This essay tries to reconstruct the analytical framework of F.A. von Hayek's theory of a monetary economy. In Hayek's analysis the concept of neutral money only serves to determine a point of reference which is derived from a model of ideal barter. According to Hayek's programme monetary theory should develope by giving up the implicite analogy to a barter economy and by analysing instead a monetary economy as a phenomenon of its own. The approach of the new classical macroeconomics is critically examined from this point of view. It is shown that the coordination of plans and expectations implied by this approach is incompatible with decentralized monetary transactions. This type of model therefore does not stand up to the demands formulated in Hayek's programme. © 1985 VVF, Munich.
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