On the Evolution of Money and Its Implications for Price Stability
AbstractThis review identifies in the literature three distinct conceptual frameworks for analysing money, in which the means of settlement is provided by (i) a special commodity used in exchange, (ii) all generally accepted media of exchange including some bank deposits, and (iii) a book-keeping system recording changes in ownership of financial assets within a pure credit economy. All three sections consider the implications for monetary policy aimed at maintaining price stability. The paper concludes that future theoretical developments are likely to take place within finance theory rather than being based on the quantity theory of money. Copyright 2000 by Blackwell Publishers Ltd
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Bibliographic InfoArticle provided by Wiley Blackwell in its journal Journal of Economic Surveys.
Volume (Year): 14 (2000)
Issue (Month): 4 (September)
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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0950-0804
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- Stracca, Livio, 2007. "Should we take inside money seriously?," Working Paper Series 0841, European Central Bank.
- Jan Marc Berk, 2002. "Banca centrale e innovazione finanziaria. Una rassegna della letteratura recente," Moneta e Credito, Economia civile, vol. 55(220), pages 345-385.
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- Jan Marc Berk, 2002. "Central banking and financial innovation. A survey of the modern literature," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 55(222), pages 263-297.
- Jan Marc Berk, 2002. "New Economy, Old Central Banks?," Tinbergen Institute Discussion Papers 02-087/2, Tinbergen Institute, revised 01 Aug 2002.
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