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This influential volume, now available in paperback, has been revised and updated for the twentyfirst century and includes both new material and more detailed expositions of existing arguments.Although socalled real theories of business cycles and growth are prevalent in contemporary mainstream economics, Controversies in Monetary Economics suggests that those economists who have instinctively focused on monetary factors in explaining macroeconomic behavior are more genuinely realistic. The author combines an explanation of past and present monetary controversy with practical proposals for the conduct of monetary policy in the contemporary global economy. Several alternative approaches are discussed, ranging from the traditional quantity theory to post Keynesian theories of endogenous money.
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