Orthodox monetary theory is kneecapped by an overly concrete conception of money, which has led in recent decades to a reaction of moneyless models of monetary policy. By contrast, this paper generalizes monetary theory in terms of the plans of economic agents to hold and dispose of liquidity in a . . .
A challenge for quantity-theoretic explanations of business cycles is that recessions manifest despite central banks’ scrupulousness to avoid falls in monetary aggregates, a fact which would seem to indicate a structural explanation. This paper argues that a broader and theoretically richer Divisia aggregate – which reflects changes in financial market . . .