A Framework for Monetary and Banking Analysis

Stanley Fischer

NBER Working Paper No. 936 (Also Reprint No. r0391)
Issued in July 1982
NBER Program(s):   EFG

The paper sets out and analyzes a simple model of money, banking, and price level determination. The model is first used to illustrate recent developments in the theory and analysis of banking, particularly the distinction between the portfolio management services provided by banks and their provision of transactions services. The assumptions are then extended to analyze price level determination in an economy that becomes an inside money economy as high-powered money goes out of use. The paper concludes by discussing the major unresolved questions about banking, money, and price level determination.

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Document Object Identifier (DOI): 10.3386/w0936

Published: Fischer, Stanley. "A Framework for Monetary and Banking Analysis." The Economic Journal, (March 1983) pp. 1-16.