13p | 0.09 acres (0.036 ha) Easton Park- E. 88th, S. of Kinsman Rd. 2.96 acres (1.20 ha) Eberhard Playground- E. | Cleveland Public Parks District |
c_8m09wc7azzqs | 90th, S. of Buckeye Rd. 2.60 acres (1.05 ha) Emery Park - W. 130th, S. of I-71 11.31 acres (4.58 ha) Emery-Alexco Playfield 0Emery Av., N. of I-71 3.89 acres (1.57 ha) Endora Playfield -SE of Euclid & Colonial Hts. | Cleveland Public Parks District |
c_zyeo67ld0z9a | Dr. 45.57 acres (18.44 ha) Fairview Park- W. 38th & Franklin Av. 5.42 acres (2.19 ha) Flora Park- E. | Cleveland Public Parks District |
c_01a9v2i92097 | 103rd, S. of St. Clair Av. 0.60 acres (0.24 ha) Forest City Park -Kimmel Rd., off Independence Rd 0.36 acres (0.15 ha) Forest Hills Park- Thornhill Rd. | Cleveland Public Parks District |
c_vcdwnew70k4m | S.of Arlington Av. 14.00 acres (5.67 ha) Frank Novak Park -Fulton Rd. & Lorain Av. | Cleveland Public Parks District |
c_vvyk9u2rtfhm | 0.43 acres (0.17 ha) Frederick Douglass Park-E. 154th & Miles Av. 38.00 acres (15.38 ha) Gardenview Hill in Rockefeller Park -8700 St. | Cleveland Public Parks District |
c_gx86okvpozyy | Clair Av. 6 8 Gassaway Pool- E. 100th, N. of Quebec Av. | Cleveland Public Parks District |
c_v6vg4qnsv8yb | 0.42 acres (0.17 ha) Gawron Park- E. 136th 2.99 acres (1.21 ha) Gay & E. 104th Gardens- E. | Cleveland Public Parks District |
c_ivsr8pd4pe4t | 104th & Gay Av. 2.23 acres (0.90 ha) George/Jennings Park- 1009 Ansel Road 0.34 acres (0.14 ha) Gilmore Park -W. 134th & Puritas Av. | Cleveland Public Parks District |
c_o3vxtkmd3pkv | 5.95 acres (2.41 ha) Glendale Park- E. 149th, N. of Harvard Av. 5.06 acres (2.05 ha) Glenview Park- Dupont Av. | Cleveland Public Parks District |
c_xv74bhfrwpye | & E. 108th 26.00 acres (10.52 ha) Goudreau Park - W. 14th, S. of Cook Av. | Cleveland Public Parks District |
c_xdj8tecag93y | 4.60 acres (1.86 ha) Grant Playground- E. 38th, N. of Central Av. 1.14 acres (0.46 ha) Grdina Park- E. | Cleveland Public Parks District |
c_4cr84m87ku09 | 61st, N. of St. Clair Av. 2.20 acres (0.89 ha) Greenwood Park -W. | Cleveland Public Parks District |
c_9r33kli6w6h9 | 38th, S. of Lorain Rd. 1.42 acres (0.57 ha) Groton Park -Groton Rd., S. of Green Rd. 2.25 acres (0.91 ha) Grovewood Pool -E. | Cleveland Public Parks District |
c_70m59p9r8zq0 | 164th & Grovewood Av. 1.92 acres (0.78 ha) Halloran Park -3550 W. 117th St. | Cleveland Public Parks District |
c_fh1bpr4krwdg | 18.83 acres (7.62 ha) Harding Playground- Broadway Av., E. of I-77 0.73 acres (0.30 ha) Harmody Park- Plymouth Rd. & So. Hills Blvd. | Cleveland Public Parks District |
c_xb9us2i2gylk | 20.00 acres (8.09 ha) Harold T. Clark Tennis Courts- E. 23rd & Shoreway 8.80 acres (3.56 ha) Helen Simpson Park -S. Moreland Blvd. | Cleveland Public Parks District |
c_urvm0lafwy08 | & Buckeye Rd. 0.79 acres (0.32 ha) Henritze Park- Henritze Av. | Cleveland Public Parks District |
c_o5pubxvro5pr | & W. 37th 0.22 acres (0.089 ha) Heritage Park 1 -(east bank) Merwin St. at West Av. | Cleveland Public Parks District |
c_molc3mvxc6v7 | 0.63 acres (0.25 ha) Opened in 1976, the park is the site of a replica of Lorenzo Carter's cabin, the first permanent non-indigenous settler in what would become Cleveland. Heritage Park 2- (west bank) Riverbed Rd. at Elm St. | Cleveland Public Parks District |
c_hpx1cbtahrjf | 0.53 acres (0.21 ha) Herman Park -W. 60th & Herman Av. 2.42 acres (0.98 ha) Hughes Playground -W. of Broadway & Miles Aves. | Cleveland Public Parks District |
c_am6wmtl45z09 | 0.40 acres (0.16 ha) Humphrey Park -E. 161st & Grovewood Av. 26.18 acres (10.59 ha) Hyacinth Park- Waterman Av. | Cleveland Public Parks District |
c_6fhwb68zob3w | & E. 65th 4.00 acres (1.62 ha) Idalia Park -E. | Cleveland Public Parks District |
c_2l71ojtw8bb4 | 176th & Deforest Av. 6.87 acres (2.78 ha) Impett Park- W. 155th & Montrose Av. | Cleveland Public Parks District |
