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A concise analysis of the evolution of monetary policy and banking institutions over the past sixty years that stresses the dynamic interactions between the Federal Reserve and banking institutions that resulted from financial market innovations. Institutions were influenced by increasing competition in markets and monetary policies. The book consists of two parts, which are organized chronologically. The first has chapters that correspond with terms of chairmen of the Federal Reserve Board. It critically analyzes decisions taken by the Federal Open Market Committee in each period and argues that innovations forced changes in the design and conduct of monetary policy. The second part analyzes how banking institutions evolved from a very conservative and regulated system in 1945 to highly inventive financial firms and how this evolution has affected the distribution of credit, wealth, and income in the US.

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By one of the preeminent theorists of the Austrian school of economics, "The Theory of Money and Credit" represents a major contribution to the science of economics. Von Mises examines the value of money, how it can be measured, and the effects of credit and monetary policy at the nation-state level. Von Mises is well known for advocating a return to the gold standard as a way to eliminate the growth and recession cycles. Given the current economic crises, many people who want a better understanding of economic theory are turning back to this classic work to better understand the role of monetary and credit policy. ... Read more

Customer Reviews (20)

Too heavy
Great stuff and all, but the text is way too difficult to read without putting a lot of effort in it. Rare and unfamiliar words combined with a complex sentence structure strips this book of its full potential, since the substance is worth five stars easily.

This should be read at some point if you find the subject interesting, but do not start with this.

Essential knowledge for any educated person
I see several comments about it being a difficult read.Well, yeah, it's a college-level read, or at least it was in my time 50 years ago.Today it might be considered challenging for undergraduates.It's a heavy subject, after all, but well worth the effort and essential for making sense of today's terrible economic issues.It's easier going than John Stuart Mill, and my 1971 copy published by the Foundation for Economic Education doesn't read like a translation.

If anyone doubts Mises' foresight of today's out-of-control government, consider the following (from page 427 of my copy):

"The government, in this regard supported by only a minority of the people, believes that there exists an emergency that necessitates a considerable increase in public expenditure and a corresponding austerity in private households.But the majority of the people disagree... However, we deal not with the substance of the conflict but with the methods chosen by the rulers for its solution.They reject the democratic way of persuading the majority.They arrogate to themselves the power and the moral right to circumvent the will of the people.They are eager to win its cooperation by deceiving the public about the costs involved in the measures suggested.While seemingly complying with the constitutional procedures of representative government, their conduct is in effect not that of elected office holders but that of guardians of the people.The elected executive no longer considers himself the people's mandatory; he turns into a Fuehrer."

As Hazlitt's Economics in One Lesson should be mandatory study for all high school students, this book should be mandatory for all college students -- at least for those whose reading level is above Ninja comics.

Great information but difficult to read
Like many other posts, I think that the information is excellent. I also found it very difficult to read and comprehend though.It gets wordy and is just difficult to follow.As another reviewer wrote, the fact that this was translated from German to English may play a role in this.I haven't read other Von Mises books so I cannot compare to them.The only reason I rate this lower is the fact it is difficult to follow.

Fantastic book
If you want to study econ, you should probably read this book. I wish I had read this before I completed my degree.

100 years later and still most accurate book on money
I attend a state school and therefore I am saturated with a healthy content of Keynesian economic bias on a daily basis, and so to read Mises' 'The Theory of Money and Credit' was like a gulp of fresh air. First of all, the Austrian brand of economists write the best books because they actually incorporate the fundamental societal dimensions in which they deduce their conclusions, giving it... A HUMAN ASPECT (an aspect that economics was originally created to understand). A huge change of pace from the disconnected perspective of authors that I have been required to read by my state school.

It was a real joy reading this book, and often had to pry myself away in order to get anything else done! And as I finish this book I can confidently say I leave with a completely transformed general understanding of economics. And not in the same way that an acolyte feels after attending his first cult meeting (which is an analogy many mainstream economists like to ascribe upon Austrians). No, I close this book with the radiant glow of newly obtained knowledge, and for the first time I am reaffirmed in my choice of economics as a major.

