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Monetary policy and monetary crises

In: The International Monetary System and the Theory of Monetary Systems

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Abstract

Monetary policy must aim at curing possible monetary problems, but it is an illusion to believe that real problems (for instance, a low rate of real growth) can be solved by the use of monetary policy. Business cycles nowadays are mainly of monetary origin, as it has been stressed by the so-called ‘Austrian theory of the business cycle’. This theory explains how an excess of money creation and the corresponding excess of credit distribution by banks is creating distorsions in the structure of prices and the structure of production. Therefore, the harmful effects of an excess of money creation are not only inflation (implying costs which are studied in previous chapters), but economic distortions.

Suggested Citation

  • ., 2016. "Monetary policy and monetary crises," Chapters, in: The International Monetary System and the Theory of Monetary Systems, chapter 22, pages 217-227, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:17285_22
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    Cited by:

    1. Green, Jemma & Newman, Peter, 2017. "Citizen utilities: The emerging power paradigm," Energy Policy, Elsevier, vol. 105(C), pages 283-293.

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    Economics and Finance;

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