c_u1kovr4gxgpt | 34.82 acres (14.09 ha) Irma Park- E. 74th & Irma Av. 3 12 0.49 acres (0.20 ha) James Bell Pool- E. | Cleveland Public Parks District |
c_mfivgh07rh4a | 71st & Central Av. 0.51 acres (0.21 ha) James M. Dunphy Park- West Blvd. & Jasper Rd. | Cleveland Public Parks District |
c_wgcy32n5rihh | 14.32 acres (1.75 ha) Jefferson Park- W. 132nd & Lorain Av. 12.00 acres (4.86 ha) Jimmy Bivens Park -W. | Cleveland Public Parks District |
c_ofib53t4mxr8 | 25th & Detroit Av. 0.47 acres (0.19 ha) Jo Ann Park -E. 183rd, N. of Harvard Av. | Cleveland Public Parks District |
c_qhz18ep5wq93 | 8.04 acres (3.25 ha) Kerruish Park- E. 170th & Tarkington Av. 76.00 acres (30.76 ha) Kirtland Park -E. | Cleveland Public Parks District |
c_8179ipm3r776 | 49th & Shoreway 13.00 acres (5.26 ha) Kossuth Park- E. 121st & Shaker Blvd. 0.45 acres (0.18 ha) Lake Park -W. | Cleveland Public Parks District |
c_z4znco7fiymx | 85th, N. of Detroit Av. 1.00 acre (0.40 ha) Lawn-Madison Park -W. 73rd & Madison Av. | Cleveland Public Parks District |
c_nn0um8u34bbp | 1.30 acres (0.53 ha) League Park - E. 66th & Lexington Av. 6.96 acres (2.82 ha) Cleveland Landmark Lincoln Park -W. | Cleveland Public Parks District |
c_tz6u2txu7g25 | 14th & Starkweather Av. 7.55 acres (3.06 ha) Loew Park -4711 West 32nd St. 23.11 acres (9.35 ha) Longfellow Playground - E. | Cleveland Public Parks District |
c_cj333kodnr7n | 59th & Longfellow Av. 0.40 acres (0.16 ha) Luke Easter Park -MLK Jr Blvd. & Ramona Blvd.116.36 acres (47.09 ha) Maplewood Park -18026 Cleveland Parkway 16.0 acres (6.5 ha) Marion Motley Playfield- E. | Cleveland Public Parks District |
c_7b12o0mv4vhp | 73rd & Carson Av. 25.91 acres (10.49 ha) Mark Tromba Park- Mandalay & Rudyard. 3.36 acres (1.36 ha) Mark Tromba Park- Mandalay & Rudyard. | Cleveland Public Parks District |
c_fl1smtts6bsf | 2.93 acres (1.19 ha) Market Square Park- West 25th St. & Lorain Av. 0.33 acres (0.13 ha) Martin Luther King Jr. | Cleveland Public Parks District |
c_799rgyaol0se | Park- E. 107th & Elk Av.1.66 acres (0.67 ha) Memphis School Site- 4103 Memphis Av. 2.48 acres (1.00 ha) Mercedes Cotner Park- W. | Cleveland Public Parks District |
c_vsfrw0gsmg8s | 95th, S. of Denison Av. 5.35 acres (2.17 ha) Meyer Pool- W. 30th & Meyer Av.0.71 acres (0.29 ha) Miles Heights Park -Seville Av. | Cleveland Public Parks District |
c_58854seffib2 | & E. 147th7.70 acres (3.12 ha) Mohican Park- W. 135th & Triskett Rd. | Cleveland Public Parks District |
c_i07h1eeot9ov | 24.70 acres (10.00 ha) Morgan Playground -E. 88th, N. of Wade Park Av. 1.50 acres (0.61 ha) Morgana Park -E. | Cleveland Public Parks District |
c_foosi48gm1cf | 65th, S. of Broadway Av. 6.43 acres (2.60 ha) Moulton/Scoutway Park- E. 115th & Moulton Av. | Cleveland Public Parks District |
c_3jzbv9frfhyk | 4.15 acres (1.68 ha) Munn Park- Munn Rd. at W. | Cleveland Public Parks District |
c_cx2u22ctf6vd | 165th 2.30 acres (0.93 ha) Neff Park -E. 193rd & Bella Dr. 7.77 acres (3.14 ha) Norman Play Lot -Norman Av. | Cleveland Public Parks District |
c_2xokifhwhj3e | & E. 105th 0.36 acres (0.15 ha) North Collinwood Town Center- Lakeshore Blvd. | Cleveland Public Parks District |
c_2hu79pw62l6w | @ E. 174th 1.26 acres (0.51 ha) Odelia V. Robinson Park- Eliot Av. | Cleveland Public Parks District |
c_qsw57p50jf8r | & E. 105th 0.50 acres (0.20 ha) Oman Park- E.81st & Mansfield, S.of Union Av. | Cleveland Public Parks District |
c_x2c1hpit27co | 0.39 acres (0.16 ha) Orr Park- Ansel & Lamont Aves. 3.10 acres (1.25 ha) Otter Playground -Gill Av. & E. | Cleveland Public Parks District |
c_g3rlwidrov9g | 82nd 4.23 acres (1.71 ha) Outlook Playground- E. 59th & Woodland Av. 0.81 acres (0.33 ha) Pennsylvania Playground- Pennsylvania Av., E. of E. | Cleveland Public Parks District |
c_n260jrkd7jdy | 65th 2.23 acres (0.90 ha) Port Park- E. 73rd, S. of Kinsman Av. 5.05 acres (2.04 ha) Public Square -Superior & Ontario Aves. | Cleveland Public Parks District |
