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On the Evolution of Money and Its Implications for Price Stability

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  • Dalziel, Paul

Abstract

This 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

Suggested Citation

  • Dalziel, Paul, 2000. " On the Evolution of Money and Its Implications for Price Stability," Journal of Economic Surveys, Wiley Blackwell, vol. 14(4), pages 373-393, September.
  • Handle: RePEc:bla:jecsur:v:14:y:2000:i:4:p:373-93
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    Cited by:

    1. Jan Marc Berk, 2002. "Central banking and financial innovation. A survey of the modern literature," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 55(222), pages 263-297.
    2. 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.
    3. Michael Graff, 2008. "The Quantity Theory of Money in Historical Perspective," KOF Working papers 08-196, KOF Swiss Economic Institute, ETH Zurich.
    4. Berk, Jan Marc, 2001. "New economy, old central banks? Monetary transmission in a new economic environment," Serie Research Memoranda 0032, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
    5. Stracca, Livio, 2007. "Should we take inside money seriously?," Working Paper Series 841, European Central Bank.
    6. J M. Berk, 2001. "New Economy, Old Central Banks? An overview of monetary transmission in a new economic environment," MEB Series (discontinued) 2001-5, Netherlands Central Bank, Monetary and Economic Policy Department.
    7. Jan Marc Berk, 2002. "New Economy, Old Central Banks?," Tinbergen Institute Discussion Papers 02-087/2, Tinbergen Institute, revised 01 Aug 2002.
    8. 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.

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