U.C. Berkeley But what is the financial excess demand, exactly? Friedmanite monetarist dogma says that the key financial excess demand is always and everywhere for money--and you can always cure depression by bringing the money supply up so that there would no longer be excess demand for money. Hicksian doctrine says the key financial excess demand is almost invariably a demand for bonds--for vehicles to transport purchasing power J. Bradford DeLong July 15, 2010 1