RDP 8402: Financial Innovation Bibliography Monetary Policy

i) Theory and Practice

AHRENSDORF, J. and S. KANESATHASAN. “Variations in the Money Multiplier and their Implications for Central Banking”. I.M.F. Staff Papers, vol. 8, 1960, pp.126–149.

AKERLOF, G.A. and R.D. MILBOURNE. “New Calculations of Income and Interest Elasticities in Tobin's Model of the Transactions Demand for Money”. Review of Economics and Statistics, vol. 60, 1978, pp.541–546.

AKHTAR, M.A. “Financial Innovation and Monetary Policy: A Framework for Analysis”. Bank for International Settlements, (Economic papers), Basle, February 1983.

ALLEN, W.A. “Recent Developments in Monetary Control in the United Kingdom”. In Meyer, L.H., (ed.). Improving Money Stock Control; Problems, Solutions and Consequences. Klumer-Nijhoff, Boston Mass., 1983, pp.97–123.

ANGELL, J.W. “The Monetary Standard: Objectives and Limitations”. American Economic Review, vol. 48, 1958, pp.76–87.

ARGY, V. “Money Substitutes and Interest Rate Determination: the Australian Case”. Banca Nazionale del Lavoro Quarterly Review, vol. 19, 1966, pp.72–90.

ARTIS, M.J. “Monetary Policy and Financial Intermediaries: The Hire Purchase Finance Houses”. Bulletin of the Oxford University Institute of Economics and Statistics, vol. 25, 1963, pp.11–46.

ARTIS, M.J. “Monetary Policy in the 1970's in the Light of Recent Developments”. In H.G. Johnson and A.R. Nobay (eds.). Issues in Monetary Economics, Oxford University Press, 1974, pp.517–547.

ARTIS, M.J. and M.K. LEWIS. Monetary Control in the United Kingdom. Phillip Allan, Oxford, 1981.

AUSTRALIAN FINANCIAL SYSTEM REVIEW GROUP. Australian Financial System: Report Of The Review Group. Australian Government Publishing Service, Canberra, 1984.

BANK FOR INTERNATIONAL SETTLEMENTS. Financial Innovation and Monetary Policy. Bank for International Settlements, Basle, 1984.

BANK FOR INTERNATIONAL SETTLEMENTS. Payment Systems in Eleven Developed Countries. Bank for International Settlements, Basle, 1980.

BANK OF JAPAN. “Recent Developments in the Money Supply”. (Special Studies Paper No. 103). Tokyo, May 1983, pp.1–15.

BANK OF JAPAN. “Interest Rate Movements in the Current Phase of Monetary Relaxation”. (Special Studies Paper No. 107). Tokyo, July 1983, pp.1–26.

BARRO, R.J. “Inflation, the Payments Period and the Demand for Money”. Journal of Political Economy, vol. 79, 1970, pp.1228–1263.

BARRO, R.J. and A.M. SANTOMERO. “Household Money and the Demand Deposit Rate”. Journal of Money, Credit and Banking, vol. 4, 1972, pp.397–413.

BAUMOL, W.J. “The Transactions Demand for Cash: An Inventory Theoretic Approach”. Quarterly Journal of Economics, vol. 66, 1952, pp.545–556.

BEISE, S.C. “Are Our Monetary Controls Outmoded?”, Vital Speeches, vol. 23, 1956, pp.154–157.

BILSON, J.F.O. “A Proposal for Monetary Reform”. University of Chicago and National Bureau of Economic Research, September 1981.

BLAINE, D. “Why no Interest on Current Accounts”. Accountancy, vol. 86, No. 981, 1975, pp.40–43.

BREEN, B.J. “A Central Bank View of the Eighties”. Address by B.J. Breen, General Manager, Central Bank of Ireland and President, Institute of Bankers in Ireland, to Institute Members in Belfast, 27 November 1979. Central Bank of Ireland Quarterly Bulletin, Winter 1979, pp.77–91.

