<p><br/>usemoney=10</p><p>Today and Thursday we will complete the sections on money demand.<br/>Last Tuesday I went over the article by Miller and Orr on money demand.&nbsp; <br/>In the previous class we reviewed the article by Laibson on consumption.&nbsp; <br/>I think that both of these are examples of good modern economics.&nbsp; Or I might have said<br/>both of these are good examples of modern economics.<br/>They are examples where the modeling is specifically adapted to the situation in quite a<br/>detailed way and then because of it we get different results that are more sensible than<br/>what we would get if we had not made that adaptation.<br/>Last Thursday we saw the Miller and Orr model of the demand for money.<br/>This time I will give you two applications of that model:<br/>1. to money demand<br/>2. to aggregate price behavior</p>

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