Monetary economics

History

Islamic Golden Age

At around the same time in the medieval Islamic world, a vigorous monetary economy was created during the 7th–12th centuries on the basis of the expanding levels of circulation of a stable high-value currency (the dinar). Innovations introduced by Muslim economists, traders and merchants include the earliest uses of credit, cheques, promissory notes, savings accounts, transactional accounts, loaning, trusts, exchange rates, the transfer of credit and debt, and banking institutions for loans and deposits.

1500s to 1700s

In the Indian subcontinent, Sher Shah Suri (1540–1545), introduced a silver coin called a rupiya, weighing 178 grams. Its use was continued by the Mughal rulers. The history of the rupee traces back to Ancient India circa 3rd century BC. Ancient India was one of the earliest issuers of coins in the world, along with the Lydian staters, several other Middle Eastern coinages and the Chinese wen. The term is from rūpya, a Sanskrit term for silver coin,{{cite web |access-date= 26 August 2010 |author-link= Ralph Lilley Turner |orig-year= London: Oxford University Press, 1962–1966. |archive-date= 28 August 2010 |archive-url= https://web.archive.org/web/20100828231731/http://dsal.uchicago.edu/dictionaries/soas/index.html |url-status= live |access-date= 26 August 2010 |author-link= Ralph Lilley Turner |orig-year= London: Oxford University Press, 1962–1966. |archive-date= 28 August 2010 |archive-url= https://web.archive.org/web/20100828231731/http://dsal.uchicago.edu/dictionaries/soas/index.html |url-status= live

The imperial taka was officially introduced by the monetary reforms of Muhammad bin Tughluq, the emperor of the Delhi Sultanate, in 1329. It was modeled as representative money, a concept pioneered as paper money by the Mongols in China and Persia. The tanka was minted in copper and brass. Its value was exchanged with gold and silver reserves in the imperial treasury. The currency was introduced due to the shortage of metals.

Both the Kabuli rupee and the Kandahari rupee were used as currency in Afghanistan prior to 1891, when they were standardized as the Afghan rupee. The Afghan rupee, which was subdivided into 60 paisas, was replaced by the Afghan afghani in 1925.

Until the middle of the 20th century, Tibet's official currency was also known as the Tibetan rupee.

Serious interest in the concepts behind money occurred during the dramatic period of inflation in the late 15th to early 17th centuries known as the Price Revolution, during which the value of gold fell precipitously, sometimes fluctuating wildly, because of the importation of gold from the New World, primarily by Spain.

At the end of this period, the first modern texts on monetary economics were beginning to appear.

During the eighteenth century, the concept of banknotes became more common in Europe. David Hume referred to it as "this new invention of paper".

In 1705, John Law in Scotland published Money and Trade Considered, which examined the failure of metal-based money during the previous hundred and fifty years. He proposed replacing that system with a land bank system of paper money based on the value of real estate. He succeeded in getting this proposal implemented. However, his bank failed due to a bubble of speculation collapsing into extreme inflation; perhaps because he failed to take the lessons of the Spanish Price Revolution seriously.

In 1720, Isaac Gervaise wrote The System or Theory of the Trade of the World. He criticised mercantilism and state-supported credit for the inflation problems of his era.

Della Moneta, was published by Ferdinando Galiani in 1751, and is arguably the first modern text on economic theory. It was printed twenty-five years before Adam Smith's more famous book, The Wealth of Nations, which touched on some of the same topics. Della Moneta covered many modern monetary concepts, including the value, origin, and regulation of money. It carefully examined the possible causes for money's value to fluctuate.

The year following, 1752, Of the Balance of Trade was published by Hume. He argued that one need not worry about the import or export of goods creating a surplus or shortage of either money or goods because an excess or shortage of money will always increase or decrease demand until equilibrium is reached. In modern economic terms, this is as equilibration through the price–specie flow mechanism.

Modern Theory of money

The foundational concept of any modern theory of money is the understanding that the value of fiat money depends upon exchange and not weight (compare with the Arrow–Debreu model).

Research areas

Traditionally, research areas in monetary economics have included:

• Empirical determinants and measurement of the money supply, whether narrowly, broadly, or index-aggregated, in relation to economic activity

• Empirical determinants of the demand for money.

• Credit theory of money (also called debt theory of money), concerning the relationship between credit and money.

