Monetary economics has both a microeconomics component and a macroeconomics one. The fundamental questions of monetary microeconomics concern the proper definition of money and its demand and supply, and those of monetary macroeconomics concern the formulation of monetary policy and its impact on the economy. The financial assets that can serve the medium of the payments role of money have changed over time, as has the elasticity of substitution among monetary assets, so that the proper definition of money has also kept changing. For short-run analysis, monetary economics is a central part of macroeconomics. The main paradigms of macroeconomics are the classical and Keynesian ones. The former paradigm studies the competitive economy at its full employment equilibrium, while the latter focuses on its deviations away from this equilibrium.
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Autor: Jagdish Handa
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