Modern Monetary Theory

Innovations in financial markets and in financial management, together with dramatic innovations in the substance and technique of monetary theory, have made it necessary to restate the theory of money and the theory of monetary policy. In order to provide a new monetary theory, the author treats fully the following material: choice of currency and the theory of convertibility; interest on money; speculation and rational expectations; implications of electronic-transfer settlement procedures for monetary theory, as well as other matters. The theories of Tobin are developed and exposited in detail, as is the work of Friedman.

Inhalt
Preface - PART 1 THE ONTOLOGY OF MONEY - The Essential Properties of Money - Choice of Currency and other Topics - Interest on Money - PART 2 OPERATIONAL STUDIES - The Pure Theory of Commodity Money - Open-Loop vs.Closed-Loop Money-Supply-Control Systems - Speculation, Rational Expectations and the Pure Theory of the Macroeconomy - Inflation - Public Debt and Monetary Theory - Three Topics in the Monetary Theory of Closed Systems: Real Balance Effects; Inside vs. Outside Money; Substitution and Complementarity among Financial Assets - PART 3 THE THEORY OF MONEY IN OPEN ECONOMIES - Some Theory of the Open Macroeconomy - Some Pure Theory in an Open Macroeconomy - References - Index