Reprinting the second edition (which included a new introduction explaining developments which had emerged since first publication) this book discusses explorations in the fundamental theory of a monetary economy, a theoretical critique of the `Phillips Curve' approach to the theory of inflation and the theory of the term structure of interest rates in terms of the theory of forward markets pioneered by David Meiselman.
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Introduction to Second Edition. Preface. Part 1: Monetary Policy 1. Monetary Theory and Policy 2. Recent Developments in Monetary Theory 3. A Survey of Theories of Inflation 4. Money in a Neo-Classical One-Sector Growth Model 5. Notes on the Theory of Transactions Demand for Cash 5.1 Appendix: A Practical Application Part 2: Monetary and Fiscal Policy Issues in North America 6. Alternative Guiding Principles for Monetary Policy in Canada 7. Major Issues in Monetary and Fiscal policy in the United States Part 3: Monetary and Fiscal Problems of Developing Countries 8. Fiscal Policy and the Balance of Payments in a Growing Economy 9. Is Inflation the Inevitable Price of Rapid Development or a Retarding Factor in Economic Growth? 10. International Monetary Reform and the Less Developed Countries 10.1 Mathematical Appendix on Commodity Reserve Money. Index.