Growth in Monetary Economies: Steady-State Analysis of Monetary Policy (original) (raw)

Springer Texts in Business and Economics, 2014

Abstract

ABSTRACT In spite of the importance of money in actual economies, explaining why consumers have a demand for an asset which is dominated in return by other assets in the economy has been a traditional challenge for economic theory. Among many other monetary theorists, Keynes [49] proposed a detailed list of reasons why a typical consumer might demand money, including a precautionary reason or its role as facilitating transactions, which capture the role of money as a store of value and as a medium of exchange, respectively.

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