Money

Joseph T. Salerno and Kristoffer J. M. Hansen

Chapter 9 in A Modern Guide to Austrian Economics, 2022, pp 165-181 from Edward Elgar Publishing

Abstract: In this chapter, we survey Austrian contributions to monetary theory since the 80s. We focus on the supply of money, the demand for money, and the question of monetary equilibrium. In the section on supply, we go through developments in the understanding of inflation and deflation, the economics of commodity money supply, free banking insofar as it concerns the supply of money, bitcoin, and end with a review of monetary reform proposals, since these all focus on how money is produced. The section on demand for money first explain the Austrian focus on money demand as demand to hold and recent elaborations of this in terms of exchange demand and reservation demand. Recent work by Austrians have emphasized the role of uncertainty for money demand and elaborated a theory of the quality of money. The final section concerns the debate over monetary equilibrium.

Keywords: Economics and Finance (search for similar items in EconPapers)
Date: 2022
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