The Theory of Money and Finance, by the same author, provided an introduction to the basic theory and concluded by introducing the idea of monetary disequilibrium, with the money supply process operating through bank credit creation. First published in 1981, this book develops that theme and provides empirical evidence in support of such an approach.

chapter 1|6 pages


chapter 2|19 pages

Money in Macroeconomic Models

chapter 3|26 pages

A Dynamic Model of the Supply of Money

chapter 4|47 pages

A Survey of UK Monetary Policy Since 1945

chapter 5|38 pages

A Monetary Model of the Economy

chapter 6|42 pages

Model Simulations and 1971 Estimates