A replay to the Yeager's papar: "Unit of account or medium of exchange?"

At the beginning of the twentieth century, most economists took it for granted that the primary function of money is its role as a medium of exchange and that moneyshould consist of, or be backed by, gold, or silver, or both. This paper discusses three writers--Alexander Del Mar, Georg Knapp,...

At the beginning of the twentieth century, most economists took it for granted that the primary function of money is its role as a medium of exchange and that moneyshould consist of, or be backed by, gold, or silver, or both. This paper discusses three writers--Alexander Del Mar, Georg Knapp,...

The role of the Japanese yen as an international currency is assessed. It is found that the determinants of international-currency use imply some increase for the yen’s use in international finance; however, the implications for the yen’s use in international trade are mixed. It is also shown...

This paper provides estimates of the demand for both narrow and broad monetary aggregates for the five largest industrial countries using two recent approaches: buffer stock and error correction models. The performances of these models are compared with several versions of the conventional...

Die Wirksamkeit der Wirtschaftspolitik in der Hickschen Analyse: Eine Vertiefung Die Schnelligkeit, mit der die Makropolitik Einfluß auf die Konjunktur ausübt, ist eine Schlüsselbetrachtung in gegenwärtigen politischen Diskussionen. Bliner und Solow argumentieren: "Die Hauptstreitpunkte der...