BRIMMER, A.F. “Financial Innovation and Monetary Management in the U.S.”. Federal Reserve System Press Release of a Paper presented to the Association of American Banks in London, 9 July 1969.

BRIMMER, A.F. Monetary Policy and the Allocation of Commercial Bank Credit. Dartmouth College, Hanover, New Hampshire September 1966.

BRUNNER, K. “Predicting Velocity: Implications for Theory and Policy”. Journal of Finance, vol. 18, 319–359.

BRUNNER, K. and A. MELTZER. “Some Further Investigations of Demand and Supply Functions for Money”. Journal of Finance, vol. 19, 1964, pp.240–283.

BRYAN, W.R. “Bank Adjustments to Monetary Policy: Alternative Estimates of the Lag”. American Economic Review, vol. 57, 1967, pp.855–864.

BUDD, A.P. and T. BURNS. “The Role of the PSBR in Controlling the Money Supply”. Economic Outlook, vol. 4, No. 2, 1979, pp.26–30.

BURNS, A.F. “Some Problems of Central Banking”. Federal Reserve Bulletin, vol. 59, No. 6, 1973, pp.417–419.

BURNS, J.M. “Academic Views on Improving the Federal Reserve Discount Mechanism: A Review Essay”. Journal of Money, Credit and Banking, vol. 5, 1973, pp.47–60.

CAGAN, P. “The Demand for Currency Relative to the Total Money Supply”. Journal of Political Economy. vol. 66, 1958, pp.303–328.

CAGAN, P. “Economic Developments and the Erosion of Monetary Controls”. In W. Fellner (ed.), Contemporary Economic Problems. American Enterprise Institute, Washington, 1979, pp.117–151.

CAGAN, P. “Financial Developments and the Erosion of Monetary Controls”. Contemporary Economic Problems. American Enterprise Institute, Washington, 1979.

CAGAN, P. and A. SCHWARTZ. “Has the Growth of Money Substitutes Hindered Monetary Policy?”. Journal of Money, Credit and Banking, vol. 7, 1975, pp.137–159.

CAGAN, P. and A. SCHWARTZ. “Is a Flexible Monetary Policy Feasible?”. In R.T. Seldon (ed.). Capitalism and Freedom: Problems and Prospects. University of Virginia Press, 1975.

CANZONERI, M.B. “The Intermediate Control Problem”. Journal of Money, Credit and Banking, vol. 9, No. 2, 1977, pp.368–371.

CARGILL, T.F. and R.A. MEYER. “Stability of the Demand Function for Money”. American Economic Review Papers and Proceedings, vol. 69, 1979, pp.318–323.

CARLSON, J.A. and J.R. FREW. “Money Demand Responsiveness to the Rate of Return on Money: A Methodological Critique”. Journal of Political Economy, vol. 88, 1980, pp.598–607.

CARSON, D. “Changes in the Discount Mechanism: the Joint Economic Committee Hearings and Report”. Journal of Money, Credit and Banking, vol. 2, 1970, pp.158–165.

CARSON, D. “Is the Federal Reserve System Really Necessary”. Journal of Finance, vol. 19, 1964, pp.652–661.

CHEN, A.H.Y., F.C. JEN and S. ZIONTS. “The Joint Determination of Portfolio and Transactions Demand for Money”. Journal of Finance, vol. 29, 1974, pp.175–186.

CHRISTELOW, D.B. “Financial Innovation and Monetary Indicators in Japan”. Federal Reserve Bank of New York Quarterly Review, vol. 6, No. 1, 1981, pp.42–53.

CLEMENTS, K.W. and P. NGUYEN. “Money Demand, Consumer Demand and Relative Prices in Australia”. Paper presented at Eighth Conference of Economists, Melbourne, 1979.

COHEN, B.C. “Money Market Development and the Demand for Money: some preliminary evidence”. Journal of Financial and Quantitative Analysis, vol. 6, 1971, pp.1155–1157.

