Inflation and the Theory of Money

Martin Bronfenbrenner in the Journal of Finance had this to say when the book was first released: A thoughtful, scholarly, and systematic treatise on the economics of infl ation. If this reviewer were asked to hang a course on infl ation theory upon one single text, it would almost certainly be this one. The principal concern of this book is to set out the elements that enter into problems of analyzing infl ation. This detailed, readable review of contemporary theory on the problems of infl ation fi lls an important gap in the literature on macro-economics that: 1) assesses the implications of infl ationary processes for economic policy; 2) synthesizes a general framework within which to illustrate inflationary processes; 3) reconciles the approaches of demand infl ation and cost infl ation ; and 4) analyzes the determination and behavior of the general price level in an exchange economy.