• Debt deflation and balance-sheet theories, which hypothesize that over-extension of credit associated with a subsequent asset-price fall generate business fluctuations through the wealth effect on net worth.

• Monetary aspects studied by central banks.

• The monetary/fiscal policy relationship to macroeconomic stability

• The effect of money supply growth on inflation.

• The political economy of financial regulation and monetary policy

• Monetary implications of the asset-price/macroeconomic relation: the quantity theory of money, monetarism, and the importance and stability of the relation between the money supply and interest rates, the price level, and nominal and real output of an economy.• Benjamin M. Friedman, 2008. "money supply," The New Palgrave Dictionary of Economics, 2nd Edition. v. 5, pp. 745-51. Abstract. • Clark Warburton, 1966. Depression, Inflation, and Monetary Policy: Selected Papers, 1945-1953. Johns Hopkins Press. Evaluation in Anna J. Schwartz, Money in Historical Perspective, 1987. • Milton Friedman and Anna Jacobson Schwartz, 1963. A Monetary History of the United States, 1867-1960. Princeton. Page-searchable links to chapters on 1929-41 and 1948-60. • James Tobin, 1970. "Money and Income: Post Hoc Ergo Propter Hoc?" Quarterly Journal of Economics, 84(2), pp. 301-317. • Christopher A. Sims, 1972. "Money, Income, and Causality," American Economic Review, 62(4), pp. 540-552. • _____, 1980. "Comparison of Interwar and Postwar Business Cycles: Monetarism Reconsidered," American Economic Review, 70(2), pp. 250 -257. • _____, 2011. "Statistical Modeling of Monetary Policy and its Effects" , Nobel Prize lecture. • John P. Judd and John L. Scadding, 1982. "The Search for a Stable Money Demand Function: A Survey of the Post-1973 Literature," Journal of Economic Literature, 20(3), pp. 993 -1023. • Christina D. Romer and David H. Romer, 1989. "Does Monetary Policy Matter? A New Test in the Spirit of Friedman and Schwartz", NBER Macroeconomics Annual 1989, 4, downloadable at ch. 3 and at Journal of Monetary Economics, 1994, 34(1), pp. 75-88. Abstract. • Dennis L. Hoffman, Robert H. Rasche, and Margie A. Tieslau, 1995. "The Stability of Long-run Money Demand in Five Industrial Countries," Journal of Monetary Economics, 35(2), pp. 317-339 Abstract. • Robert G. King and Charles I. Plosser, 1984. "Money, Credit, and Prices in a Real Business Cycle," American Economic Review, 74(3), pp. 363-380. Reprinted in Finn E. Kydland, ed., 1995. Business Cycle Theory, pp. 136-55. • Tack Yun, 1996. "Nominal Price Rigidity, Money Supply Endogeneity, and Business Cycles," Journal of Monetary Economics, 37{2}, pp. 345–70. Abstract. • Arturo Estrella and Frederic S. Mishkin, 1997. "Is There a Role for Monetary Aggregates in the Conduct of Monetary Policy?" Journal of Monetary Economics, 40(2), pp. 279-304. Abstract.