CONGDON, T.G. “Is the Provision of a Sound Currency a necessary Function of the State?”. Paper given to a Conference on Liberty and Markets, Oxford, 25 April. National Westminster Bank Quarterly Review, August 1981 pp.2–21.

COOLEY, T.F. and S.F. LeROY. “Identification and Estimation of Money Demand”. American Economic Review, vol. 71, No. 2, 1981, pp.825–844.

CORRIGAN, E.G. “Statement (on the pricing of services by the Federal Reserve) before the Subcommittee on Domestic Monetary Policy of the Committee on Banking, Finance and Urban Affairs … U.S. House of Representatives”. Federal Reserve Bulletin, vol. 69, No. 7, 1983, pp.524–531.

CURRIE, L. The Supply and Control of Money in the United States. 2nd ed. rev. Harvard University Press, Cambridge, 1935.

DAVIES, G. “Inflation and Integretation of an Expanding Monetary System”. Euromoney, vol. 2, No. 10, 1971, pp.22–26

DAVIS, R. “Open Market Operations, Interest Rates and Domestic Growth”. Quarterly Journal of Economics, vol. 79, No. 3, 1965, pp.431–454.

DAVIS, R.G. “Credit Market Restraints and the Functioning of Monetary Policy”, Federal Reserve Bank of New York (Research Paper No. 8015) 1980.

DAVIS, R.G. “Recent Evolution in U.S. Financial Markets – Implications for Monetary Policy”. Federal Reserve Bank of New York (Research Paper No. 8111) 1981.

DAVIS, R.G. “Short-run Targets for Open Market Operations”. In Federal Reserve Bank of New York, Monetary Aggregates and Monetary Policy. New York, October 1974, pp.40–59.

DAVIS R.G. and F.C. SHADRACK. “Forecasting the Monetary Aggregates with Reduced Form Equations”. In Federal Reserve Bank of New York, Monetary Aggregates and Monetary Policy. New York, 1974, pp.66–71.

DRISCOLL, M. and J. FORD. “The Stability of the Demand for Money Function and the Predictability of the Effects of Monetary Policy”. Economic Journal, vol. 90, 1980, pp.867–884.

EDEN, B. and M.I. BLEJER. “On the Specification of the Demand for Money Function Under Rapid Inflation: some empirical evidence”. Canadian Journal of Economics, vol. 13, 1980 pp.171–176.

ENZLER, J., L. JOHNSON and J. PAULUS. “Some Problems of Money Demand”. Brookings Papers on Economic Activity, No. 1, 1976, pp.261–280.

EVANS, P. “Why Have Interest Rates Been so Volatile?”. Federal Reserve Bank of San Francisco: Economic Review, Summer 1981, pp.7–20.

FAND, D. “Intermediate Claims and the Adequacy of Our Monetary Control”. In D. Carson (ed.). Banking and Monetary Studies, R.D. Irwin, 1963, New York, pp.234–253.

FEDERAL RESERVE SYSTEM. The Impact of the Payment of Interest on Demand Deposits. Washington, Federal Reserve System, 1977.

FLAVIN, M.A. “Excess Volatility in the Financial Markets: a reassessment of the empirical evidence”. Journal of Political Economy, vol. 91, No. 6, 1983, pp.929–956.

FRATIANNI, M. and K. TAVERNIER. (eds.). Proceedings of the Conference on Bank Credit, Money and Inflation in Open Economies. Levuen, 15–16 September 1974.

FREUND, W.C. “Financial Intermediaries and Federal Reserve Controls over the Business Cycle”. Quarterly Review of Economics and Business, vol. 2, 1962, pp.21–29.

FRIEDMAN, M. and A. SCHWARTZ. Monetary Statistics of the United States. National Bureau of Economic Research, New York, 1970.

GAINES, T. “Financial Innovations and the Efficiency of Federal Reserve Policy”. In Horwich, G. (ed.) Monetary Process and Policy, a Symposium, Richard D. Irwin, Illinois, 1967, pp.99–118.

