In this book, internationally renowned scholars, including two Nobel Laureates, have been drawn together to celebrate Arnold Heertje's rich contribution to the field of economics. Their essays reflect his influence in the areas of economic theory and policy. In particular, they follow in the tradition of his work on oligopoly and price theory, welfare theory and policy, growth theory, environmental economics, technical change and the history of economic thought and methodology.The contributors offer penetrating insights into the structure and functioning of different types of market structures and the character of technical change. In addition, they address current topics such as the recent problems in East Asian economies, the money supply in the European Monetary Union and economic development. Finally, they pay tribute to Arnold Heertje's work on the history of economic thought, discussing the writings of David Ricardo, the German historical school, Herbert Robinson, Alfred Marshall and Herbert Foxwell. This book will attract economic theorists, and scholars and students who are interested in the history of economic thought or in empirical subjects such as the policy implications of studies of labour markets, property rights and European Monetary Union.

In this invaluable book, Martin Fase, a notable academic and practitioner, draws together his most important contributions to monetary economics over two decades, using empirical evidence to assert his unique style in designing monetary policy. One of the main themes of Professor Fase's work, covered in the first part of the book, is the empirical analysis of the demand for money. For traditional monetary aggregates and Divisia aggregates the author investigates the dynamics, stability and determinants of money demand on a sectoral, national and Europe-wide level. The second part of the book uses empirical evidence to address a variety of monetary issues, including the system approach to money demand, the demand for bank loans, payment patterns and the demand for banknotes and coins. These chapters support the author's assertion that both the aggregate and disaggregate analyses of money demand are necessary for the design of a successful monetary policy in a European Monetary Union. On Money and Credit in Europe will be of great value to scholars and practitioners of monetary and financial economics, the economics of European integration and money and banking.

This book presents a quarter of a century of empirical research on interest rates and a variety of asset prices. It will serve to deepen our understanding of asset price inflation. The book includes extensive analysis of the measurement of interest rates, with case studies from The Netherlands, Belgium and EMU, and emphasizes statistical measurement and the attempt to understand interest rate behaviour through statistical estimation. The book also includes an examination of historical interest rate development in the long run, both theoretically and empirically. In conclusion, Professor Fase also analyses the behaviour of bonds, stocks and investment in art and examines the factors indispensable for a monetary strategy designed to target inflation.