29 Pages Posted: 31 Jul 2011 Last revised: 7 Jun 2013
Date Written: June 7, 2013
The Theory of Money and Credit (1912) is rightly regarded as a seminal book in the development of the Austrian school approach to monetary theory. We argue that Mises’ understanding of the equation of exchange differs from both of the conventional textbook versions, and warrants recognition as being a distinct contribution. After supporting this claim we discuss it in light of expectations, monetary regimes, and the microfoundations of the quantity theory.
Keywords: demand for money, expectations, quantity theory, monetary theory
JEL Classification: B53, E41, E42, E58
Suggested Citation: Suggested Citation