Money, Financial Institutions and Macroeconomics presents a comparative and international perspective on the current state of research in monetary theory, and the application of monetary theory to important policy issues. The book is subdivided into four main parts: Part I reviews the theory of a monetary and credit economy;

I: The Theory of a Monetary and Credit Economy.- 1. The Uses of the Pure Credit Economy.- 2. Post Keynesian Monetary Theory and the Principle of Effective Demand.- 3. Keynesians, New Keynesians and the Loanable Funds Theory.- 4. The Fisher Effect: Phenomenology, Theory and Policy.- 5. Loanable Funds, Endogenous Money and Minsky’s Financial Fragility Hypothesis.- II: Alternative Views on Money and Credit.- 6. Keynes and Friedman on Money.- 7. The Role of Credit in Fisher’s Monetary Economics.- 8. Henry Dunning Macleod and the Credit Theory of Money.- 9. Early Twentieth-Century Heterodox Monetary Thought.- 10. The Role of Credit in the Mania-Crisis Process.- III: Monetary Policy Issues in North America.- 11. The Institutionalization of Deflationary Monetary Policy.- 12. Monetarism and the United States Economy.- 13. A Fiscal-Monetary Mix-Up.- 14. Flying Blind: Recent Federal Reserve Policy.- IV: Monetary Policy Issues in Europe.- 15. The Problematic Nature of Independent Central Banks.- 16. Credibility, Reputation, and the Instability of the EMS.- 17. Competition and the Future of the European Banking and Financial System.- 18. The Monetary Shock of German Unification.