Analysis of the money supply process provides a framework for the systematic examination of the implications of alternative institutional arrangements and policy decisions. This chapter presents a framework containing many features of modern financial systems. The system extended to include many...

Money and credit are key themes of Allan H. Meltzer's ground-breaking work which is celebrated in this outstanding collection of his essays and papers. Money, Credit and Policy covers the demand for money, the relation of money to output, the role of credit and debt, regulation of financial...