Abstract
Money, Information and Uncertainty, Second edition (MIT Press, Cambridge, 1989) by Charles Goodhart, the Norman Sosnow Professor of Banking and Finance at the LSE and formerly the Bank of England's chief adviser on monetary policy, spans the subject of monetary economics from micro foundations through to open-economy macro and policy. Yet there is hardly a mention of the competitive equilibrium models that are to be found everywhere in, for example, Sargent (1987), a book with a similar span, and which incidentally returns the compliment by totally ignoring the Goodhart literature. This is even more surprising when one considers that these are both textbooks, supposedly distilling the profession's wisdom for graduate and advanced undergraduate students. In this review I have accordingly found it instructive to ‘compare and contrast’ from time to time.
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