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'. . . this is an extremely valuable collection, and one which anyone interested in both present and past macroeconomics should have. . . . This is an outstanding collection of papers. Virtually no essay in the collection is without interest and it should be on the bookshelves of everybody interested in monetary economics.' - D.P. O'Brien, The Economic Journal Thomas M. Humphrey has made many significant contributions to the theories of money, banking and inflation. This book presents his most important work on the application of the history of economic thought to the analysis of current policy problems. Money, Banking and Inflation focuses on such traditional central banking concerns as money stock control, price level stabilization, interest rates smoothing, exchange rate targeting, lender-of-last-resort responsibilities, limitations imposed by short-run trade-offs and non-neutralities, and appropriate responses to supply shocks. Three of the essays, however, digress from these themes to focus on geometrical diagrams employed in price theory and the theory of commercial policy. Virtually all the essays take an historical-doctrinal perspective which besides showing how these theories developed over time, allows them to be ranked according to their effectiveness in monetary controversies old and new.