Editorial
In order to promote the exchange of ideas and to support its own research capacity, the Oesterreichische Nationalbank regularly invites internationally renowned economists for short guest professorships. This year, from June 12 -14 2006, David Laidler (Professor Emeritus, University of Western Ontario, Canada) gave three public lectures on topics related to monetary theory and monetary policy. The first lecture was on “Monetary Policy and the Austrians”, the second on “The Rise and Fall of onetarism” and the third has dealt with the question “Is there a Role for Money in Monetary Policy in the 21st Century?”.
The lectures were based on three background papers, which are contained in this OeNB Working Paper. Two of these background papers have already been circulated as BIS Working Paper No. 136 (September 2003) and as RBC Financial Group, EPRI Working Paper No. 2005-11. The third paper on “Axel Leijonhufvud and the Quest for Micro-foundations – Some Reflections” is made available for a larger audience for the first time. This Working Paper includes also the speaking notes that were prepared for the lecture series at the Oesterreichische Nationalbank.