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- The Barnett critique, named for the work of William A. Barnett in monetary economics, argues that internal inconsistency between the aggregation theory used to produce monetary aggregates and the economic theory used to produce the models within which the aggregates are used are responsible for the appearance of unstable demand and supply for money. The Barnett critique has produced a long and growing literature on monetary aggregation and index number theory and the use of the resulting aggregates in econometric modeling and monetary policy. The critique runs counter to another large literature arguing that money does not matter in macroeconomic policy and advocating monetary policy disconnected from monetary measurement. That alternative view was first advocated by John Maynard Keynes and challenged by Milton Friedman. More recently the counter view has been advocated by Michael Woodford based on theory originated by Knut Wicksell. Although separate from the Lucas critique, the Barnett and Lucas critiques share the view that models based on internally inconsistent economic theory can produce misleading inferences and misguided policy. (en)
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- The Barnett critique, named for the work of William A. Barnett in monetary economics, argues that internal inconsistency between the aggregation theory used to produce monetary aggregates and the economic theory used to produce the models within which the aggregates are used are responsible for the appearance of unstable demand and supply for money. The Barnett critique has produced a long and growing literature on monetary aggregation and index number theory and the use of the resulting aggregates in econometric modeling and monetary policy. (en)
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