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Unresolved questions in monetary theory: a critical review

Chick, V.; (1978) Unresolved questions in monetary theory: a critical review. De Economist , 126 (1) pp. 37-60. 10.1007/BF01718077.

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Abstract

The basic questions of monetary theory remain unanswered. There is little agreement on a definition of money or what assets serve as money, much less on the nature of the private and social costs and benefits of a money economy. Controversy over these questions is reviewed critically. It is concluded that the extensive literature on these matters is not in fact very illuminating. Some new avenues of enquiry are suggested. Generalisation of Clower's exchange matrix suggests that money is only one of a hierarchy of budget restraints, and that money's contribution to efficient price-setting goes beyond its role as numeraire. Finally, questions of control of the money supply are considered.

Type: Article
Title: Unresolved questions in monetary theory: a critical review
DOI: 10.1007/BF01718077
Publisher version: http://dx.doi.org/10.1007/BF01718077
Language: English
UCL classification: UCL > Provost and Vice Provost Offices > UCL SLASH > Faculty of SandHS > Dept of Economics
URI: http://discovery.ucl.ac.uk/id/eprint/16273
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