1. Why Another Book about Money? -- 2. Imagine a World Without Money -- 3. A Brief History of Money -- 4. Saving, Lending, Borrowing, and the Banking Sector -- 5. Central Banks, Monetary Policy, and the Economy -- 6. The Financial Crisis of 2007-2009 and the Great Recession -- 7. Economic Growth...

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...