An Introduction to Monetary Theory. Rudolf Peto

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1 An Introduction to Monetary Theory Rudolf Peto 0

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4 Preface This book is mainly a translation of the theoretical part of my German publication Geldtheorie und Geldpolitik provided with some updates. It reproduces in the main my lectures given in the University of Mannheim and in the University of Applied Sciences of Bielefeld. This book is not at least influenced by the lectures of Emile James (Professor in the University of Paris) I visited with great interest during my studies in Paris. With this publication I want to provide an introduction to monetary theory starting with an explanation of basic terms. The publication went on with detail analysis of money supply, the demand for money, monetary equilibrium, interest of rate formation and transmission. Last not least follows an analysis of the most central problem of monetary theory and policy, i.e. the changes in the value of money. In my opinion the knowledge of monetary theory is essential to understand monetary policy. I hope therefore that it will be possible someday to present a new and expanded edition with some chapters about monetary policy. In the mean time I recommend to study the publication of Peter Bofinger: Monetary Policy. Rudolf Peto Professor Emeritus of Economics January

This book is not at least influenced by the lectures of Emile James (Professor in the University of Paris) I visited with great interest during my studies in Paris.

5 Contents Preface 1 Basic Concepts Fehler! Textmarke nicht 1.1 Money... Fehler! Textmarke nicht 1.2 Credit... Fehler! Textmarke nicht Definitions of credit... Fehler! Textmarke nicht Forms of credit... Fehler! Textmarke nicht The economic function of credit... Fehler! Textmarke nicht 1.3 Liquidity... Fehler! Textmarke nicht 2 Money supply Fehler! Textmarke nicht 22.1 The central bank's money supply and lending facilities Fundamental static analysis... Fehler! Textmarke nicht Dynamic analysis... Fehler! Textmarke nicht Base money and other monetary aggregates... Fehler! Textmarke nicht More recent aspects of the money supply... Fehler! Textmarke nicht 3 Demand for money Fehler! Textmarke nicht 3.1 Introduction... Fehler! Textmarke nicht 3.2 Classical/neoclassical money demand theory... Fehler! Textmarke nicht The velocity approach... Fehler! Textmarke nicht The cash-balance approach... Fehler! Textmarke nicht 3.3 The Keynesian liquidity preference theory... Fehler! Textmarke nicht Introduction... Fehler! Textmarke nicht Transaction-cash balances... Fehler! Textmarke nicht Speculative-cash balances... Fehler! Textmarke nicht The general demand function according to KeynesFehler! Textmarke nicht 3.4 Post-keynesian demand theories... Fehler! Textmarke nicht The inventory theory approach... Fehler! Textmarke nicht Portfolio selection theory... Fehler! Textmarke nicht 3.5 M. Friedman s money demand theory... Fehler! Textmarke nicht 4 Monetary Equilibrium and Transmission Fehler! Textmarke nicht 4.1 Interest Formation and Transmission in classical/neoclassical TheoryFehler! Textmarke nicht 4.2 The Keynesian Monetary Equilibrium Model and the Transmission MechanismFehler! Textmarke nicht The Curve of Equilibria in the Money Market (LM Curve)Fehler! Textmarke nicht The LM Curve and Changes in Price Level The Curve of Equilibrium in the Goods Market (IS Curve) How Price Changes Effects the IS Curve Equilibrium in the Goods and Money Markets at a Constant Price LevelFehler! Textmarke nicht Monetary Measures to Achieve Equilibrium at a Constant Price LevelFehler! Textmarke nicht 4

1 The central bank's money supply and lending facilities 59 2.2.2 Fundamental static analysis... Fehler! Textmarke nicht 2.2.3 Dynamic analysis... Fehler! Textmarke nicht 2.2.3 Base money and other monetary aggregates.

6 Goods Market Measures to Achieve Equilibrium at a Constant Price LevelFehler! Textmarke nicht Summery of the Hitherto Results and Their Consequence for Economic PolicyFehler! Textmarke nicht 4.3 Advancements of the Classical... Fehler! Textmarke nicht Wicksell s Processes... Fehler! Textmarke nicht The Loanable Funds Theory... Fehler! Textmarke nicht 4.4 The Basic Concept of Monetarism and the Monetarist Transmission ProcessFehler! Textmarke nicht The Basic Concept of Monetarism... Fehler! Textmarke nicht The Monetarist Transmission Process... Fehler! Textmarke nicht Some Comments on Monetarism... Fehler! Textmarke nicht 5 Changes in the Value of Money Fehler! Textmarke nicht 5.1 Definitions... Fehler! Textmarke nicht 5.2 Measuring Changes in the Value of Money... Fehler! Textmarke nicht 5.3 Types of Inflation... Fehler! Textmarke nicht 5.4 The Monocausal Approach in the Theory of InflationFehler! Textmarke nicht The Classical/neo-classical Theory of Inflation. Fehler! Textmarke nicht The Monetarist Theory of Inflation... Fehler! Textmarke nicht 5.5 The Multicausal Approach in the Theory of InflationFehler! Textmarke nicht Demand-pull Inflation... Fehler! Textmarke nicht Supply-push Inflation... Fehler! Textmarke nicht Cost-push Inflation Fehler! Textmarke nicht Profit-push Inflation Fehler! Textmarke nicht 5.6 The Effects of Inflation... Fehler! Textmarke nicht Effects on the Function of Money... Fehler! Textmarke nicht Effects on International competitiveness... Fehler! Textmarke nicht Effects on Employment... Fehler! Textmarke nicht Effect on Growth... Fehler! Textmarke nicht Effects on Distribution... Fehler! Textmarke nicht 5.7 The Effects of Deflation... Fehler! Textmarke nicht LIST OF SYMBOLS AND ABBREVIATIONS... Fehler! Textmarke nicht 5

Textmarke nicht 4.4.1 The Basic Concept of Monetarism... Fehler! Textmarke nicht 4.4.2 The Monetarist Transmission Process... Fehler! Textmarke nicht 4.4.3 Some Comments on Monetarism... Fehler! Textmarke nicht 5 Changes in the Value of Money Fehler!

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