This 1983 book is a wide-ranging study of the macroeconomic side of
monetary theory. Traditional macroeconomics uses simple,
aggregative models to analyse monetary and fiscal policy. Gale
argues that we cannot do without it but also that it rarely attains
the standards of rigour required of modern theory. This book can be
seen as an attempt to do it properly. The early chapters are
critical and reconstructive. They take a fresh look at standard
topics such as wealth effects, money and growth and the long-run
effects of monetary and fiscal policy. Later chapters develop
different themes. The questions raised are drawn from traditional
macroeconomics but there are plenty of surprises. The conventional
view is frequently turned on its head or shown to be unsatisfactory
or not robust. This and other exciting ideas enliven a book which
will continue to be of interest to students and theorists alike.
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