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Taking Money Seriously


This survey paper argues that Walrasian markets and monetary exchan ge are alternative, not complementary, arrangements for coordinating economic activity; that if one realizes this, many informational anomalies and price rigidities that appear "irrational" in a Walrasia n context can be understood as the outcome of maximizing behavior in a monetary economy; and that the precautionary approach to modelin g the demand for money takes on a particular importance in this way of looking at things. Empirical evidence on the demand for money is cite d in support of this point of view, which tends to reinstate the quantity of money as an important economic variable, in contrast to the New Classical vision of the economy whi ch downgrades money's importance.

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Paper provided by University of Western Ontario, Department of Economics in its series UWO Department of Economics Working Papers with number 8804.

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Length: 42 pages
Date of creation: 1988
Date of revision:
Handle: RePEc:uwo:uwowop:8804
Contact details of provider: Postal:
Department of Economics, Reference Centre, Social Science Centre, University of Western Ontario, London, Ontario, Canada N6A 5C2

Phone: 519-661-2111 Ext.85244
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