Thank you Ludwig von Mises, and I look forward to reading more from you and your Austrian friends F.A. Hayek and Murray Rothbard. ... Read more

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This digital document is a journal article from European Economic Review, published by Elsevier in . The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

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In this paper we derive a general equilibrium model based on optimising behaviour, which also implies a data consistent framework for monetary policy analysis. Specifically, our model accounts for nominal inertia in both price and wage setting as well for habits in consumption. Using US and European data from 1970 to 1998 our parameter estimates reveal that (i) price contracts last for 8 months and 13 months in the US and Euro-area, respectively; (ii) wage contracts have a length of 7 months and 1.75 years in the US and Europe, respectively; (iii) the extent of backward-looking behaviour in price setting is statistically significant in both economies with 41% of price contracts in the US and 28% in the Euro-area set according to a simple rule-of-thumb; (iv) backward-looking wage setting is only present in Europe with 17% of contracts set in a backward-looking manner; and (v) similar habits effects are present in both European and US consumption. Finally, we simulate the effects of monetary policy by considering the impact of a 1 point increase in nominal interest rates for one quarter. Our parameter estimates imply that there is a relatively muted inflationary response to interest rate increases in Europe (price inflation falls by -0.08% in Europe and 0.11% in the US) and there is a correspondingly large output response (-0.2% in the US and -0.6% in Europe). ... Read more

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As a defender of free-market liberalism and a leading opponent of socialism, this volume places Ludwig von Mises- views on political economy, public policy and monetary economics in the historical context of his time. ... Read more

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Discusses important bilateral economic issues between the US and Korea to highlight economic co-operation and policy options for enhancing trade and improving economic relations. The essays in this volume identify and discuss what are the new policy directions for trade between the US and Korea, and how Korea can liberalize its financial market and improve its investment environments, and how both countries can strengthen industrial co-operation and business relations between them. The book presents constructive and mutually advantageous economic options for the two countries and proposes how essential an effective US-Korea economic partnership has become to meeting the challenges Pacific-Rim economy. ... Read more

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Why was the European Monetary System in 1992-93 swept by waves of disruptive speculative attacks? And what lessons emerged from that episode as regards the future of the European Monetary Union?This book provides a comprehensive assessment of the causes and implications of the 1992-93 crisis of the exchange rate mechanism. Cogent factual presentation, original theoretical analysis, and an interpretation rooted in theory, make this treatment by three leading economists essential reading to understand the process toward economic and political integration in Europe. ... Read more

Customer Reviews (1)

the book is excellent in pure theory
I graduated my college in feb.1988 majored in int'l trade. Now I engage in start-up company of computer. Nowadays I need several information in global society. But I has peace in this chaos world by virtue of this substractbook by prof. Chacholiades. I am sorry that it is out of print. For thebook in my shelf is worn out. ... Read more

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This digital document is a journal article from Review of Economic Dynamics, published by Elsevier in 2005. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

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For a VAR with drifting coefficients and stochastic volatilities, we present posterior densities for several objects that are pertinent for designing and evaluating monetary policy. These include measures of inflation persistence, the natural rate of unemployment, a core rate of inflation, and 'activism coefficients' for monetary policy rules. Our posteriors imply substantial variation of all of these objects for post WWII US data. After adjusting for changes in volatility, persistence of inflation increases during the 1970s, then falls in the 1980s and 1990s. Innovation variances change systematically, being substantially larger in the late 1970s than during other times. Measures of uncertainty about core inflation and the degree of persistence covary positively. We use our posterior distributions to evaluate the power of several tests that have been used to test the null hypothesis of time-invariance of autoregressive coefficients of VARs against the alternative of time-varying coefficients. Except for one, we find that those tests have low power against the form of time variation captured by our model. ... Read more

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This digital document is a journal article from Journal of Asian Economics, published by Elsevier in 2005. The article is delivered in HTML format and is available in your Amazon.com Media Library immediately after purchase. You can view it with any web browser.

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This paper investigates how money-income causality in the Asia is influenced by US interest rates and the money supply and which policy variable has a stronger impact on Asia. Six Asian economies are examined (Pakistan, India, Malaysia, Indonesia, Philippines and Korea) using an EGARCH model over the period 1970:Ql-2002:Q4. The results indicate that spillover effects from US interest rates and the money supply unambiguously influence money-income causality for each of the economies examined. This suggests that Asian monetary authorities should monitor US monetary policies carefully and decide upon the domestic money supply by reference to an EGARCH model. Alternatively, the domestic money supply may be determined by a rule based on the US money supply. ... Read more

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Money gurus and Wall Street executives Monika and Peter Ressler examine the cultural revolution of "capitalism with a conscience" happening in modern business. Inspired by the heroism of NY firefighters after 9/11, the Resslers reveal how to replace survival-of-the-fittest capitalism with a new concept of responsibility-of-the-fittest. A practical guide for anyone searching for the soul of their work.

"Spiritual Capitalism is not an oxymoron. Read this book and prepare to be inspired." - Marc Gunther, Fortune staff writer and author of Faith and Fortune ... Read more

Customer Reviews (5)

A winner!
Each year Best New Writing by Hopewell Publications reviews the winner, runner up, and notable recipients of the Eric Hoffer Awards.The following is their 2008 review of Spiritual Capitalism: How 9/11 gave us nine spiritual lessons of work and business, winner in the Business category. (Quote used with permission.)

