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Money, Prices and Finance in the New Monetary Economics

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  • Hoover, Kevin D

Abstract

Eugene Fama's influential argument that the price level and real allocations are independent of the volume and composition of private financial portfolios, including bank deposits, is examined. An incomplete analysis of the role of financial assets leads to a failure to distinguish between real bookkeeping or accounting services of cash or bank deposits, which are separable from portfolio compositions, and their real settlement services, which are not. This failure undermines the policy conclusions that control of the monetary base is sufficient to control the price level and that banks and related financial intermediaries stand in no need of special regulation. Copyright 1988 by Royal Economic Society.

Suggested Citation

  • Hoover, Kevin D, 1988. "Money, Prices and Finance in the New Monetary Economics," Oxford Economic Papers, Oxford University Press, vol. 40(1), pages 150-167, March.
    • Handle: RePEc:oup:oxecpp:v:40:y:1988:i:1:p:150-67
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    Cited by:

    1. Malte Krueger, 2012. "Money: A Market Microstructure Approach," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 44(6), pages 1245-1258, September.
    2. Daniel L. Thornton, 2000. "Money in a theory of exchange," Review, Federal Reserve Bank of St. Louis, vol. 82(Jan), pages 35-60.
    3. Chan Il Park, 1998. "Transactions Demand for Money and the Inverse Relation Between Inflation and Output: the Case of Korean Economy," International Economic Journal, Taylor & Francis Journals, vol. 12(1), pages 39-51.
    4. repec:dau:papers:123456789/11496 is not listed on IDEAS
    5. Visser, H., 1989. "The monetary order," Serie Research Memoranda 0003, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
    6. Cesarano, Filippo, 1995. "The New Monetary Economics and the theory of money," Journal of Economic Behavior & Organization, Elsevier, vol. 26(3), pages 445-455, May.

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