Chapter 1. Introduction -- PART 1: NATIONAL PAYMENTS- Chapter 2. Nominal and real money, general equivalent, and value -- Chapter 3. From money as a numéraire to the quantity theory of money -- Chapter 4. Keynes on bank money and the ‘monetary theory of production’ -- Chapter 5. The...

The economic crisis that began in 2007 and still lingers has invited comparison with the Great Depression of the 1930s. It has also generated renewed interest in Milton Friedman and Anna Schwartz's explanation of the latter as mainly the consequence of the Fed's failure as a lender of last...

Since the XIX century, technological progress has allowed commercial banks to create ever greater amounts of broad money and credit starting from a unit of monetary base. Crucially, however, at the very low frequencies the relative amounts of the two aggregates created out of a unit of base...