This influential volume, which has been revised and updated for the twenty-first century, includes both new material and more detailed expositions of existing arguments.
Although so-called `real' theories of business cycles and growth are prevalent in contemporary mainstream economics, Controversies in Monetary Economics suggests that those economists who have instinctively focused on monetary factors in explaining macroeconomic behaviour are more genuinely `realistic'. The author combines an explanation of past and present monetary controversy with practical proposals for the conduct of monetary policy in the contemporary global economy. Several alternative approaches are discussed, ranging from the traditional quantity theory to post Keynesian theories of endogenous money.
This insightful book will be of interest to all those concerned with monetary economics and macroeconomics, including academic researchers, graduate and senior undergraduate students - particularly those looking for an alternative to current economic orthodoxy - and historians of economic thought. Practitioners in central banks, international financial institutions, the financial markets and finance ministries will also find this work invaluable.
John Smithin, Professor of Economics, Department of Economics and the Schulich School of Business, York University, Toronto, Canada
Contents: Preface to the Revised Edition 1. Money and Economic Theory and Policy 2. The Nature and Functions of Money: A Re-Examination 3. Monetarism and the Quantity Theory of Money 4. Short-Run Non-Neutralities, Nominal Rigidities, Misperceptions and the Concept of the Phillips Curve 5. The Real Bills Doctrine, Interest Rate Pegging and Endogenous Money 6. Money, Interest Rates and Output 7. An Alternative Monetary Model of Inflation and Economic Growth 8. The International Economy and Alternative Exchange Rate Regimes 9. Inflation and the Economy 10. Concluding Remarks Index