pt. 1. Heterodox economic theory and money in macroeconomics -- pt. 2. Distribution and aggregate demand -- pt. 3 …Money, distribution and economic policy takes issue with the inappropriate treatment of money, effective demand and …: the development of heterodox theory, the role of money in macroeconomics, the relationship between distribution and …

We study monetary models with nondegenerate stationary distributions of money holdings. We find that the Friedman rule … does not typically maximize ex post social welfare. An increase in the rate of growth of the money supply has two effects …: the standard distortionary, or rate-of-return, effect makes money a less desirable asset for all moneyholders. A second …

We study several popular monetary models which generate a nondegenerate stationary distribution of money holdings …. An increase in the rate of growth of the money supply has the standard partial-equilibrium effect of making money a less … type of agent to the other. For each environment, when the rate of growth of the money supply is not too high, an increase …