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Monetary Theory and Policy
Recent Developments in Monetary Theory
Alternative Guiding Principles for Monetary Policy in
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adjustment alternative analysis approach argued argument assets assumed assumption balance of payments balance-of-payments behaviour capital per head central bank concerned cost curve deficit demand for money depends determined discussion domestic Econ economic development economic growth economic policy economic stabilization economists effect empirical exchange rate expansion expected expenditure finance financial intermediaries fiscal policy fixed exchange rate foreign Friedman function government debt Gurley import-substitution important increase inflationary influence inside money interest rates International Monetary Fund international monetary system investment involved issues Keynes labour less developed countries liquidity preference ment Milton Friedman monetary authority monetary policy monetary theory money supply objectives operations Patinkin period Phillips curve price level price stability problem production quantity of money quantity theory rate of growth rate of inflation rate of interest rate of return real balances reserve currency rise savings ratio theoretical tion transactions demand United velocity wealth yield