Financial Innovation and the Money Supply

Abstract

The financial system is constantly changing as a result of new regulations and laws as well as technological advances. Fitting all of these financial innovations into monetary theory and explaining their ramifications for monetary policy is a challenging and important task. Financial innovations such as Eurodollar markets, N.O.W. accounts, electronic funds transfer system, and growing Federal Funds Market will have an effect on all schools of monetary theory. This book carefully analyzes the historical development of many financial innovations and their relationship to traditional monetary theory. In addition, the book explores the empirical literature on how innovations are related to money supply and money demand.

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