• Monetary impacts on interest rates and the term structure of interest rates

• Lessons of monetary/financial history• Michael D. Bordo, 2008. "monetary policy, history of," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract and pre-publication copy. • John Kenneth Galbraith, 1975. Money: Whence it Came, Where it Went, Houghton Mifflin. } Extracts and review extracts.http://ann.sagepub.com/cgi/pdf_extract/424/1/163https://www.jstor.org/pss/1992011 • Gauti B. Eggertsson, 2008. "liquidity trap," .The New Palgrave Dictionary of Economics, 2nd Edition. Abstract. • Athanasios Orphanides, 2004. "Monetary Policy in Deflation: The Liquidity Trap in History and Practice," North American Journal of Economics and Finance, 15(1), pp. 101-124. Abstract. • Ben S. Bernanke, 2000, "Japanese Monetary Policy: A Case of Self-Induced Paralysis?" ch. 7, pp. 149-66 in Japan's Financial Crisis and Its Parallels to US Experience, Adam S. Posen and Ryoichi Mikitani, ed. • _____, 2003. "Some Thoughts on Monetary Policy in Japan," May 31, (speech) Federal Reserve Board. • _____, 2005. Essays on the Great Depression, ch. 1-4. Princeton. Description , TOC , and ch. 1, " The Macroeconomics of the Great Depression," preview. • Satyajit Chatterjee and P. Dean Corbae, 2008. "Great Depression, monetary and financial forces in," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract. • G.J. Santoni, 1987. "The Great Bull Markets 1924-29 and 1982-87: Speculative Bubbles or Economic Fundamentals?" Federal Reserve Bank of St. Louis Review, November, pp. 16-30. • Richard C. Koo, 2008. The Holy Grail of Macro Economics: Lessons From Japan's Great Recession, Wiley. Description and Review. • Carmen M. Reinhart and Kenneth S. Rogoff, 2009. This Time Is Different: Eight Centuries of Financial Folly. Princeton University Press. Description , ch. 1 ("Varieties of Crises and their Dates," pp. 3-20) , and chapter-preview links. • Kevin H. O'Rourke and Barry Eichengreen, 2009. "A Tale of Two Depressions," pp. 1-8. VoxEU.org. • John Quiggin, 2010. Zombie Economics: How Dead Ideas Still Walk among Us, ch. 2-3 & 5. Princeton U.P. Description, TOC , and Introduction . • Christopher L. Foote and Paul S. Willen, 2011. "subprime mortgage crisis, the," The New Palgrave Dictionary of Economics, Online Edition. Abstract. • Thomas J. Sargent, 2011. "United States Then, Europe Now," Nobel lecture, sect. 7, Lessons for Now. • Roger Lowenstein, 2012. "The Villain," (front-cover title: "The Hero"), The Atlantic, 309(2), April, pp. 48-60. ``[Bernanke, other economists, and politicians on U.S. monetary policy since 2006.]

• Transmission mechanisms of monetary policy as to the macroeconomy

• Neutrality of money vs. money illusion as to a change in the money supply, price level, or inflation on output

• Tests, testability, and implications of rational-expectations theory as to changes in output or inflation from monetary policy

• Monetary implications of imperfect and asymmetric information• From 2008, The New Palgrave Dictionary of Economics, 2nd Edition: "monetary business cycles (imperfect information)" by Christian Hellwig. Abstract. "bubbles" by Markus K. Brunnermeier. "speculative bubbles" by Miguel A. Iraola and Manuel S. Santos. Abstract.

   "information cascades," by Sushil Bikhchandani, David Hirshleifer and Ivo Welch.  [Abstract.](http://www.dictionaryofeconomics.com/article?id=pde2008_I000103&q=information&topicid=&result_number=2) 
  

  • Alex Cukierman and Allan H. Meltzer, 1986. "A Theory of Ambiguity, Credibility, and Inflation under Discretion and Asymmetric Information," Econometrica, 54(5), pp. 1099-1128. • Matthew B. Canzoneri, 1985. "Monetary Policy Games and the Role of Private Information," American Economic Review, 75(5), pp. 1056 -1070. • Frederic S. Mishkin, 1991. "Asymmetric Information and Financial Crises: A Historical Perspective," in R. Glenn Hubbard, ed., Financial Markets and Financial Crises (description), Chicago, pp. 69-108 • Joseph E. Stiglitz and Andrew M. Weiss, 1992. "Asymmetric Information in Credit Markets: Implications for Macro-Economics," Oxford Economic Papers, 44(4), pp. 694-724. • Pradeep Dubey, John Geanakoplos, and Martin Shubik, 1987. "A Critique of Rational Expectations Equilibrium," Journal of Mathematical Economics, 16(2), pp. 105-137 . • Joseph Stiglitz and Bruce Greenwald, 2003. Towards a New Paradigm in Monetary Economics. Cambridge. Arrow page-searchable Description and Table of Contents chapter-preview links. • Franklin Allen and Douglas Gale, 2000 "Financial Contagion," Journal of Political Economy, 108(1), pp. 1-33. • Laura E. Kodres and Matthew Pritsker, 2002. "A Rational Expectations Model of Financial Contagion," Journal of Finance, 57(2), pp. 769-799. and fraudulent finance

• Game theory as a modeling paradigm for monetary and financial institutions

• Possible advantages of following a monetary-policy rule to avoid inefficiencies of time inconsistency from discretionary policy

Notes

Pre-publication copy. • Alan S. Blinder et al., 2008. "Central Bank Communication and Monetary Policy: A Survey of Theory and Evidence," Journal of Economic Literature, 46(4), pp. 910–945 Pre-publication copy. • Vasco Cúrdia and Michael Woodford, 2011, "The Central-Bank Balance Sheet as an Instrument of Monetary Policy," Journal of Monetary Economics, 58(1), pp. 54-79. Abstract. • Xavier Freixas, 2009. "Monetary Policy in a Systemic Crisis," Oxford Review of Economic Policy, 25(4), pp. 630-53. Abstract.

