One of the greatest achievements of the modern New Consensusʺ view in macroeconomics is the assertion of a nonquantity theoretic approach to monetary policy. Leading theorists and practitioners of this view have indeed rejected the quantity theory of money, and defended a return to the old...

This volume examines the theory of monetary circulation and applies it to several modern issues including unemployment, inflation, distribution and economic policies. It will provide a valuable contribution to the field of monetary economics, and in particular, its development of...