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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. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
41st & Archmere Av. 4.04 acres (1.63 ha) Artha Woods Park - MLK Jr. Blvd. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
& Woodstock Av. 6.08 acres (2.46 ha) W. 108th & Baltic Ave. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
1.20 acres (0.49 ha) Barkwill Playground - E. 53rd & Barkwill Av. 1.29 acres (0.52 ha) Belmont Park -W. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
114th, N. of Lorain Av. 1.12 acres (0.45 ha) Beman Playground - S. of Harvard Av. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
& E. 78th 8.25 acres (3.34 ha) Briggs Playfield Briggs Av. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
& W. 106th 0.55 acres (0.22 ha) Brookfield Park W. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
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. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
118th & Buckeye Rd. 0.15 acres (0.061 ha) Calgary Park- W. 23rd, S. of Denison Av. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
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. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
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. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
& 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. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
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. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
130th 5.28 acres (2.14 ha) Dan Kane Gardens- Kenyon Av. & E. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
65th 0.50 acres (0.20 ha) Davinwood Park- W. 191st, N. of Puritas Av. 5.00 acres (2.02 ha) Dell Playground- E. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
75th, S. of Woodland Av. 1.30 acres (0.53 ha) Dove Park - E. 102nd, N. of Harvard Av. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
4.17 acres (1.69 ha) Drake Tot Lot - E. 68th, S. of Woodland Av. 0.07 acres (0.028 ha) Drakefield Park- W. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
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. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
110th & Harvard Av. 2.99 acres (1.21 ha) East 69th & Central Playground- E. 69th & Central Av. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
0.24 acres (0.097 ha) East 9th/Rockwell Park- E. 9th St. & Rockwell Av. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
0.09 acres (0.036 ha) Easton Park- E. 88th, S. of Kinsman Rd. 2.96 acres (1.20 ha) Eberhard Playground- E. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
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. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
Dr. 45.57 acres (18.44 ha) Fairview Park- W. 38th & Franklin Av. 5.42 acres (2.19 ha) Flora Park- E. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
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. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
S.of Arlington Av. 14.00 acres (5.67 ha) Frank Novak Park -Fulton Rd. & Lorain Av. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
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. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
Clair Av. 6 8 Gassaway Pool- E. 100th, N. of Quebec Av. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
0.42 acres (0.17 ha) Gawron Park- E. 136th 2.99 acres (1.21 ha) Gay & E. 104th Gardens- E. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
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. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
5.95 acres (2.41 ha) Glendale Park- E. 149th, N. of Harvard Av. 5.06 acres (2.05 ha) Glenview Park- Dupont Av. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
& E. 108th 26.00 acres (10.52 ha) Goudreau Park - W. 14th, S. of Cook Av. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
4.60 acres (1.86 ha) Grant Playground- E. 38th, N. of Central Av. 1.14 acres (0.46 ha) Grdina Park- E. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
61st, N. of St. Clair Av. 2.20 acres (0.89 ha) Greenwood Park -W. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
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. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
164th & Grovewood Av. 1.92 acres (0.78 ha) Halloran Park -3550 W. 117th St. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
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. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
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. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
& Buckeye Rd. 0.79 acres (0.32 ha) Henritze Park- Henritze Av. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
& W. 37th 0.22 acres (0.089 ha) Heritage Park 1 -(east bank) Merwin St. at West Av. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
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. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
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. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
0.40 acres (0.16 ha) Humphrey Park -E. 161st & Grovewood Av. 26.18 acres (10.59 ha) Hyacinth Park- Waterman Av. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
& E. 65th 4.00 acres (1.62 ha) Idalia Park -E. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
176th & Deforest Av. 6.87 acres (2.78 ha) Impett Park- W. 155th & Montrose Av. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
34.82 acres (14.09 ha) Irma Park- E. 74th & Irma Av. 3 12 0.49 acres (0.20 ha) James Bell Pool- E. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
71st & Central Av. 0.51 acres (0.21 ha) James M. Dunphy Park- West Blvd. & Jasper Rd. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
14.32 acres (1.75 ha) Jefferson Park- W. 132nd & Lorain Av. 12.00 acres (4.86 ha) Jimmy Bivens Park -W. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
25th & Detroit Av. 0.47 acres (0.19 ha) Jo Ann Park -E. 183rd, N. of Harvard Av. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
8.04 acres (3.25 ha) Kerruish Park- E. 170th & Tarkington Av. 76.00 acres (30.76 ha) Kirtland Park -E. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
49th & Shoreway 13.00 acres (5.26 ha) Kossuth Park- E. 121st & Shaker Blvd. 0.45 acres (0.18 ha) Lake Park -W. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