• From The New Palgrave Dictionary of Economics, 2008. 2nd Edition:

     "monetary and fiscal policy overview" by Narayana R. Kocherlakota. [Abstract.](http://www.dictionaryofeconomics.com/article?id=pde2008_M000383) 

     "fiscal and monetary policies in developing countries" by David Fielding. [Abstract.](http://www.dictionaryofeconomics.com/article?id=pde2008_F000116&q=monetary%20developing&topicid=&result_number=1) 

     "government budget constraint" by Eric M. Leeper and James M. Nason. [Abstract.](http://www.dictionaryofeconomics.com/article?id=pde2008_G000161) 

     "currency crises" by Graciela Laura Kaminsky.  [Abstract.](http://www.dictionaryofeconomics.com/article?id=pde2008_C000468) 

     "currency crises models" by Craig Burnside, Martin Eichenbaum, and Sergio Rebelo. [Abstract.](http://www.dictionaryofeconomics.com/article?id=pde2008_S000204) 

• Stanley Fischer and William Easterly, 1990. "The Economics of the Government Budget Constraint," World Bank Research Observer, 5(2), pp. p. 127 -142 (PDF , pp. 5-20 of 101). • Thomas J. Sargent and Neil Wallace, 1981. "Some Unpleasant Monetarist Arithmetic," Federal Reserve Bank of Minneapolis Quarterly Review, 5(3), pp. 1-17. • Thomas J. Sargent, 2011. "United States Then, Europe Now," Nobel lecture, sect. 7, Lessons for Now. • Milton Friedman, 1948. "A Monetary and Fiscal Framework for Economic Stability," * American Economic Review*, 38(3), pp. 245-264. • _____, 1959. A Program for Monetary Stability. Fordham University Press. New York. TOC chapter-preview links. • Michael Woodford, 2001. "Fiscal Requirements for Price Stability," Journal of Money, Credit and Banking, 33(3), pp. 669-728. • Alberto Alesina and Allan Drazen, 1991. "Why Are Stabilizations Delayed?" American Economic Review, 81(5), pp. 1170-1188. • Lawrence H. Summers, 2000. "International Financial Crises: Causes, Prevention, and Cures." American Economic Review,, 90(2), pp. 1-16. Reprinted in M. Chatterji and P. Gangopadhyay, ed., 2005, Economic Globalization in Asia, pp. 47-63. • Graciela L. Kaminsky and Carmen M. Reinhart, 1999. "The Twin Crises: The Causes of Banking and Balance-Of-Payments Problems," American Economic Review, 89(3), pp. 473-500. • Christopher Adam and David Vines, 2009. "Remaking Macroeconomic Policy after the Global Financial Crisis: A Balance-Sheet Approach," Oxford Review of Economic Policy, 25(4), pp. 507-552. Abstract.

• Martin Shubik, 1990. "A Game Theoretic Approach to the Theory of Money and Financial Institutions," ch. 5, in B. M. Friedman and & F. H. Hahn, ed. Handbook of Monetary Economics, Elsevier, v. 1, pp. 171-219 . • _____, 2004. The Theory of Money and Financial Institutions, MIT Press:

  v. 1.  [Description](http://mitpress.mit.edu/catalog/item/default.asp?ttype=2&tid=10209) ,  [contents](http://mitpress.mit.edu/catalog/item/default.asp?ttype=2&tid=10209&mode=toc) , and chapter-preview [links](https://books.google.com/books?id=m9BWUe9xveQC&pg=PR7) 

  v. 2. [Description](http://mitpress.mit.edu/catalog/item/default.asp?ttype=2&tid=10210)  and [contents](http://mitpress.mit.edu/catalog/item/default.asp?ttype=2&tid=3453&mode=toc) .

  v. 3: [Description](http://mitpress.mit.edu/catalog/item/default.asp?ttype=2&tid=12313) .

