General introduction -- General introduction -- One: Currency Competition -- I. The theory of currency competition -- II. The history of currency competition -- III. The history of monetary thought on currency competition -- IV. The current debate: The return to gold and the liberalization of...

Discussion of monetary policy tends to ignore entirely the behaviour of individuals and focuses instead on aggregate, or macro-economic, variables such as inflation, growth and employment.An expansion of the quantity of money that leads to inflation will reduce the real value of cash balances...