c_a7pm96v0q46g | 4.00 acres (1.62 ha) R.J. Taylor Park -Melville Rd., off Nottingham Rd. 7.60 acres (3.08 ha) Rainbow Park -Rainbow Av., off W. | Cleveland Public Parks District |
c_i7u4dvgkr8g6 | 140th 1.15 acres (0.47 ha) Ralph J. Perk Plaza - E. 12th & Chester Av. 1.10 acres (0.45 ha) Ralph Schumitsh Park -McGowan Av. | Cleveland Public Parks District |
c_sa38buzmxca1 | & W. 124th 3.66 acres (1.48 ha) Rathbun Playground- E. 71st & Rathbun Av.0.41 acres (0.17 ha) Raus Playfield- E. | Cleveland Public Parks District |
c_ltw713o33cvc | 52nd, S. of Fleet Av. 6.54 acres (2.65 ha) Regent Park- E. 70th & Regent Rd. | Cleveland Public Parks District |
c_rulw5r0hmp0e | 4.66 acres (1.89 ha) Roberto Clemente Field -W. 38th & Seymour Av. 4.20 acres (1.70 ha) Rotary Plaza -E. | Cleveland Public Parks District |
c_o4lhvhhql7n0 | 9th & Erieside Av. 0.83 acres (0.34 ha) Sam Miller Park- E. 88th, N. of St. | Cleveland Public Parks District |
c_v8l14hagjckv | Clair Av. 5.72 acres (2.31 ha) Saranac Playground -E. 162nd, N. of St. | Cleveland Public Parks District |
c_m2526iqaf905 | Clair Av. 1.5 acres (0.61 ha)0 Seneca Golf Course- Valley Pkwy. & Broadview Rd. | Cleveland Public Parks District |
c_kqe4keb872aw | 350.00 acres (141.64 ha) Settlers Landing Park- Old River Road at St. Clair Av. 1.50 acres (0.61 ha) Spear Play Lot- E. | Cleveland Public Parks District |
c_qeiq477vsnc1 | 145th, N. of Kinsman Av. 0.14 acres (0.057 ha) Spencer & E. 53rd Mini Park -Spencer Av. | Cleveland Public Parks District |
c_ytmt9s2p79dp | & E. 53rd 0.39 acres (0.16 ha) Storer Playground -W. | Cleveland Public Parks District |
c_ergwntr5o37u | 62 1.18 acres (0.48 ha) Terminal Park -W. 145th, N. of I-71 5.13 acres (2.08 ha) Thames Park -Thames Av., W. of East 152nd 0.92 acres (0.37 ha) Thrush Park- W. 105th & Bellaire Rd. | Cleveland Public Parks District |
c_173odv3hakhs | 7.67 acres (3.10 ha) Tony Brush Park -Mayfield & Random Rds. 1.82 acres (0.74 ha) Topeka Park- E. 137th & Aspinwall Av. | Cleveland Public Parks District |
c_iloarmz8vxct | 0.72 acres (0.29 ha) Train Park -W. 48th & Train Av. 1.20 acres (0.49 ha) Tremont Valley Playfield- West 11 and Clark 50.00 acres (20.23 ha) Trent Park- Trent Av.& W.40th, S. of Clark Av. | Cleveland Public Parks District |
c_fqtkkbxeww3m | 1.21 acres (0.49 ha) TulaRd Park- W. 144th, N. of Triskett Rd. 6.56 acres (2.65 ha) Turney & E. | Cleveland Public Parks District |
c_wz105swdbktn | 93rd Playground- Turney Rd. & E. 93rd 1.20 acres (0.49 ha) W.C. | Cleveland Public Parks District |
c_g6mlhct40185 | Reed Playfield- W. 15th & Denison Av. | Cleveland Public Parks District |
c_7yloagh9j72m | 14.92|acres|ha} Walter A. Burks Playground -Grantwood Av. & E. 111th 2.53 acres (1.02 ha) Warsaw Park -E. | Cleveland Public Parks District |
c_ohla0qdjwd1f | 64th, N. of Harvard Av.3.52 acres (1.42 ha) Washington Park - Washington Pk Blvd, N. of Harvard Leased to Cleveland Metroparks Willard Park - E. 9th & Lakeside Av. | Cleveland Public Parks District |
c_z0109lcpv5wv | 1.78 acres (0.72 ha) location of Free Stamp Sculpture Worthington Park - Worthington Av. @ W. 128th 8.14 acres (3.29 ha) == References == | Cleveland Public Parks District |
c_dt3iy0x27o8s | The monetary/fiscal policy debate, otherwise known as the Ando–Modigliani/Friedman–Meiselman debate (or AM/FM debate from the main instigators' initials, and for this reason sometimes jokingly called the "radio stations debate"), was the exchange of viewpoints about the comparative efficiency of monetary policies and fiscal policies that originated with a work co-authored by Milton Friedman and David I. Meiselman and first published in 1963, as part of studies submitted to the Commission on Money and Credit. In 2000, a survey of 298 members of the American Economic Association (AEA) found that while 84 percent generally agreed with the statement "Fiscal policy has a significant stimulative impact on a less than fully employed economy", 71 percent also generally agreed with the statement "Management of the business cycle should be left to the Federal Reserve; activist fiscal policy should be avoided." In 2011, a follow-up survey of 568 AEA members found that the previous consensus about the latter proposition had dissolved and was by then roughly evenly disputed. | Monetary/fiscal debate |
