This successful text, now in its second edition, offers the most comprehensive
overview of monetary economics and monetary policy currently available. It covers
the microeconomic, macroeconomic and monetary policy components of the field.
The author also integrates the presentation of monetary theory with its heritage,
stylized facts, empirical formulations and econometric tests.

Major features of the new edition include:

* Stylized facts on money demand and supply, and the relationships between
monetary policy, inflation, output and unemployment in the economy.
* Theories on money demand and supply, including precautionary and buffer stock
models, and monetary aggregation.
* Cross-country comparison of central banking and monetary policy in the U.S.,
U.K. and Canada, as well as consideration of the special features of developing
countries.
* Competing macroeconomic models of the Classical and Keynesian paradigms,
along with a discussion of their validity and consistency with the stylized facts.
* Monetary growth theory and the distinct roles of money and financial institutions
in economic growth in promoting endogenous growth.
* Excellent pedagogical features such as introductions, key concepts, end-of-
chapter summaries, and review and discussion questions.

This book will be of interest to teachers and students of monetary economics,
money and banking, macroeconomics and monetary policy. Instructors and students
will welcome the close integration between current theories, their heritage and
their empirical validity.

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