GALBRAITH, J.A. “Monetary Policy and Non-bank Financial Intermediaries”. National Banking Review, vol. 4, No. 1, 1966, pp.53–60.

GARCIA, G. and S. PAK. “Some Clues in the Case of the Missing Money”. American Economic Review Papers and Proceedings, vol. 69, 1979, pp.330–334.

GARVY, G. “Money, Liquid Assets, Velocity and Monetary Policy”. Banca Nazionale del Lavoro Quarterly Review, vol. 17, No. 70, 1964, pp.323–338.

GOLDFELD, S.M. “The Case of the Missing Money”. Brookings Papers on Economic Activity, No. 3, 1967, pp.683–730.

GOLDFELD, S.M. “The Demand for Money Revisited”. Brookings Papers on Economic Activity, No. 3, 1973, pp.577–646.

GOODHART, C.A.E. “The Importance of Money”. Bank of England Quarterly Bulletin, vol. 10, No. 2, 1970, pp.159–198.

GOODHART, C.A.E. Monetary Theory and Practice: the U.K. Experience. Macmillan Press, London, 1984.

GRAMLEY, L.E. “Financial Innovation and Monetary Policy”. Federal Reserve Bulletin, vol. 68, No. 7, July 1982, pp.393–400.

GRAY, H.P. “Some Evidence on Two Implications of Higher Interest Rates on Time Deposits”. Journal of Finance, vol. 19, 1964, pp.63–75.

GREENE, M. “Will Technology Undermine Today's Monetary Control Techniques?”. Banker, vol. 131, No. 666, 1981, pp.29–32.

GREENFIELD, R.L. and L.B. YEAGER. “A Laissez-Faire Approach to Monetary Stability”. Journal of Money, Credit and Banking, August 1983, pp.302–315.

GROSSMAN, H.I. “The Reserve Base, Reserve Requirements and the Equilibrium Rate of Interest”. Quarterly Journal of Economics, vol. 81, 1967, pp.312–320.

GURLEY, J. “The Monetary Standard: Objectives and Limitations – A Discussion”. American Economic Review, vol. 48, 1958, pp.103–105.

HADJIMICHALAKIS, M.G. Monetary Policy and Modern Money Markets. D.C. Heath and Company, Lexington, 1982.

HADJIMICHALAKIS, M.G.“On the Effectiveness of Monetary Policy as a Stabilisation Device”. Review of Economics Studies, vol. 40, 1973, pp.561–570.

HALL, R.E. “Explorations in the Gold Standard and Related Policies for Stabilising the Dollar”. In Inflation: Causes and Effects, Hall, R.E. (ed.), University of Chicago Press for National Bureau of Economic Research. Chicago, 1982, pp.111–112.

HAMBURGER, M.I. “The Demand for Money by Households, Money Substitutes, and Monetary Policy”. Journal of Political Economy, vol. 74, 1966, pp.600–623.

HESTER, D.D. “Financial Disintermediation and Policy”. Journal of Money, Credit and Banking, vol. 1, 1969, pp.600–617.

HESTER, D.D. “Innovations and Monetary Control”. Brookings Papers on Economic Activity, No. 1, 1981, pp.141–189.

HESTER, D.D. “On the Adequacy of Policy Instruments and Information when the Meaning of Money is Changing”. American Economic Review Papers and Proceedings, vol. 72, 1982, pp.40–44.

HIEN, S.E. “Short-run Money Growth Volatility: Evidence of Misbehaving Money Demand?”. Federal Reserve Bank of St Louis Review, vol. 64, No. 6, 1982, pp.27–35.

HIGGINS, B. “Interest Payments on Demand Deposits: Historical Evolution and the Current Controversy”. Federal Reserve Bank of Kansas City Review, July/August 1977, pp.3–11.

HOGG, G.H.J. “Payment Systems Developments in New Zealand”. Journal of Bank Research, vol. 11, 1981, pp.219–222.

