These essays bring together a progression in monetary theory. The major theme that runs through all of the chapters is that in order to do monetary economics well in general equilibrium, it helps to have a good money demand underlying the theory.

Max Gillman is Professor of Economics at Cardiff Business School, Cardiff.

1. Overview Part I: Inflation and Welfare 2. The Welfare Costs of Inflation in a Cash in Advance Model with Costly Credit 3. A Comparison of Partial and General Equilibrium Estimates of the Welfare Cost of Inflation 4. The Optimality of a Zero Inflation Rate: Australia 5. On the Optimality of Restricting Credit: Inflation-Avoidance and Productivity 6. Ramsey-Friedman Optimality within a Banking Time Economy Part II: Money Demand and Velocity 7. The Demand for Bank Reserves and Other Monetary Aggregates 8. Money Velocity with Costly Credit 9. Money Demand in General Equilibrium Endogenous Growth: Estimating the Role of a Variable Interest Elasticity 10. Money Demand in an EU Accession Country: A VECM Study of Croatia Part III: Inflation and Growth 11. Inflation and Balanced-Path Growth with Alternative Payment Mechanisms 12. Contrasting Models of the Effect of Inflation on Growth 13. A Revised Tobin Effect from Inflation: Relative Input Price and Capital Ratio Realignments, US and UK, 1959-1999 14. Inflation and Growth: Explaining the Negative Effect 15. Granger Causality of the Inflation-Growth Mirror in Accession Countries Part IV: Monetary Business Cycles 16. On Keynes's Theory of the Aggregate Price Level in the Treatise: Any Help for Modern Aggregate Analysis? 17. Credit Shocks in the Financial Deregulatory Era: Not the Usual Suspects 18. A Comparison of Exchange Economies within a Monetary Business Cycle 19. Money Velocity in an Endogenous Growth Business Cycle with Credit Shocks 20. Epilogue: The Perspective Going Forward