The Theory of Monetary Institutions covers free banking monetary thought and a theoretical account of the evolution of monetary institutions.

The central thesis of the book is that in order to evaluate monetary policy, one should have a clear idea about the characteristics and functions of money as it

An overview of recent theoretical and policy-related developments in monetary economics.

Contemporary monetary institutions are flawed at a foundational level. The reigning paradigm in monetary policy holds up constrained discretion as the preferred

With the collapse of the Bretton Woods system, any pretense of a connection of the world's currencies to any real commodity has been abandoned. Yet since the 19