This is a valuable and scholarly contribution to modern monetary theory. It keeps alive the ideas of monetary disequilibrium proposed by such writers as Clower, Leijonhufvud, Yeager and Laidler. While so much of monetary theory has focused on aggregate issues of how national income and the rate of inflation are determined, making use of large scale general equilibrium models, this work aims at the more fundamental question of how monetary factors facilitate the realization of gains from trade at the micro level, how they affect adjustment processes that work in individual markets, and how the interaction between these individual adjustment processes determines the performance of the overall economic system. The book is definitely worth the attention of any serious student of money. Peter Howitt, Brown University, US Alan Rabin argues that new Keynesian and new classical macroeconomics, which have dominated the literature and textbooks, have crowded the monetary-disequilibrium hypothesis, or orthodox monetarism, off the intellectual stage. Trying to remedy this imbalance, the author concentrates on what he judges to be the essentials of monetary theory. Emphasizing money s fundamental role in lubricating exchanges and promoting economic coordination, Alan Rabin argues that when the lubricant goes awry, so do the processes being lubricated. Monetary disequilibrium can have repercussions that last months and even years. The book presents the author s interpretation of Yeager s enormous contributions to monetary theory, especially his development of monetary-disequilibrium theory, while also building on the contributions of Patinkin, Clower, Leijonhufvud, Barro and Grossman, and Laidler. A unique hybrid of treatise and graduate text, Monetary Theory fills a tremendous void in the current literature and will be of interest to scholars and students of monetary theory and economic thought.
This second edition explores how money 'works' in the modern economy and synthesises the key principles of Modern Money Theory, exploring macro accounting, currency regimes and exchange rates in both the USA and developing nations.
An overview of recent theoretical and policy-related developments in monetary economics.
In a challenge to conventional views on modern monetary and fiscal policy, this book presents a coherent analysis of how money is created, how it functions in global exchange rate regimes, and how the mystification of the nature of money ...
One of the outstanding monetary theorists of the past 100 years, Lucas revolutionized our understanding of how money interacts with the real economy of production, consumption, and exchange.
Stephanie Kelton's brilliant exploration of modern monetary theory (MMT) dramatically changes our understanding of how we can best deal with crucial issues ranging from poverty and inequality to creating jobs, expanding health care coverage ...
This text presents a comprehensive treatment of the most important topics in monetary economics, focusing on the primary models monetary economists have employed to address topics in theory and policy.
The Sixteenth Edition Has Been Thoroughly Revised And Updated. The Book Is Divided Into Five Parts Viz Money And Prices; Trade Cycle And S
This book provides a comprehensive survey of the major developments in monetary theory and policy from David Hume and Adam Smith to Walter Bagehot and Knut Wicksell.
Drawing on classical economics and the modern aggregate analysis of Keynes, Professor Hansen in this volume succeeds in writing a book which, unlike the classical studies, shows the importance of money in the theory of output as a whole; ...
Augusto Graziani challenges traditional theories of monetary production, arguing that a modern economy based on credit cannot be understood without a focus on the administration of credit flows.