The quality of the money stock declined during the banking crises of the early 1930s. Bank deposits did not serve as a … medium of exchange. This paper presents some evidence to show that the decline in the quality of the money stock contributed …

when making decisions about monetary policy. First, I consider whether ignoring money means returning to the conceptual … role for money are incomplete, or inconsistent with elementary economic principles. Third, I consider the implications for … monetary policy strategy of the empirical evidence for a long-run relationship between money growth and inflation. And fourth …

case, the optimal steady state is characterized by a constant nominal money supply …

helps explain the well known puzzle that fundamental variables such as relative money supplies, outputs, inflation and …

It is controversial whether money stock targeting without base drift (i.e. following a trend-stationary growth path …) makes the price level more predictable in the presence of permanent shocks to money demand. Developing a procedure that does …

It is shown that the price level remains determinate even in the case of two kinds of radical money supply endogeneity … the fiscal theory of the price level to exogenous-money regimes is sketched as well …