I. Introduction pWENTY YEARS have passed since Pro-fessor AW Phillips first brought the
attention of the economics profession to the relationship between inflation and …

This paper surveys recent work in monetary theory, with primary emphasis on material that
has appeared since the writing of Harry Johnson's 1962 survey. The discussion deals with …

IN OUR OPINION, a proper framework has yet to be developed for the analysis of financial
intermediation. The traditional macroeconomic analysis views financial intermediaries as …

Inflation is a process of continuously rising prices, or equivalently, of a continuously falling
value of money. Its importance stems from the pervasive role played by money in a modern …

In explaining his ideas, Friedman uses a simple model, which he calls"'a hypothetical simple
society"([28], p. 2). This is a stationary society with a constant population and with given …

Exploring the function of money as a medium of exchange and a store of value, this major
work provides a comprehensive introduction to the pure theory of money and moetary …

In any discussion of the demand for money it is important to be clear about the concept of
money that is being utilized; otherwise, misunderstandings can arise because of the various …

A commercial bank's financial need for capital depends, in the most general terms, upon its
portfolio composition (both asset and liability), the stability of its cash flows, the skill of its …

This paper, prepared for the New Palgrave, attempts to summarize current mainstream
views concerning the theory of money demand. A model is sketched in which a …

This paper applies previous theoretical and empirical results on inflation and demand for
money to a study of inflationary finance and the welfare cost of inflation. The amount of …