The Theory of Monetary Institutions [Paperback]

Preface.

Acknowledgments.

Part 1: The Evolution of Market Monetary Institutions:.

The Mystery of Money.

Menger's Theory Restated.

Some Implications of the Theory.

From Simple Commodity Money to Coins.

Bank-Issued Money.

Regular Par Acceptance.

Clearing Arrangements.

The Path to Fiat Money.

Spontaneous Separation Between the Media of Redemption and Account?.

Questions.

Part II: Commodity Money:.

Determining the Price Level.

The Simple Stock-Flow Analytics of Gold Supply and Demand.

The Historical Sources of Gold Supply Disturbances.

The Benefits of a Gold Standard.

The Resource Costs of a Gold Standard.

Is a Gold Standard Worth the Resource Cost?.

Questions.

Part III: Money Issue by Unrestricted Banks:.

The Purchasing Power of Money.

Bank Optimization and the Equilibrium Quantity of Bank-Issued Money.

Correcting Over-Issue by an Individual Bank.

Correcting Over-Issue by the System as a Whole.

Responding to Shifts in Demand.

Shifts Between Deposits and Currency.

Questions.

Part IV: The Evolution and Rationales of Central Banking:.

Central Banking Roles and Clearinghouse Associations.

The Origins of Government Central Banksls9