The Nature of Money

Louise Davidson

Chapter 11 in Uncertainty, International Money, Employment and Theory, 1999, pp 169-178 from Palgrave Macmillan

Abstract: Abstract Economists have probably spilled more printer’s ink over the topic of money than any other. Moreover, while monetary theory impinges on almost every other conceivable branch of economic analysis, confusion over the meaning and nature of money continues to plague not only the economics profession but also central bankers and other policy-makers. The resulting semantic obfuscation results in needless debate over the proper monetary policy to produce a prosperous economy. Accordingly, the purpose of this article is to develop a precise definition of money to help economists provide a scientific analysis of the role of money. Only after that is achieved can we develop a scientific approach to the question of monetary policy.

Keywords: Federal Reserve; Spot Market; Liquid Asset; Contractual Obligation; Legal Tender (search for similar items in EconPapers)
Date: 1999
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-14991-9_11

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DOI: 10.1007/978-1-349-14991-9_11

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