Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/186698 
Authors: 
Year of Publication: 
1988
Series/Report no.: 
Working Paper No. 5
Publisher: 
Levy Economics Institute of Bard College, Annandale-on-Hudson, NY
Abstract: 
The theory of money that emerged from the Keynesian Revolution is coming increasingly into question, and a variety of new theories are being put forward as alternatives. The most promising is one I will call the finance constraint theory. This paper is a progress report on its development. It is particularly fitting that this progress report appear in afestschrift for S.C. Tsiang, as he has been one of the most cogent critics of the conventional theory and a major architect of the finance constraint alternative. The issues a theory of money should address may be divided into three broad areas: (1) What is money and how is it special (2) What is the connection between money and its various "prices" (the general price level, interest rates, and exchange rates)? (3) What is the role of money in economic fluctuations? After some introductory material, each of these areas will be taken up in turn.
Document Type: 
Working Paper

Files in This Item:
File
Size
4.18 MB





Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated.