 Monetary Theory and PolicyHarry G. Johnson
from Palgrave Macmillan Abstract: Abstract In order to isolate a field of study clearly enough demarcated to be usefully surveyed, it is necessary to define monetary theory as comprising theories concerning the influence of the quantity of money in the economic system, and monetary policy as policy employing the central bank’s control of the supply of money as an instrument for achieving the objectives of general economic policy. In surveying the field thus narrowly defined fourteen years ago, Henry Villard [123] began by remarking on the relative decline in the significance attached to it as compared with the offshoot fields of business cycle and fiscal (income and employment) theory, a decline related to the experience of the 1930’s, the intellectual impact of Keynes’s General Theory [66], and the inhibiting effects of the wartime expansion of public debt on monetary policy. While this division of labor has continued, and has indeed been accentuated by the emergence of the cross-cutting field of economic growth and development as an area of specialization, the field of money has been increasingly active and has received increasing attention in the past fourteen years. Keywords: Interest Rate; Monetary Policy; Money Supply; Public Debt; Financial Intermediary (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-00278-8_1 Ordering information: This item can be ordered from DOI: 10.1007/978-1-349-00278-8_1 Access Statistics for this chapter More chapters in Palgrave Macmillan Books from Palgrave Macmillan |
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