Author Description

Uses a modern macroeconomic model to analyze the nature and significance of money in the American economy, treating the concepts of money, money creation by depository institutions, central banking, and monetary control. Explores sucy subjects as money and government finance, interest rates, and foreign exchanges. Contains a detailed analysis of monetary policy implementation under the February 1984 move to contemporaneous reserve accounting. Building on a modern macroeconomic framework, the text examines unemployment, the business cycle, the inflation tax, and more.