300 Bibliography

Yeager, L.B. and associates. (1981), Experiences with Stopping Inflation, Washington,
DC: American Enterprise Institute.
Yeager, L.B. and R.L. Greenfield (1989), Can monetary disequilibrium be eliminated?,
Cato Journal, Fall, 40521.
Yeager, L.B. and A.A. Rabin (1997), Monetary aspects of Walrass Law and the stock-
flow problem, Atlantic Economic Journal, March, 1836.
Yeager, L.B. and D.G. Tuerck (1966), Trade Policy and the Price System, Scranton:
International Textbook Co.
Yeager, L.B. and D.G. Tuerck (1976), Foreign Trade and U.S. Policy, New York:
Praeger.
Zecher, R. (1972), On the content and issues of current monetary economics, in
D. Carson (ed.), Money and Finance: Readings in Theory, Policy and Institutions, 2nd
edn, New York: Wiley, pp. 25969.
Zincone, L. (1967), The real-balance effect: aspects and evidence, Ph.D. dissertation,
University of Virginia.
Zincone, L. (1968), The real-balance effect: aspects and evidence, Journal of Finance,
September, 69394.
Index

absolute price level 159 Ball, L. 198, 231, 281

Ackley, G. 160, 218, 281 bank
Adelman, M. 274, 281 credit 123, 239, 240
aggregate demand 5, 6, 16, 18, 106, 111, deposits 29, 80
131 loans 239
function 14 reserves 202
goods and services 19, 20, 83 banking system 15, 122, 123
income 110 Bank of England 242
output 16 Barro, R.J. 67, 96, 101, 106, 136,
spending 69 17783, 189, 192, 208, 234, 2812
supply 19 Barsky, R.B. 237, 282
aggregates, exchangeability of 68 barter 23, 24, 25, 35, 1667
Akerlof, G.A. 114, 196, 198, 281 economy 87, 109
Alchian, A.A. 24, 38, 274, 281, 289 base money 33, 35, 75
Allais, M. 50, 51, 66, 220, 240, 267, Basu, S. 189, 282
28081 Baumol, W.J. 15, 57, 616, 823, 89,
Allen, W.R. 281 282
Allied occupation of Germany 186 model of transactions demand 5861
allocation, resource 109
Bernanke, B.S. 128, 130, 131, 138, 200,
arbitrage 32, 34, 205, 268, 269
282
Archibald, G.C. 166, 281
Bewley, T.F. 216, 282
Arlt, I. 217, 281
Birch, D.E. 3, 74, 207, 210, 282
art objects 103, 219
Aschheim, J. 262, 281 Black, F. 262, 282
assets 50, 52, 103, 106, 126, 128 Blanchard, O.J. 170, 198, 216, 282
liquid 68 Blinder, A.S. 114, 130, 182, 282
markets 220 Bohm, David 7, 283
prices, changing 46 Bhm-Bawerk, Eugen von 267, 274, 283
relative 126 bonds 52, 80, 81, 115, 119, 122, 131
yields 46, 47 financing 1326, 215
assignats, French Revolution 224 market 83, 84, 116, 132, 144
Austrian theory of business cycle 202, prices, flexibility of 106, 117, 149
204, 215, 216 supply 106, 165
Boorman, J.T. 133, 139, 288
Bailey, M.J. 262, 281 Bordo, M. 63, 283
balance of payments 8, 68, 81 Bresciani-Turroni, C. 223, 283
adjustment 2467 Bretton Woods 224, 257, 265
deficit 789 exchange rates 25860
surplus 222 British officers in World War II 25
balance-of-trade surplus 147 brokers fee 58, 60, 61
Baldwin, R.E. 280, 281 Brown, H.G. 193, 202, 283

301
302 Index

Brunner, K. 24, 125, 128, 139, 170, 257, Cass, D. 280, 284
283 Cassel, G. 158, 267, 280, 284
Bryant, J. 115, 283 cattle as exchange 25
Buchanan, James 33, 227, 283 Cecchetti, S. 130, 284
budget constraint 23, 1735 Chile 222, 235
buffer stock 46, 70, 93 cigarettes as barter medium 25, 26, 125
Buiter, W.H. 216, 283 circularity 557
Bundesbank, Germany 257, 260, 283 Clark, J.B. 271
Bushaw, D.W. 283 clearing 27
business Clower, R.W. 27, 67, 849, 101, 17078,
cash balance, yield on 53 192, 283, 284
conditions 131 cocoa beans as barter 25
and consumer loans 129 coins, shortage of 114
cycle theory 208209 Colander, D.C. 235, 237, 284, 291
depression 72 collateral for loans 131
firms 3, 15, 23, 42 collectibles 219
slumps and fluctuations 120, 206 commercial
under fixed rates 2512 banking industry 123
buyers transactions 239
for commodities and firms 90 commodities 2832, 37, 81, 98,102103,
potential 113 127, 132
and sellers 217 baskets of 273
buying excess supply 88
behavior 17 and money 156, 157, 174, 175
power, loss of 16 sale of 179
shrinkage of 185
Cagan, P. 125, 194, 210, 228, 233, 283 spending on 145
Calvo, G.A. 231, 283 commodity
Cambridge equation 127, 131, 132, 161 arbitrage 253
Cannan, E. 38, 86, 284 content 29
capital 37 demand 112
accumulation 29 inventories 37
and goods, international movements market behavior 83, 84, 160
2712 prices 72, 145
equipment 2, 187 standard 3032
flows 247 supply excessive 105
formation, real 107 communications failure 97
good 46, 47, 50, 203, 219, 268 competition 268
inflows 121 competitive markets 32
investment 158 computation 27
cars 76, 239, 268 computer networks 112
cash balances 1218, 35, 37, 49, 51, 65, consumers 23, 36, 37
77, 124 durables 46
average 53, 99 frustration 186
excess 76, 110, 186 goods 47, 176
fluctuation 15, 71 and services 203
and income 127 consumption 5, 6, 434, 45, 84, 86, 99
real 39, 44 goods 226
utility of 42 contagion, limits to 1823
Caskey, J. 216, 284 coordination 67, 194
 Index 303