c_v6fo9jrcdpjg | In the early 1960s, contributing to the studies invited by the Commission on Money and Credit, Milton Friedman and David Meiselman published a study whereby, they found that "xcept for the early years of the Great Depression, money is more closely related to consumption than is autonomous expenditures," claiming moreover that "he results are strikingly one-sided". They used the following reduced form, least squares regression equation to compare the effectiveness of monetary and fiscal policies; in effect, to compare Keynesian and monetarist theories: C t = α + V M t + K A t {\displaystyle C_{t}=\alpha +VM_{t}+KA_{t}} (1)where C is induced private consumption, α is a constant, V represents money velocity, M is approximately M2, K represents an expenditure-multiplier, A is autonomous expenditures, and t represents time. Friedman and Meiselman found that, whether using annual data from 1897 to 1958 or quarterly data from 1946 to 1958, and whether using only real, contemporaneous data, or experimenting with various time lags, private consumption was not statistically significantly affected by discretionary fiscal policy, but was by monetary policy. They stated that their monetary variables were "highly correlated" with consumption, whereas fiscal policy variables were not. | Monetary/fiscal debate |
c_a9gs4ez2544y | The Friedman/Meiselman 1963 paper was addressed with numerous articles, where counter-arguments were made: The model was erroneously specified because important and statistically relevant variables were omitted; the data used were not actually coincident with the theory behind them; there was no correction for the "thermostat effect" so that even if fiscal policy is effective it will seem to have a neutral or even negative relationship with spending rather than the positive effect it is theorized to have; and that the results were time-specific. | Monetary/fiscal debate |
c_s69ojr847848 | In 1964, Donald D. Hester criticized the F/M paper for "bias" against a "Keynesian" outcome. For that purpose, Hester argued that government deficits are endogenously determined, and not exogenously, and thus no single-equation approach could properly capture government spending and deficits, while the same principle applies for short-run private investment. Also, Hester emphasized that the actual data should have been empirically tested in first-differential form so as to extricate the trends of both explanatory variables, and thus demonstrate only the endogenously generated economic growth. Hester stated that, when he tried "improved" data and empirical methods, “the autonomous expenditure theory outperformed the quantity theory ,” i.e. Keynesian economics win over monetarist economics. | Monetary/fiscal debate |
c_37usqg8qmtwg | In a paper published in 1964, Friedman and Meiselman conceded that Hester’s suggestion of using first differences was correct and that it is a better method for their single-equation approach. But they insisted that their interpretations of income and autonomous expenditures are relevant, rejecting Hester’s misgivings. They claimed that Hester’s use of correlation coefficients with his newly defined autonomous expenditures constituted an "unsound argument,"and summarized as follows: We remain of the opinion that there is a striking division among students of economic affairs about the role of money in determining the course of economic events. One view is that the quantity of money matters little; the other, that it is a key factor in understanding, and even more, controlling economic change. | Monetary/fiscal debate |
