This book provides the reader with a systematic study of macrodynamic models of monetary growth in the Tobin, the Keynes–Wicksell and the Keynesian (if it exists) tradition. Our point of departure is, therefore, the core of descriptive macrodynamic models of monetary growth of primarily traditional origin; recent contributions of neo- or post-Keynesian type as well as other schools of thought are given scant consideration in this book. Instead, we considerably extend and refine the aforementioned model types so that they give rise to a hierarchical sequence of fully integrated macrodynamic models, each providing an improvement on the shortcomings of one or more structural equations of its predecessor. In this way we arrive at the formulation of an integrated model of the Keynes–Metzler type, with both sluggish price and quantity adjustment and under- or overemployment of both labor and capital, which may be considered as the working Keynesian prototype model of IS–LM growth.

Yet, this model type also has its shortcomings, so the hierarchical structure proposed here does not end with it, but rather will be continued in future research by way of more refined treatments of asset markets, of expectations, of the role of income distribution, of international trade in goods and financial assets, of stochastic influences, and so on.