Copeland, T.E. 280, 284 devaluation 256, 258

cost Diamond, P.A. 194, 284
increases 233 direct-price-transmission channel 253
push 2278 disequilibrium
revenue 124 economics 678, 16992, 193216
Costanzo, G.A. 240, 284 price level 110, 171, 172, 229
Cover, J.P. 284 theory, historical roots 201
credibility of policy 2345 disinflation
credit 53, 115 policy 232
card system 24 program 234
expansion 51, 202 dollar 30, 31, 33, 34, 242
inflation 223 depreciation 254
intermediation 200 prices 32, 255
shock 131 purchasing power 240
terms 127 and sterling 243
tightening of 203 as world wide reserve 263
creditors and debtors 4, 145 domestic
Crockett, A.D. 123, 284 factors 6
crop failure 225 incomes and prices 256
cumulative process, Wicksell 73, 745 money supply 79
currency 15, 23, 76, 79, 80, 115 production and employment 246
exchange rates 222 securities 257
stability 256
Darby, M. R. 23, 284 wages and prices 255
Davenport, H.J. 202, 284 Dorfman, R. 267, 284
De Long, J.B. 3, 216, 284 Dornbusch, R. 262, 284
debts 4, 217 Dowd, K. 33, 217, 220, 240, 284
offsetting 115 Driskill, R.A. 216, 284
deflation 108, 109, 203 Due, J. 84, 284
and inflation 243
in Japan 138 economic
price 42, 47 consulting service 173
demand coordination 22
curve 113 fluctuations 182
deposits, interest on 122 growth 91, 97
derived, and productivity 2745 economy 100
elasticity of money 1625 cash-only 74
equals supply 69 closed 90
for money 48, 613, 119, 1456 credit 74
excess 114, 184, 251 mixed 74
instability 64, 133 with production and exchange 279
and supply 54, 55, 1723 real size of 47
total 69 sick 138
depreciation of the home currency 244 electronic communications 97, 106, 111,
depressed economic activity 120 112
depression 19, 69, 923, 98102, 109, Emminger, Otmar 257
111, 195, 203 employment 67
cure for 108109 cutbacks 108
diagnosis of 945 see also full employment
deregulation, financial 131 energy shocks 225
304 Index

entrepreneurs 107, 165 innovation 131

equality 129 institutions 114
equilibrium 82 intermediation 131, 200
and disequilibrium 67 markets 24
interest rate 50, 113 services sector 218, 236
price 47, 56 transactions 40
quantity 76 wealth, gross 132
equipment 5 wealth, net 133
Eucken, W. 267, 285 fire extinguishers, yield 40, 41
excess Fischer, S. 198, 285
demand for money Fisher, Irving 21, 118, 124, 141, 158,
and depression 102107 160, 212, 262, 2678
and oversaving 107108 diagram 27680
reserves 1224 equation 161
supply of money 96 Fitoussi, J.P.192, 285
exchange Flew, A, 285
controls on trade 258 floating exchange rate 223
economy 158, 277 flood 265, 266
equation of 141 flow transactions 84
goods and services 27, 104 foreign
medium of 22, 46, 52, 68, 69, 76, 88, currencies 81, 205, 240
102, 103, 106 demand 248
rate exchange 65, 81, 87
depreciation 223 market 79, 242, 244, 245
fixed 54, 7880, 244, 256 rate 79
floating 21, 54, 78, 90, 205, 2546 reserves 249
pegging 249, 256, 258 selling 257
volatility 2623 nominal income 246
expansion and contraction of money 124, securities 240
203 transactions 244
expansionary policy 223 French finance 25
expenditure flows 94 French Revolution 224
export goods 5, 248 Friedman, Milton 42, 64, 106, 118, 136,
external finance premium 131 189, 201, 210, 220, 262, 266, 2856
Fry, M.J. 240, 286
Fazzari, S. 216, 284 fuel costs 41, 200
Federal Reserve Act (1913) 240 Fuhrer, J.C. 231, 235, 286
Federal Reserve Bank of Boston 235 full employment 69, 93100, 105, 112,
Federal Reserve Board of Governors 167, 183, 191, 238
137, 138 equilibrium 69, 96, 191
Feige, E.L. 41, 285 output 142, 143
Fellner, W. 117, 228, 235, 241, 253, 285 pattern 200
Fels, Gerhard, 257, 285
Ferguson, Adam 24, 285 Garretsen, H. 170, 298
Fetter, F.W. 222, 285 Garrison, R.W. 66, 193, 216, 286
fiat money 29, 323, 42, 56, 623, 124, George, H. 24, 38, 274, 286
141, 205 German Inland 247, 252, 254, 255, 260
financial German Outland 247, 252, 254, 255, 260
assets 69 Germany 51, 96, 186, 223
crises 128 and inflation 219, 257