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Selected Essays in Monetary Economics (Collected Works of Harry Johnson) by Harry Johnson

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CHAPTER II

RECENT DEVELOPMENTS IN MONETARY THEORY*

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I. INTRODUCTION

The field of monetary theory has been developing very rapidly during the past 10 years, as a result of a variety of influences. These influences include the attractive theoretical intricacy of monetary problems, particularly the incentive to formulate monetary theory in terms of more modern general equilibrium concepts. That particular strand of development goes back to the effort of Oscar Lange to translate Keynesian theory into general equilibrium theory, and continues through the work of Lloyd Metzler, Don Patinkin, R. M. Clower and a number of other primarily mathematical economists. ...

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