c_tw0dokg5mtg5 | Our paper tried to present some evidence relevant to deciding between these views. The kind of evidence we gave is not the only kind that is relevant and may not be the most important or significant. And, of course, much other evidence is available from other work by us and by many others. | Monetary/fiscal debate |
c_4chz2dnxv9rt | This other evidence needs to be added to and brought to bear on the main issue that divides economists into two groups. Hester does not quarrel with the relevance of our evidence but with the particular form of the income-expenditure theory we use. criticism of our procedure rests primarily on a misunderstanding of the theoretical basis of our approach. | Monetary/fiscal debate |
c_75bre2ssckny | He offers neither theoretical argument nor empirical evidence in support of his alternative formulation. Hence his criticism is largely beside the point. That is unfortunate. We badly need work on these problems that will clarify the issues involved. We can ill afford to waste the energy, interest, and ability that Hester displays in his paper on frivolous quibbling. | Monetary/fiscal debate |
c_6krx6k98izw7 | Albert Ando and Franco Modigliani, in a paper published in 1965, disputed the findings presented in the 1963 Friedman/Meiselman work. Ando and Modigliani claimed that has shortcomings in procedures that if repaired change the result, but, moreover, the single-equation approach coupled with the equally single, independent variable approach and the corresponding correlations cannot shed light on macro-policy. They argued that the consumption function was not correctly specified within the F/M use of autonomous expenditures and claimed that the variable that Friedman and Meiselman had derived was actually saving and not autonomous expenditures. They also observed that the data used in the 1963 paper would need to be modified by including corporate retained earnings, transfer payments made by the government to foreigners, and “wage accruals over disbursement.”Ando and Modigliani objected to the use of an ordinary, least squares equation because of the induced influence on the independent variable by the dependent variable and offered their own model, which ostensibly removed the independent part from the induced part. | Monetary/fiscal debate |
c_ionr7kknsat6 | Ando and Modigliani criticized the Friedman/Meiselman paper for omitting to determine exogenous and endogenous components to monetary policy in the same manner as economists do with fiscal policy. Instead, Ando and Modigliani, rather than using a standard money-supply variable, introduced M*, which is meant to represent what the money stock would be if high powered money were "fully utilized", thus introducing a "high-usage variable." The purpose was to show that money is not exogenously determined: people can choose to hold money in different amounts and levels of liquidity as situations warrant, while lenders don't need to lend out all of their excess reserves if they so desire - which constitutes a standard Keynesian concept. | Monetary/fiscal debate |
c_9nh6tsv0fj1f | Moreover, Ando and Modigliani found that the error variance in predicting output was "much higher" when using money than any of the fiscal variables and labeled the F & M respective results "spurious." They concluded that Friedman and Meiselman’s results were biased in favor of monetary policy, and that, if both policy variables were to be given a balanced approach, the end result would be that both policies would have real and statistically significant effects on the economy. Indeed, in the opening statement of their paper, they state that the "number of basic shortcomings in procedure...make the results of their elaborate battery of tests essentially worthless." Economists Michael DePrano and Thomas Mayer published a critique of the F & M paper that was generally in line with the criticisms leveled by A & M. | Monetary/fiscal debate |
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