A Suggestion for Oversimplifying the Theory of Money

Neil Wallace

Economic Journal, 1987, vol. 98, issue 390, 25-36

Abstract: This paper reviews various explanations of why monetary assets have a low rate of return. Th e oversimplifying suggestion is that there are no natural explanation s for this low return and, therefore, that it is to be explained by l egal restrictions that inhibit the issue of private inside-money subs titutes for outside or government money. Some implications of this su ggestion and some casual evidence that bears on its validity are desc ribed. Copyright 1987 by Royal Economic Society.

Date: 1987
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