Beginning with the development of credit-money theory in the twentieth century, Paul Dalziel derives a model that explains how interest rates are used by authorities to maintain price stability. His conclusions suggest ways in which the current policy framework can be improved to promote growth, without sacrificing that stability.

chapter 1|15 pages

The quest for price stability

chapter 2|12 pages

What is money?

chapter 3|15 pages

Credit-money and inflation

chapter 4|10 pages

Critical realism and process analysis

chapter 6|10 pages

Davidson's analysis of the revolving fund

chapter 7|12 pages

A theory of credit-money inflation

chapter 8|11 pages

Inflation and growth

chapter 9|10 pages

Fiscal deficits and inflation

chapter 10|16 pages

Monetary policy and price stability

chapter 11|12 pages