Money, Financial Institutions and Macroeconomics, Softcover reprint of the original 1st ed. 1997
Recent Economic Thought Series, Vol. 53

Money, Financial Institutions and Macroeconomics presents a comparative and international perspective on the current state of research in monetary theory, and the application of monetary theory to important policy issues. The main emphasis is on views stressing the importance of credit creation in the monetary process, in a tradition which arguably encompasses Wicksell, the later Swedes and the Austrians, through the later Hicks, the circuit school and contemporary post-Keynesians. In addition, however, there are distinguished contributions from economists with a more `mainstream' approach to the issues.
The book is subdivided into four main parts: Part I reviews the theory of a monetary and credit economy; Part II explores alternative views on money and credit; Part III deals with monetary policy issues in North America; and Part IV discusses monetary policy issues in Europe.
`Taken together, the contributions to this volume certainly bear out Hick's famous adage about the much closer relationship between `monetary theory' and `monetary history' than is the case in other branches of economic thought.'

Introduction; A.J. Cohen, et al. Part I: The Theory of a Monetary and Credit Economy. 1. The Uses of the Pure Credit Economy; H.-M. Trautwein. 2. Post Keynesian Monetary Theory and the Principle of Effective Demand; C. Rogers. 3. Keynesians, New Keynesians and the Loanable Funds Theory; M. Messori. 4. The Fisher Effect: Phenomenology, Theory and Policy; A. Cottrell. 5. Loanable Funds, Endogenous Money and Minsky's Financial Fragility Hypothesis; M. Lavoie. Part II: Alternative News on Money and Credit. 6. Keynes and Friedman on Money; G. Dostaler. 7. The Role of Credit in Fisher's Monetary Economics; R.W. Dimand. 8. Henry Dunning Macleod and the Credit Theory of Money; N.T. Skaggs. 9. Early Twentieth-Century Heterodox Monetary Thought; M. Seccareccia. 10. The Role of Credit in the Mania-Crisis Process; B. Spotton. Part III: Monetary Policy Issues in North America. 11. The Institutionalization of Deflationary Monetary Policy; T.I. Palley. 12. Monetarism and the United States Economy; D.I. Fand. 13. A Fiscal-Monetary Mix-Up; D. Laidler. 14. Flying Blind: Recent Federal Reserve Policy; L.R. Wray. Part IV: Monetary Policy Issues in Europe. 15. The Problematic Nature of Independent Central Banks; P. Arestis, M. Sawyer. 16. Credibility, Reputation, and the Instability of the EMS; H.-P. Spahn. 17. Competition and the Future of the European Banking and Financial System; V. Chick, S.C. Dow.18. The Monetary Shock of German Unification; H.-H. Francke, H. Nitsch. Index.