In the aftermath of the debates between Keynesians and monetarists,
this book provides a lucid, concise overview of the most recent
developments in monetary theory. Professor Visser has written an
up-to-date survey which discusses major issues such as crowding
out, the new classical macroeconomics, the breakdown of the stable
money demand function, buffer stocks and currency
substitution.Currency problems in general have come to the fore
after the collapse of the Bretton-Woods system. The book addresses
topical issues including Hayek's proposal to denationalize money as
well as theoretical issues, such as the search for the
microfoundations of monetary theory. This is an important,
up-to-date survey of recent developments in monetary theory, and
the economic reasoning which underlies it. The use of mathematics
has been kept to a minimum.
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