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On the Evolution of Money and its Implications for Price Stability

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  • Paul Dalziel

Abstract

This review identifies in the literature three distinct conceptual frameworks for analysing money, in which the means of settlement is provided by (i) a special commodity used in exchange, (ii) all generally accepted media of exchange including some bank deposits, and (iii) a book‐keeping system recording changes in ownership of financial assets within a pure credit economy. All three sections consider the implications for monetary policy aimed at maintaining price stability. The paper concludes that future theoretical developments are likely to take place within finance theory rather than being based on the quantity theory of money.

Suggested Citation

  • Paul Dalziel, 2000. "On the Evolution of Money and its Implications for Price Stability," Journal of Economic Surveys, Wiley Blackwell, vol. 14(4), pages 373-393, September.
    • Handle: RePEc:bla:jecsur:v:14:y:2000:i:4:p:373-393
    DOI: 10.1111/1467-6419.00115
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    Cited by:

    1. Jan Marc Berk, 2002. "Central banking and financial innovation. A survey of the modern literature," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 55(222), pages 263-297.
    2. Stracca, Livio, 2007. "Should we take inside money seriously?," Working Paper Series 841, European Central Bank.
    3. Jan Marc Berk, 2002. "Banca centrale e innovazione finanziaria. Una rassegna della letteratura recente," Moneta e Credito, Economia civile, vol. 55(220), pages 345-385.
    4. Michael Graff, 2008. "The Quantity Theory of Money in Historical Perspective," KOF Working papers 08-196, KOF Swiss Economic Institute, ETH Zurich.
    5. Jan Marc Berk, 2002. "Central banking and financial innovation. A survey of the modern literature," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 55(222), pages 263-297.

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