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Contents
Acknowledgements vi
Notation vii
PART 1. PRELIMINARIES 1
1. A statement of the problem 3
PART 2. INFLATION IN A RISK FREE WORLD 9
2. The theory of the demand for money 11
3. A theory of the supply of money 35
4. The Quantity Theory of Money 54
5. Inflation without a quantity of money:
the Wicksellian approach 86
PART 3. INFLATION IN A RISKY WORLD 111
6. Technological risk and the social function of real debt 113
7. Monetary risk and the social function of money debt 138
8. The Quantity Theory in a risky world 160
9. Wicksellianism in a risky world 185
PART 4. THE COST OF INFLATION 201
10. The cost of inflation as the cost of moneylessness 203
11. The cost of inflation as the cost of creditlessness 225
12. A summarization of results 251
References 254
Index 257