Previous models of the demand for money are either inconsistent with contemporaneous adjustment of the price level to expected changes in the nominal money supply or imply implausible fluctuations in interest rates in response to unexpected changes in the nominal money supply. This paper...

Previous models of the demand for money are either inconsistent with contemporaneous adjustment of the price level to expected changes in the nominal money supply or imply implausible fluctuations in interest rates in response to unexpected changes in the nominal money supply. This paper...

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...