Money, Intermediation, and Growth

MONETARY theory has been a very active field, and the pace of development has probably accelerated in the few years since Johnson [31], Shackle [56], and Bronfenbrenner and Holzman [4] surveyed the theories of money, interest rates, and inflation. In any field, new developments generally build on results and conclusions reached earlier, and recent work in monetary economics is no exception. Although all of the principal topics of current or recent interest in monetary economics are mentioned in the earlier surveys, and some are discussed at length, new results have forced major revisions or added new strength to older conclusions.