Description
Book SynopsisMoney 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 institutions, the influence of uncertainty and macroeconomic policy. Focusing on the relations between money and credit, and in turn their relationship to output, prices and inflation, this volume includes Meltzer's early work on the demand for money - in which he suggested that the much-discussed instability of the demand for money arises from the use of Keynesian demand equations - as well as his recent contributions on trade, credit and intermediation.
Among the many important papers featured in this volume, there is an analysis of why the Federal Reserve of the 1930s persisted in its deflationary policy stance for years, despite its effects, and a discussion of the limits of stabilization policy. The concluding section considers the effects of uncertainty and the reasons for the rise and fall of the dollar during the 1980s, reflecting Meltzer's continuing interest in practical policy issues.
Trade Review'. . . the book represents a convenient collection of Meltzer's work which will prove useful to academics and libraries. . .' -- Paul Mizen, The Economic Journal
'The account of the work of the Shadow Open Market Committee, as well as the quality of the papers represented here, remind us of the sheer quality and professionalism of the best - of whatever ideological stripe - in American economics.' -- Michael Artis, The Manchester School
Table of ContentsContents: Introduction Part I: The Demand for Money Part II: Money Supply and Output Part III: Credit and Money Part IV: Financial Regulation Part V: Uncertainty Part VI: Macro Policy Index