HOLLAND, R.C “Speculation on Future Innovation: Implications for Monetary Control”. In W.L. Silber (ed.). Financial Innovation D.C. Heath and Company, Lexington Mass, 1975, pp.159–171.

HOLMES, A.H. “Monetary Policy in a Changing Financial Environment: Open Market Operations in 1974”. Federal Reserve Bulletin, vol. 61, no. 4, April 1975, pp.197–208.

HOPTON, D. “Payments Systems: A Case for Consensus”. Bank of International Settlements, May 1983. Unpublished.

HORNE, J. “Financial Innovations and Monetary Policy”. Paper presented to the Conference on Financial Innovation in the Australian Financial System. Melbourne, 8 March 1984.

HUBBARD, C.M. “Money Market Funds, Money Supply and Monetary Control: A Note”. The Journal of Finance, vol. 88, No. 4, 1983, pp.1305–1310.

JOHNSON, D. et al “Interest Rate Variability Under the New Procedures and the Initial Response in Financial Markets”. In New Monetary Control Procedures I, Federal Reserve Staff Study, February 1981.

JOHNSON, H.G. “Inside Money, Outside Money, Income, Wealth and Welfare in Monetary Theory”. Journal of Money, Credit and Banking, February 1969, pp.30–45.

JOHNSON, H.G. “Problems of Efficiency in Monetary Management”. Journal of Political Economy, vol. 76, September/October 1968, pp.971–990.

JORDAN, J.L. “Interest Rates and Monetary Growth”. Federal Reserve Bank of St Louis Review, January 1973, pp.2–11.

JUDD, J.P. “The Recent Decline in Velocity: Instability in Money Demand or Inflation”. Federal Reserve Bank of San Francisco Economic Review, No. 2, 1983, pp.12–19.

JUDD, J.P. and J.L. SCADDING. “The Search for Stable Money Demand Function: A Survey of the Post-1973 Literature”. Journal of Economic Literature, vol. 20, No. 3, 1982, pp.993–1023.

JUSTER, F.T. and P. WACHTEL. “Inflation and the Consumer”. Brookings Papers on Economic Activity, No. 1, 1972, pp.71–121.

KAREKEN, J.H. “Commercial Banks and the Supply of Money: a Market-Determined Deposit Rate”. Federal Reserve Bulletin, vol. 58, 1967, pp.1699–1712.

KHAN, M.S. “The Stability of the Demand-for-Money Function in the U.S. 1901–1965”. Journal of Political Economy, vol. 82, 1974, pp.1205–1219.

KLEIN, B. “Competitive Interest Payments on Bank Deposits and the Long-run Demand for Money”. American Economic Review, vol. 64, 1974, pp.931–949.

KLEIN, B. “Income Velocity, Interest Rates and the Money Supply Multiplier”. Journal of Money, Credit and Banking, vol. 5, 1973, pp./56–668.

LAIDLER, D. The Demand for Money: Theories and Evidence. Pa; International Textbook, Scranton, 1969.

LAIDLER, D. “The Rate of Interest and the Demand for Money: Some Empirical Evidence”. Journal of Political Economy, vol. 74, 1966, pp.843–855.

LATANE, H.A. “Income Velocity and Interest Rates: A Pragmatic Approach”. Review of Economics and Statistics, vol. 42, 1960, pp.445–449.

LEE, S.Y. “Money, Quasi-Money and Income Velocity of Circulation in Malaysia and Singapore, 1947–1965”. Economic Development and Cultural Change, vol. 19, 1971, pp.287–312.

LEE, T.H. “Alternative Interest Rates and the Demand for Money: The Empirical Evidence”. American Economic Review, vol. 57, 1967, pp.1168–1181.

LIEBERMAN, C. “Structural and Technological Change in Money Demand”. American Economic Review Papers and Proceedings, vol. 69, 1979, pp.324–329.

LIEBERMAN, C. “The Transactions Demand for Money and Technological Change”. Review of Economics and Statistics, vol. 59, 1977, pp.307–317.

