This paper sets forth a simple general structural model of
aggregate output, the interest rate, and the price level. The core
of the model is the determination of the level of output as a
product-market equilibrium, either competitive or oligopolistic,
possible indeterminate because of thick-market externalities.
Monetary non-neutrality can affect either product demand or
product supply. In either case, monetary policy has leverage over
output as well as the price level. The paper develops a two-diagram
analysis intended to replace the aggregate demand-aggregate
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