alternative "credit view". We argue that the money view has been incompletely presented in much of the literature and in almost …Several articles have recently questioned the "money view" of the monetary transmission mechanism and have offered an … all textbooks on Macroeconomics and Money and Banking. A distinction between the two views is unnecessary if one presents …

Secured debt has become a predominant form of credit. The purpose of this paper is to analyze collateral in a model of … money and its interaction with monetary policy. Borrowing capacity, and ultimately consumption, is linked to the value of … collateralizable asset in contingencies. The Friedman rule is the optimal policy. For any other policy credit and the use collateral …

the free issue of bank notes) that would enable the banks to provide more and cheaper credit. Furthermore, Hayek comes up … currency or an international central bank. This paper focuses on Hayek’s overall philosophy on international money mechanism … bank and his concerned over unstable arrangements in money mechanism,which, he believes, profoundly affects economic and …

reference to the quantity of money.Following up the finding that inflation is determined in a coordination game, it is …. Central banks could thus be shown to be able to influence inflation rates, although the quantity of money plays no part in …

-wide model, in which the stock of money doesnot play any causal role. The stock of money operates a mere residual in the economic … process. The absence of the stock of money in many current debates over monetary policy has prompted the statement by the … and more concerned with price stability, less and less attention is paid to money. Indeed, the decline of interest in …

-wide model, in which the stock of money doesnot play any causal role. The stock of money operates a mere residual in the economic … process. The absence of the stock of money in many current debates over monetary policy has prompted the statement by the … and more concerned with price stability, less and less attention is paid to money. Indeed, the decline of interest in …

the linkages between finance, money, and the real economy. Sources of market imperfections in finance are identified and …

driven by the crisis. Our general point is that money matters in financial markets. Different financial assets have different …

issuing base money is flawed. That story - in its various guises - is based on the quantity equation. This equation, however …

driven by the crisis. Our general point is that money matters in financial markets. Different financial assets have different …