McELHATTAN, R. “Has the Money-GNP Relationship Fallen Apart?”. Federal Reserve Bank of San Francisco Review, Summer 1976, pp.34–43.

MELITZ, J. and G. MARTIN. “Financial Intermediaries, Money Definition and Monetary Control: a comment”. Journal of Money, Credit and Banking, vol. 3, 1971, pp.693–701.

MELTZER, A. “The Demand for Money: The Evidence from the Time Series”. Journal of Political Economy, vol. 71, 1963, pp.219–246.

MELTZER, A. “Financial Disintermediation and Policy: A Comment”. Journal of Money, Credit and Banking, vol. 1, 1969, pp.618–623.

MILLER, M. and D. ORR. “A Model of the Demand for Money by Firms”. Quarterly Journal of Economics, vol. 80, 1966, pp.413–435.

MILLS, T.C. and G.E. WOOD. “Money Substitutes and Monetary Policy in the U.K. 1922–1974”. European Economic Review, vol. 10, No. 3, 1977, pp.19–36.

MINSKY, H.P. “Central Banking and Money Market Changes”. Quarterly Journal of Economics, vol. 71, No. 2, 1957, pp.171–187.

MINTS, L.W. Monetary Policy for a Competitive Society. New York, McGraw-Hill, 1950.

MISHKIN, F.S. “Efficient Markets Theory: Implications for Monetary Policy”. Brookings Papers on Economic Activity, No. 3, 1978, pp.707–752.

MOSES, C.J. “Financial Innovations and Monetary Policy: A Preliminary Survey”. (Research Discussion Paper No. 8301) Reserve Bank of Australia, Sydney, 1983.

ORR, D. Cash Management and the Demand for Money. Praeger Publisher, New York, 1971.

PARKS, R. “Monetary Policy and the Creation of Near Money, 1960–1965”. Financial Analysts Journal, September/October, 1965, pp.85–93.

PENNER, R. and W. SILBER. “The Interaction between Federal Credit Programs and the Impact on the Allocation of Credit”. American Economic Review, vol. 63, 1973, pp.838–852.

POOLE, W. and C. LIEBERMAN. “Improving Monetary Control”. Brookings Papers on Economic Activity, No. 2, 1972, pp.293–342.

RASCHE, R.H. “A Review of Empirical Studies of the Money Supply Mechanism”. Federal Reserve Bank of St Louis Review, vol. 54, 1972, pp.11–19.

RITTER, L.S. and T.R. ATKINSON. “Monetary Theory and Policy in the Payments System of the Future”. Journal of Money, Credit and Banking, vol. 2, 1970, pp.493–503.

ROSE, P.J. “Financial Markets and Interest Policy”. Australian Economic Review, 2nd Quarter, 1969, pp.13–16.

SARGENT, T.J. and N. WALLACE. “Market Transaction Costs, Asset Demand Functions and the Relative Potency of Monetary and Fiscal Policy”. Journal of Money, Credit and Banking, vol. 2, 1971, pp.469–505.

SASTRY, A.S.R. “The Effects of Credit on Transactions Demand for Cash”. Journal of Finance, vol. 25, 1970, pp.777–782.

SAVING, T.R. “Transactions Costs and the Demand for Money”. American Economic Review, vol. 61, 1971, pp.407–420.

SHARPE, I.G. and P.A. VOLKER. “The Impact of Institutional Changes on the Australian Short-Run Money Demand Functions”. Kredit and Kapital, vol. 12, No. 1, 1979, pp.101–120.

SILBER, W.L. “Portfolio Substitutability, Regulations and Monetary Policy”. Quarterly Journal of Economics, vol. 83, 1969, pp.197–219.

SIMONS, H. “Rules Versus Authorities in Monetary Policy”. Journal of Political Economy, vol. 44, 1936, pp.1–30.

SLOVIN, M.B. and M.E. SUSHKA. A Financial Market Approach to the Demand for Money and the Implications for Monetary Policy. Federal Reserve System, 1972.