85th, N. of Detroit Av. 1.00 acre (0.40 ha) Lawn-Madison Park -W. 73rd & Madison Av. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
1.30 acres (0.53 ha) League Park - E. 66th & Lexington Av. 6.96 acres (2.82 ha) Cleveland Landmark Lincoln Park -W. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
14th & Starkweather Av. 7.55 acres (3.06 ha) Loew Park -4711 West 32nd St. 23.11 acres (9.35 ha) Longfellow Playground - E. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
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. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
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. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
2.93 acres (1.19 ha) Market Square Park- West 25th St. & Lorain Av. 0.33 acres (0.13 ha) Martin Luther King Jr. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
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. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
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. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
& E. 147th7.70 acres (3.12 ha) Mohican Park- W. 135th & Triskett Rd. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
24.70 acres (10.00 ha) Morgan Playground -E. 88th, N. of Wade Park Av. 1.50 acres (0.61 ha) Morgana Park -E. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
65th, S. of Broadway Av. 6.43 acres (2.60 ha) Moulton/Scoutway Park- E. 115th & Moulton Av. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
4.15 acres (1.68 ha) Munn Park- Munn Rd. at W. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
165th 2.30 acres (0.93 ha) Neff Park -E. 193rd & Bella Dr. 7.77 acres (3.14 ha) Norman Play Lot -Norman Av. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
& E. 105th 0.36 acres (0.15 ha) North Collinwood Town Center- Lakeshore Blvd. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
@ E. 174th 1.26 acres (0.51 ha) Odelia V. Robinson Park- Eliot Av. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
& E. 105th 0.50 acres (0.20 ha) Oman Park- E.81st & Mansfield, S.of Union Av. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
0.39 acres (0.16 ha) Orr Park- Ansel & Lamont Aves. 3.10 acres (1.25 ha) Otter Playground -Gill Av. & E. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
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. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
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. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
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. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
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. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
& W. 124th 3.66 acres (1.48 ha) Rathbun Playground- E. 71st & Rathbun Av.0.41 acres (0.17 ha) Raus Playfield- E. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
52nd, S. of Fleet Av. 6.54 acres (2.65 ha) Regent Park- E. 70th & Regent Rd. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
4.66 acres (1.89 ha) Roberto Clemente Field -W. 38th & Seymour Av. 4.20 acres (1.70 ha) Rotary Plaza -E. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
9th & Erieside Av. 0.83 acres (0.34 ha) Sam Miller Park- E. 88th, N. of St. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
Clair Av. 5.72 acres (2.31 ha) Saranac Playground -E. 162nd, N. of St. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
Clair Av. 1.5 acres (0.61 ha)0 Seneca Golf Course- Valley Pkwy. & Broadview Rd. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
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. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
145th, N. of Kinsman Av. 0.14 acres (0.057 ha) Spencer & E. 53rd Mini Park -Spencer Av. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
& E. 53rd 0.39 acres (0.16 ha) Storer Playground -W. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
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. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
7.67 acres (3.10 ha) Tony Brush Park -Mayfield & Random Rds. 1.82 acres (0.74 ha) Topeka Park- E. 137th & Aspinwall Av. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
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. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
1.21 acres (0.49 ha) TulaRd Park- W. 144th, N. of Triskett Rd. 6.56 acres (2.65 ha) Turney & E. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
93rd Playground- Turney Rd. & E. 93rd 1.20 acres (0.49 ha) W.C. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
Reed Playfield- W. 15th & Denison Av. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
14.92|acres|ha} Walter A. Burks Playground -Grantwood Av. & E. 111th 2.53 acres (1.02 ha) Warsaw Park -E. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
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. | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
1.78 acres (0.72 ha) location of Free Stamp Sculpture Worthington Park - Worthington Av. @ W. 128th 8.14 acres (3.29 ha) == References == | https://en.wikipedia.org/wiki/Cleveland_Public_Parks_District |
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. | https://en.wikipedia.org/wiki/Monetary/fiscal_debate |
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. | https://en.wikipedia.org/wiki/Monetary/fiscal_debate |
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. | https://en.wikipedia.org/wiki/Monetary/fiscal_debate |
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. | https://en.wikipedia.org/wiki/Monetary/fiscal_debate |
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. | https://en.wikipedia.org/wiki/Monetary/fiscal_debate |
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. | https://en.wikipedia.org/wiki/Monetary/fiscal_debate |
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. | https://en.wikipedia.org/wiki/Monetary/fiscal_debate |
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. | https://en.wikipedia.org/wiki/Monetary/fiscal_debate |
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. | https://en.wikipedia.org/wiki/Monetary/fiscal_debate |
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. | https://en.wikipedia.org/wiki/Monetary/fiscal_debate |
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. | https://en.wikipedia.org/wiki/Monetary/fiscal_debate |
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