"There are plenty of offerings that try to bridge the historical gap between spirituality and business. In case you haven't heard: God wants you to be rich! What makes this book different from the crush of faith-based success manuals? Plenty, starting with the notable and welcome absence of dogma and religious cliché. For one thing, a book centered on ethics and appreciation of the underlying humanity of daily work, written by two Wall Street headhunters has to open some eyes. The authors have woven dozens of examples from their combined years in the business world together with poignant observations on the nature of work, money and behavior. Their handful of take-home messages is illustrated with dignity against the backdrop of the 9/11 attacks and the painful recovery that followed."

A must have for any business man feeling there work leaving them hollow and unfulfilled in life
The little moves one makes while running a business have far more implications than they seem, claims "Spiritual Capitalism: How 9/11 Gave Us Nine Spiritual Lesson of Work and Business". Promoting a new philosophy for businesses of "Responsibility of the Fittest", the author pair suggest that money no longer be the main thing that drives so many businesses when they have more than enough to survive already, and that some spirituality in there work can be incredibly rewarding emotionally replacing shallow greed with fulfilling honor. "Spiritual Capitalism: How 9/11 Gave Us Nine Spiritual Lessons of Work and Business" is a must have for any business man feeling there work leaving them hollow and unfulfilled in life and for community library spirituality shelves.

A must read!
A must read!Every once in awhile you come across a book that you feel you just must share with your friends - this is one of those.It is an easy to read, beautifully written book with guidelines and examples of how business (and life) should be conducted.

Heaven Sent Book !
A powerfully moving and inspirational book that touched the deepest part of my heart. A book I can read again and again ! Though tragedy the authors have beautifully illustrated in this compelling book the true meaning of great sacrifice and service.Thus taking a graveyard and making it a garden. A book that explains why it is better to share and to give in business and in life. Spiritual Capitalism has lifted me and given me a profound sence of renewal. It has changed the way I do business and perceive profit...... This book has changed my life and I recommend it for all ! !

A miracle
A beautifully written and inspiring book. The authors convince you there is hope yet for a kinder, gentler world of business to emerge. Judging from the review above, that's a miracle. ... Read more

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This book explores the scope and limits of macroeconomic policy in a monetary union. The focus is on pure policies, policy mixes, and policy coordination. The leading protagonists are the union central bank, national governments, and national trade unions. Special emphasis is put on wage shocks and wage restraint. This book develops a series of basic, intermediate, and advanced models. The monetary union is an open economy with high capital mobility. The exchange rate between the monetary union and the rest of the world is floating. The world interest rate can be exogenous or endogenous. The union countries may differ in money demand, consumption, imports, openness, or size. A striking feature is the numerical estimation of policy multipliers. A lot of diagrams serve to illustrate the subject in hand. ... Read more

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Customer Reviews (6)

Classic Book
If you want to understand why Government debt is bad for your country, this is a great read.

The only reason I did not give it five stars is I was already well read on the topic before reading this book, so it got a little tedious for me.

However someone new to the topic would find this book a complete read on the topic.

The best, most readable book about debt you'll ever read
"What we have before us are breathtaking opportunities disguised as insoluble problems." - John Gardner (p. 137)

If only our national and local leaders had read this book.If only they will read it NOW.After explaining the extent of our debt and how we ended up in this multi-Trillion dollar mess, the author then makes a few simple, reasonable suggestions for ways to improve our fiscal status.There is medicine to swallow for liberals and conservatives alike here, including both policy changes and philosophical changes - but any reasonable person should take these suggestions seriously. "In short, despite a generation of largely justifiable antigovernment cynicism, government has contributed enormously, and in an enormous number of ways, to making life better for hundreds of millions of Americans." (p. 134)

Better, more effective ways to pool risk coupled with individuals taking greater responsibility along with common sense reforms to 'safety net' programs can go a long way toward improving our financial condition.

Unfortunately, this book came out before the climax of the Sub-prime Mortgage/Credit Debacle of 2007/2008, so it does not address the vast amounts of new borrowing the government has done in its attempt to 'save Wall Street'. But if anything, it is that much more important that people read this book, absorb and internalize its lessons, and demand fiscal prudence from Washington DC and from state capitals from Maine to Alaska.

Well-written, informative Must-Read for ages 16-95
Yarrow, a former NY Times journalist, with a masters in public policy from the Kennedy School at Harvard and a Ph.D. in 20th Century history from George Mason U., has specialized in this issue at Brookings and now Public Agenda.It takes massive research to suss out exactly what the U.S. owes, as individuals and as incurred by our government.Yarrow has written a highly readable book detailing our debt and the intergeneration dangers of failing to reduce it, and provides suggested action steps.If these steps are to be adopted, it will require every citizen be informed and mobilized to take action.