SLOVIN, M.B. and M.E. SUSHKA. “The Structural Shift in the Demand for Money”. Journal of Finance, vol. 31, No. 4, 1975, pp.721–731.

SMITH, W.L. “Monetary Policy and the Structure of Markets”. In Smith, W.L. and R.L. Teigen (eds.). Readings in Money, National Income and Stabilization Policy, Irwin, Homewood, Illinois, 1965, pp.356–372.

SMITH, W.L. “On the Effectiveness of Monetary Policy”. American Economic Review, vol. 46, 1956, pp.600–606.

TEIGEN, R.L. “Demand and Supply Functions for Money in the United States: Some Structural Estimates”. Econometrica, vol. 32, 1962, pp.476–509.

THEILMAN, W. “Commercial Bank Liability Management and Monetary Control”. Journal of Financial and Quantitative Analysis, vol. 5, 1970, pp.329–339.

THORN, R.S. “Non-bank Financial Intermediaries, Credit Expansion and Monetary Policy”. I.M.F. Staff Papers, vol. 8, 1958, pp.369–383.

THORNTON, H. An Enquiry into the Nature and Effects of the Paper Credit of Great Britain. Farrar and Rinehart, New York, 1939. .

THURLOE, J. and T.J. VALENTINE. “Financial Innovations and the Demand for Money”. Paper presented to the Conference on Financial Innovations in the Australian Financial System, Melbourne, 8 March 1984.

TOBIN, J. “The Interest-Elasticity of the Transactions Demand for Cash”. Review of Economics and Statistics, vol. 38, 1956, pp.241–247.

TOBIN, J. “Liquidity Preference and Monetary Policy”. Review of Economic Statistics, vol. 29, 1947, pp. 124–131.

TUCKER, D.P. “Dynamic Income Adjustment to Money-Supply Changes”. American Economic Review, vol. 56, 1966, pp.433–449.

VICKREY, W.S. Metastatics and Macroeconomics, Harcourt, Brace and World, New York, 1964.

VICKREY, W.S. “Stability Through Inflation”, In K.K. Kurihaha (ed.). Post-Keynesian Economics. George Allen and Unwin, London, 1955, pp.89–122.

WALLACE, R.H. and P.H. KARMEL. “Credit Creation in a Multi-Bank System”. Australian Economic Papers, vol. 1, 1962, pp.95–108.

ZWICK, B. “The Adjustment of the Economy to Monetary Changes”. Journal of Political Economy, vol. 79, 1971, pp.77–97.

ZWICK, B. “Interest Rate Variability, Government Security Dealers and the Stability of Financial Markets”. Journal of Monetary Economics, vol. 5, 1979, pp.365–372.

ii) Money Aggregates

ANDERSON, R.W. “Perfect Price Aggregation and Empirical Demand Analysis”. Econometrica, vol. 47, 1979, pp.1209–1230.

BARNETT, W.A. “Economic Monetary Aggregates: An Application of Aggregation and Index Number Theory”. Journal of Econometrics, vol. 14, 1980, pp.11–48.

BARNETT, W.A. “Pollak and Wachter on the Household Production Function Approach”. Journal of Political Economy, vol. 85, 1977, pp.1073–1082.

BARNETT, W.A. “Recursive Subaggregation and a Generalised Hypocycloidal Demand Model”. Econometrica, vol. 45, 1977, pp.1117–1136.

BARNETT, W.A. “Theoretical Foundations for the Rotterdam Model”. Review of Economic Studies, vol. 46, 1979, pp.109–130.

BARNETT, W.A. “The User Cost of Money”. Economics Letters, vol. 1, 1979, pp.145–149.

BARNETT, W.A. and P.A. SPINDT. “Divisia Monetary Aggregates: Compilation, Data and Historical Behaviour”. (Staff Economic Studies No. 16), Federal Reserve System, Washington, May 1982.

BARNETT, W.A. and P.A. SPINDT. “The Velocity Behaviour and Information Content of Divisia Monetary Aggregates”. Economics Letters, vol. 4, 1979 pp.51–57.

