`William Coleman's book offers a highly original and   insightful discussion of the state of modern monetary theory. Professor   Coleman covers difficult issues with a lightness of touch that makes for a   very readable discussion. It will benefit students as well as professional   economists and policymakers.'    - Kevin Dowd, University of Nottingham, UK     This book explores the causes, costs and benefits of inflation. It argues   that while the cause of inflation is essentially monetary, the costs and   benefits of inflation lie in inflation's distortion of the economy's   responses to real shocks.    The book begins by securing the Quantity Theory of Money from certain   critiques. The theory is defended from the `fiscal theory of the price   level' by a refinement of the theory of money demand, and from post   Keynesianism by the construction of a theory of the supply of inside money.   To cope with the endogeneity of outside money, a simple and tractable   neo-Wicksellian theory of inflation is advanced, which is shown to exhibit   a striking homology with the Quantity Theory. The author then traces the   costliness of inflation, not to any disturbance of the money market, but to   the damage inflation does to the bond market's function of sharing out   disturbances to consumption caused by technological shocks. The same   damage, however, imparts an egalitarian dynamic to accumulation that   produces a convergence in the wealth of economic interests, which will not   occur without risky inflation.     The Causes, Costs and Compensations of Inflation  will be of great   interest to central bankers, researchers in monetary economics, and both   post-graduate and undergraduate students in macroeconomics, money and   banking.

The Causes, Costs, and Compensations of Inflation: An Investigation of Three Problems in Monetary Theory PDF

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