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    Inflation and the Theory of Money

    ISBN-10: 0202309231
    ISBN-13: 9780202309231
    Author(s): R. J. Ball, R.J. Ball
    Description: Martin Bronfenbrenner in the Journal of Finance had this to say when the book was first released "A thoughtful, scholarly, and systematic treatise on the economics of inflation. If this reviewer were asked to hang a course on inflation theory upon  More...
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    List Price: $35.95
    Publisher: Aldine Transaction
    Binding: Paperback
    Pages: 313
    Size: 6.00" wide x 8.75" long x 0.75" tall
    Weight: 1.078

    Martin Bronfenbrenner in the Journal of Finance had this to say when the book was first released "A thoughtful, scholarly, and systematic treatise on the economics of inflation. If this reviewer were asked to hang a course on inflation theory upon one single text, it would almost certainly be this one." The principal concern of this book is to set out the elements that enter into problems of analyzing inflation. This detailed, readable review of contemporary theory on the problems of inflation fills an important gap in the literature on macro-economics that: 1) assesses the implications of inflationary processes for economic policy; 2) synthesizes a general framework within which to illustrate inflationary processes; 3) reconciles the approaches of "demand inflation" and "cost inflation"; and 4) analyzes the determination and behavior of the general price level in an exchange economy. The first part of the book reviews neo-classical and "Keynesian" type models of the closed macro-economy, analyzes determination of the general price level, and introduces a restatement of conventional employment theory with emphasis on the general price level. The second part considers the problems of price and wage determinations and the demand for money in more detail, synthesizing the analyses into a model of the macro-economy and discussing the implications of this model and the preceding analysis for economic policy. Describing alternative approaches to the theory of inflation, each of which has resulted in partial theories, the book avoids fragmentary explanations by setting the entire discussion in the context of a macro-economic general equilibrium framework.

    B.S. Yameynbsp;is professor emeritus in the department of economics at the London School of Economics and Political Science. He is also an honorary fellow at the universityR. J. Ball nbsp;is professor of economics and econometrics in the London Graduate School of Business Studies. He has been Senior Lecturer at Manchester University, Chairman of the Royal Bank of Canada, Principal of London Business School, and Chairman, Legal and General Group Plc. His main research interest is the formulation and application of macroeconomics policy. He is author of many books and journal publications.

    Preface
    The General Price Level
    Introduction
    The Concept of the General Price Level
    The Problem of Inflation
    The Elements of Macroeconomic Analysis
    The Scope of the Analysis
    The Plan of the Book
    Prices and the Laws of Exchange
    Introduction
    The Exchange Economy
    Utility and the Demand for Money
    Equilibrium Prices, Quantities and Stocks
    Excess Demand and the Dynamics of Price Adjustment
    Aggregation in the Exchange Economy and Walras Law
    Effects of a Change in the Nominal Stock of Money
    Expectations, Inflation and the Quantity Theory
    Summary
    Employment and the Price Level
    Introduction
    Classics, Neo-classics and Keynesians
    Employment and Prices in a Neo-classical Economy
    Prices and Wages in a Keynesian Economy
    Keynesianism and Neo-classicism
    Summary
    The Keynesian Theory of Inflation
    Introduction
    Shifts in the Wage Level in the Simple Keynesian Model
    Cost Inflation and the Supply of Money
    The Keynesian Theory of Demand Inflation
    Excess Demand and Full Employment
    Summary
    Alternative Approaches to the Theory of Inflation
    Introduction
    Partial Theories of Inflation
    The Elements of a General Theory of Price Level Analysis
    Business Behaviour and the Price Level
    Introduction
    Uncertainty, Risk and Technical Change
    Flexible and Inflexible Prices
    The Nature of Contemporary Theory
    Prices, Productivity and Growth
    The Price Level and the Supply of Capital
    Demand, Expectations and Short Period Adjustment
    Final Price and the Price of Raw Materials
    The Price Level in the Macroeconomy
    Summary
    Wages, Earnings and the Demand for Labour
    Introduction
    Wages and Earnings
    Wage Claims and the Bargaining Process
    Business Reaction to Wage Claims
    Organized Labour and the Wage Transfer Mechanism
    The Determinants of the Wage Drift
    Some Empirical Aspects of Wage Determination
    Expectations and the Demand for Labour
    Summary
    Money and Assets
    Introduction
    'Key' Asset Theories of Money
    The Definition of Money
    Money and the Complex of Assets
    The Concept of Liquidity
    The Concept of Net Worth
    The Demand for Money
    Money, Wealth and Spending; the Personal Sector
    Money, Wealth and Spending; the Business Sector
    Non-Bank Financial Intermediaries
    Summary
    Money, Velocity and Income
    Introduction
    The Modern Quantity Theory
    The Determinants of the Income Velocity of Money
    Non-Bank Intermediaries and the Stability of Velocity
    Limits to the Income Velocity of Bank Deposits
    Summary
    The Process of Inflation
    Introduction
    The Simple Economy
    Savings, Investment and Assets
    Expectations and Profits
    The Determinants of Wages and Prices
    The Nature of Short Period Equilibrium
    The Dynamics of Price Inflation and the Stability of Equilibrium
    Equilibrium and Full Employment
    Secular Inflation and Economic Growth
    Hyperinflations
    Cost and Demand Inflation Reconsidered
    Summary
    Inflation and Economic Policy
    Introduction
    Inflation and Monetary Disequilibrium
    The Money Supply and the Government Debt
    The Effectiveness of Monetary Policy
    Fiscal Policies and Direct Controls
    The Control of Wages and Prices
    Inflation and the Balance of Payments
    Summary
    Index

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