BARNETT, W.A., E.K. OFFENBACHER and P.A. SPINDT. “New Concepts of Aggregated Money”. Journal of Finance, (Papers and Proceedings of the 39th Annual Meeting of the American Finance Association), vol. 36, No. 2, 1981, pp.497–505.

BARNETT, W.A., D. BECK, E. ETTIN, J. KALCHBRENNER, D. LINDSAY, R. PORTER, T. SIMPSON and P. TINSLEY. “A Proposal for Redefining the Monetary Aggregates”. Federal Reserve Bulletin, vol. 65, 1979, pp.13–42.

BENNETT, P.A. “Evaluating Divisia Monetary Indices”, (Research Paper No. 8225), Federal Reserve Bank of New York, 1982.

BLACKORBY, D., D. PRIMONT and R.R. RUSSELL Duality, Separability and Functional Structure. North-Holland, Amsterdam, 1978.

BURGER, A.E. and A. BALBACH “Measurement of the Domestic Money Stock”. Federal Reserve Bank of St Louis Review, vol. 54, 1972, pp.10–23.

CAGAN, P. “The Choice Among Monetary Aggregates as Targets and Guides for Monetary Policy”. Journal of Money, Credit and Banking, (Conference Series on the Conduct of U.S. Monetary Policy), vol. 14, No. 4, Part 2, 1982, pp.661–686.

CARR, J.L. and L.B. SMITH. “A Suggestion for a New Monetary Indicator”. Journal of Monetary Economics, vol. 1, No. 3, 1975, pp.363–368.

CHETTY, V.K. “On Measuring the Nearness of Near-Moneys”. American Economic Review, vol. 59, 1969, pp.270–281.

CLEMENTS, K.W. “Economic Monetary Aggregates: Comment”, Journal of Econometrics, vol. 14, 1980, pp.49–53.

CLEMENTS, K.W. “A Linear Allocation of Spending-power System: A Consumer Demand and Portfolio Model”. Economic Record, vol. 52, 1976, pp.182–198.

COCKERLINE, J.P. and J.D. MURRAY. “A Comparison of Alternative Methods of Monetary Aggregation: Some Preliminary Evidence”. (Technical Report No. 28), Bank of Canada, Ottawa, 1981.

CONLISK, J. “Cross Country Inflation Evidence on the Moneyness of Time Deposits”. Economic Record, vol. 46, 1970, pp.222–229.

DAVIS, R.G. “Monetary Aggregates and the Use of Intermediate Targets in Monetary Policy”. In New Monetary Control Procedures I, Federal Reserve Staff Study, February 1981.

DENNY, M. and M. FUSS. “The Use of Approximation Analysis to Test for Separability and the Existence of Consistent Aggregates”. American Economic Review, vol. 67, 1977, pp.404–418.

DIEWERT, W.E. “Exact and Superlative Index Numbers”. Journal of Econometrics, vol. 4, 1976, pp.115–146.

DIEWERT, W.E. “Intertemporal Consumer Theory and Demand for Durables”. Journal of Econometrics, vol. 42, 1974, pp.497–516.

EDWARDS, F.R. “More on Substituting Between Money and Near-Monies”. Journal of Money, Credit and Banking, vol. 4, 1972, pp.551–571.

FEDERAL RESERVE SYSTEM. “New Definitions of Money”. Federal Reserve Bulletin, vol. 66, No. 2, 1980, p.149.

FEIGE, E.L. and D.K. PEARCE. “The Substitutability of Money and Near-Monies: a Survey of the Time-Series Evidence”. Journal of Economic Literature, vol. 15, 1977, pp.439–469.

FISHER, I. The Making of Index Numbers. Houghton Mifflin, New York, 1922.

FREEDMAN, C. “Monetary Aggregates as Targets: Some Theoretical Aspects”. (Technical Report No. 775), National Bureau of Economic Research, California, 1981.

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