• Guido Tabellini, 1986. "Money, Debt and Deficits in a Dynamic Game," Journal of Economic Dynamics and Control, 10(4), pp. 427-442. Abstract . • Koichi Hamada, 1976. "Strategic Analysis of Monetary Interdependence," Journal of Political Economy, 84(4, Part 1), pp. 677-700. • _____, 1985. The Political Economy of International Monetary Interdependence, MIT Press. Description and content-chapter links . Review extract . • Matthew B. Canzoneri and Dale W. Henderson, 1991. Monetary Policy in Interdependent Economies: A Game-Theoretic Approach, MIT Press. Description and chapter-preview links.

and the relationship between the demand for output and the demand for money

• William A. Barnett, 2008. "monetary aggregation," The New Palgrave Dictionary of Economics, 2nd Edition. Abstract. • Phillip Cagan, 1965. Determinants and Effects of Changes in the Stock of Money, 1875-1960. NBER. Foreword by Milton Friedman, pp. xiii-xxviii. Table of Contents.

• Milton Friedman and Anna Jacobson Schwartz, 1970. "Introduction," Monetary Statistics of the United States. Princeton. pp. 89-92. Review, Allan H. Meltzer, 1971. J of Business, 44(3), pp. 335-337. • Paul A. Spindt, 1985. "Money Is What Money Does: Monetary Aggregation and the Equation of Exchange," Journal of Political Economy, 93(1), pp. 175-204. • Michael T. Belongia, 1996. "Measurement Matters: Recent Results from Monetary Economics Reexamined," Journal of Political Economy, 104(5), pp. 1065-1083.

• Robert W. Dimand, 2008. "macroeconomics, origins and history of" (abstract) and "monetary economics, history of" (abstract) , The New Palgrave Dictionary of Economics. 2nd Edition. • Christina D. Romer and David H. Romer, 2007:2. "Monetary Economics," NBER Reporter, pp. 1-6 Abstract-links version. • JEL classification codes#Macroeconomics and monetary economics JEL: E Subcategories. • David Hume, 1752. "Of Money," "Of Interest," and "Of the Balance of Trade" in Essays, Moral, Political, and Literary. Reprinted in Hume, 1955, Writings on Economics, Eugene Rotwein ed., linked Table of Contents. • Thomas Mayer, 1980. "David Hume and Monetarism," Quarterly Journal of Economics, 95(1), pp. 89-101. • Henry Thornton, 1802. Paper Credit. Contents, pp. ix-xii, & chapter links. Introduction by Friedrich Hayek, 1938. • W. Stanley Jevons, 1876 [1919]. Money and the Mechanism of Exchange. Chapter-preview links. • Carl Menger, 1892. "On the Origin of Money," Economic Journal, 2(6), pp. 239–255. • Knut Wicksell, [1898] 1936. Interest and Prices, tr. R.F. Kahn. Macmillan, Chapter links, pp. v-vi. • _____, [1906] 1929. Lectures on Political Economy, v. 2: Money, tr. E. Classen, 1935. Discussed in Lionel Robbins' Introduction to v. 1: General Theory, pp. xv-xviii. • A.C. Pigou, 1917. "The Value of Money." Quarterly Journal of Economics, 32 (1), pp. 38-65. Reprinted in part in A.C. Pigou (1924), Essays in Applied Economics, pp. 175- 204. • Fisher, Irving, [1911] 1922, 2nd ed.. The Purchasing Power of Money: Its Determination and Relation to Credit, Interest, and Crises • John Maynard Keynes, 1923. A Tract on Monetary Reform. Macmillan. Reviews, 1924 & 1996 . • _____, 1936. The General Theory of Employment, Interest and Money. Macmillan. • Gary S. Becker and William J. Baumol, 1952. "The Classical Monetary Theory: The Outcome of the Discussion," Economica, NS 19(76), pp. 355 -376. • Paul A. Samuelson, 1968. "What Classical and Neoclassical Monetary Theory Really Was," Canadian Journal of Economics, 1(1), pp. 1-15, & Collected Scientific Papers, 1972, v. III. pp. 529-543.

• Robert Clower, 1969b. "What Traditional Monetary Theory Really Wasn't," Canadian Journal of Economics. 2(2), pp. 299-302. • David E.W. Laidler, 1991. The Golden Age of the Quantity Theory: The Development of Neoclassical Monetary Economics, 1870-1914. Princeton UP. Description and review. • Bennett T. McCallum, 1989. Monetary Economics: Theory and Policy. Macmillan. Preview.

