Money and Unstable Economic Changes

Wei-Bin Zhang

Chapter Chapter 11 in The General Economic Theory, 2020, pp 217-239 from Springer

Abstract: Abstract This chapter deals with issues related to money and economic growth. It is generally accepted that the modern monetary theory began from David Hume’s essays of 1752, Of Money and Interest. Hume holds that the effect of changes in money should depend on the way in which the change is affected. Keynes intensified debates over money after he published General Theory in 1936. Pigou does not agree with Keynes, arguing that Keynes overlooked an important class of regulating mechanisms, namely the real balance, or wealth effects. Different authors emphasize different aspects of money with different modeling frameworks. First, I integrate the basic model with the MIU approach. Then, I integrate the basic model with the CIA approach for a small open economy. Finally, I introduce the Taylor rule into the integrated Solow–Tobin and basic models.

Date: 2020
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-56204-5_11

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DOI: 10.1007/978-3-030-56204-5_11

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