Propositions true by interlocking definitions or by convention occur fairly often. Recognizing their nature and usefulness helps forestall misunderstanding and quibbles. Examples include Walras's Law, the equation of exchange, microeconomic tautologies, the money-multiplier formula, the...

Several articles have recently questioned the "money view" of the monetary transmission mechanism and have offered an alternative "credit view". We argue that the money view has been incompletely presented in much of the literature and in almost all textbooks on Macroeconomics and Money and...