state of research in monetary theory, and the application of monetary theory to important policy issues. The main emphasis … issues. The book is subdivided into four main parts: Part I reviews the theory of a monetary and credit economy; Part II … adage about the much closer relationship between `monetary theory' and `monetary history' than is the case in other branches …

We derive fundamental new theory for measuring monetary service flows aggregated over countries within the European … aggregation over countries. Our theory permits monitoring the effects of policy at the aggregate level over the euro area, while …