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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