Question: This chapter has made the rather unusual assertion that in real-world economies there is no explicit market for money. Instead, the money market is a

This chapter has made the rather unusual assertion that in real-world economies there is no explicit market for money. Instead, the money market is a reflection of the other markets. Do you agree or disagree? Give reasons for your answer. What does your answer imply for the theory relevant to the determination of the interest rate if there is

(a) general equilibrium in all markets,

(b) disequilibrium in the economy?

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