• James Tobin, 1992. "money," The New Palgrave Dictionary of Finance and Money, v. 2, pp. 770-79 & in 2008, The New Palgrave Dictionary of Economics. 2nd Edition. Table of Contents and Abstract. Reprinted in Tobin, 1996, Essays in Economics, v. 4, pp. 139-63. MIT Press. • _____, 1961. "Money, Capital, and Other Stores of Value," American Economic Review, 51(2), pp. 26-37. Reprinted in Tobin, 1987, Essays in Economics, v. 1, pp. 217-27. MIT Press. • Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, 66(6), pp. 467, 481-82 . • John Bryan, 1980. "Transaction Demand for Money and Moral Hazard," in Models of Monetary Economies, ed. J. Kareken and N.Wallace, Federal Reserve Bank of Minneapolis, pp. 233-241 and References, pp. 305-13. • Nobuhiro Kiyotaki and Randall Wright, 1989, "On Money as a Medium of Exchange," Journal of Political Economy 97(4), pp. 927 -54. • _____, 1993. "A Search-Theoretic Approach to Monetary Economics," American Economic Review, 83(1), pp. 63-77.

• William J. Baumol 1952. "The Transaction Demand for Cash: An Inventory Theoretic Approach," Quarterly Journal of Economics, 66(4), pp. 545–556.

• James Tobin, 1956. "The Interest-Elasticity of Transactions Demand for Cash," Review of Economics and Statistics, 38(3), pp. 241-247. Reprinted in Tobin, Essays in Economics, v. 1, Macroeconomics, pp. 229- https://books.google.com/books?id=ar4-mvqsDpgC&dq=bl&pg=PA229 242. • _____, 1958. "Liquidity Preference as Behavior Towards Risk," Review of Economic Studies 25(1), pp. 65–86. • Milton Friedman, 1956. "The Quantity Theory of Money: A Restatement," in Studies in the Quantity Theory of Money, Chicago. Reprinted in The Optimum Quantity of Money, 2005), pp. 51 -67.

References

• Handbook of Monetary Economics, Elsevier. :Friedman, Benjamin M., and Frank H. Hahn, ed., 1990. v. 1 links for description & contents and chapter-outline previews :_____, 1990. v. 2 links for description & contents and chapter-outline previews. :Friedman, Benjamin, and Michael Woodford, 2010. v. 3A & 3B links for description & and chapter abstract & TOC.
• Boughton, James R., and Elmus R. Wicker, 1975. The Principles of Monetary Economics.
• Brunner, Karl, and Allan H. Meltzer, 1993. Money and the Economy: Issues in Monetary Analysis, Cambridge. Description and chapter previews, pp. ix-x.
• Clower, Robert W., ed., 1969. Monetary Theory: Selected Readings, Harmondsworth, Penguin.
• Eden, Benjamin, 2005. A Course in Monetary Economics: Sequential Trade, Money, and Uncertainty. Description.
• Gale, Douglas, 1982. Money: in Equilibrium, Cambridge University Press, Cambridge Economic Handbooks, 349 pp. . Description and preview.
• _____, 1983. Money: in Disequilibrium, Cambridge Economic Handbooks, 382 pp. . Description and preview.
• Goodhart, Charles, 1989. Money, Information and Uncertainty, 2nd Ed. MIT Press. Description and chapter titles.
• Grandmont, Jean-Michel, 1985. Money and Value: A Reconsideration of Classical and Neoclassical Monetary Economics, Econometric Society Monographs, v. 5, Cambridge University Press. . Description and preview .
• Handa, Jagdish, 2007. Monetary Economics, 2nd ed. Routledge. Description and preview.
• Harris, Laurence, 1981. Monetary Theory. New York: McGraw-Hill.
• Hicks, John R., 1967. Critical Essays in Monetary Theory, Chapter preview links. Oxford.
• The New Palgrave Dictionary of Finance and Money, 1992. 3 v. Description.
• The New Palgrave Dictionary of Economics Online, 2008. Abstract links for "Monetary Economics" (alphabetical) and "monetary".
• Rabin, Alan A., 2004. Monetary Theory MPG Books: London. Arrow-page-searchable chapter previews.
• Walsh, Carl E., 2003. Monetary Theory and Policy, 2nd ed., MIT Press. . Description and chapter-preview links.
• {{cite book|last=Woodford|first=Michael|author-link=Michael Woodford (economist)|year=2003|title=Interest and prices: Foundations of a theory of monetary policy|location=Princeton, New Jersey

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