Monetary Theory

Minimal wear to covers, pencil markings in the margin on a few pages, otherwise very good. The student of economics is faced with two very different kinds of literature on monetary economics - on the one hand, the work of academic theorists, and on the other hand, the commentaries of the City journalists and the bank reviews. This book aims to provide a common basis for the better understanding of the two kinds of literature by bringing out some of the conceptual issues which are basic to both. Professor Tew treats "money" in the context of paper assets in general, and devotes chapters to the circulation of money, the creation and cancellation of money and the purposes served by capital market transactions. Further chapters examine the causes underlying movement in interest rates and security prices and the factors determining the availability of finance for the growth of the individual firm. While the discussion is related specifically to British institutional arrangements, the argument may be applied with minor modifications to other advanced free-enterprise economies.…