A look at the raging national debt and the upcoming crises that are sure to spill out from it
Debt affects us all - even if we carry none of it personally. "Forgive Us Our Debts: The Intergenerational Dangers of Fiscal Irresponsibility" is a look at the raging national debt and the upcoming crises that are sure to spill out from it in coming years. Examining the upcoming doomsday scenarios facing social security and Medicare, it touches optimistically on the possibility of a much brighter American future for its finances. "Forgive Us Our Debts: The Intergenerational Dangers of Fiscal Irresponsibility" is a scholarly volume, essential for college collections focusing on economics.

Where Did the Money Go?
We are faced with a myriad of pending catastrophes, from global warming to a nuclear winter. But perhaps one the biggest, but least often reported dangers is the pending economy meltdown as a result of retiring Baby boomers---the largest population yet to exit our national stage. I should know; I'm one of the graying Boomers. But unlike the other potential disasters which face us, there is no real debate here. It will happen as a matter of natural fact. In reality, it is already happening as the first wave of "My Generation" begins to retire. Our children, their children, and even their children face a staggering debt which will--not could---cripple their economy and subsequent quality of life.We currently have the power to solve this dilemma, but lack the collective willpower. Why?

In an effort to fully understand the magnitude and consequences of our current domestic economic policy in layman's terms, I turned to Andrew L. Yarrow's book, "Forgive Us Our Debts: The Intergenerational Dangers of Fiscal Irresponsibility". I won't kid you, it's a tough subject, but Yarrow has done a great job of explaining how we got to where we are; where we're going; and what we can do about it short term and down the road. Yarrow offers excellent examples, backed by current data to support his arguments in an easy to understand format.

So, if you're like me and want to know for the sake of your children and their future, where we're headed, I strongly recommend "Forgive Us Our Debts" by Andrew L. Young.

... Read more

Product Description
This book pulls together papers presented at a conference in honour of the 1981 Nobel Prize Winner for Economic Science, the late James Tobin. Among the contributors are Olivier Blanchard, Edmund Phelps, Charles Goodhart and Marco Buti.
One of the main aims of the conference was to discuss what potential role monetary policy has on economic activity and unemployment reduction in three key currency zones - the United States, European Union and Japan. ... Read more

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The book has 12 chapters- Continuity and Change, How the US Economy Works, The US Economy: A Brief History, Small Business and the Corporation, Stocks, Commodities and Markets, The Role of the Government in the Economy, Monetary and Fiscal Policy, American Agriculture: Its Changing Significance, Labor in America: The Worker's Role, Foreign Trade and Global Economic Policies, Afterward: Beyond Economics, and Glossary of Economic Terms. ... Read more

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US Army, Technical Manual, TM 5-4310-368-24P, COMPRESSOR, AIR, RECIPROCATING, GASOLINE ENGINE DRIVEN 3500 PSI, 15 SCFM, WHEEL MTD, (BAUER MODEL KA 15-03-P), (NSN 4310-01-087-4317)
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An extremely user-friendly overview of the ins and outs of one of the discipline's favorite institutions - the US stock market. Things have changed a great deal since the heady days of the 1980's and we are now entering an era of profound uncertainty, with most analysts predicting trouble ahead. Indeed, the alarming decline of the NASDAQ shows no sign of abating and the fear is that traditional industries will be the next to bite the dust. Hatches are beings battened down and September 11th has only added to the gloomy mood.In this book, Western examines the current conditions before looking back to the events of the last century - The Great Depression, the 1970s oil crisis, the party-for-the-rich atmosphere of the 1980's and the emergence of the new economy. There are also useful comparisons to other world regions. ... Read more

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This book is a follow-up to Book One, predicting the economic principles of the USA and primary events leading to an economic crisis in the fall of 2008. Future predictions are made, with special emphasis on End Times timetable and expectations. ... Read more

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This book serves as a comtemporary wake-up call in the distress of the days immediately following the credit collapse of 2007-2008.It outlines forseen changes in the domestic and foreign monetary scene and implications both in the world today and in upcoming decades. ... Read more

Customer Reviews (1)

Informative, Relevant, and Readable!
This book about money is a must read for anyone who wants to know more about our current economic condition and God's take on money. The book very readable and broken into chapters that are easily digestible. It discusses past, present, and future with regards to money. Even when the book focuses on the history of money, it is never boring, but instead shows us that the path we are on was chosen long ago. This book should be required reading for almost anyone. ... Read more