Cochrane points us to

Frameworks for Central Banking in the Next Century

I am inerested, I wonder if they have a fiat theory of using money to count stuff.  You know, those numbers on the green papers, the double entries in the accountant books, a yield curve, anything.  Have they discovered the dynamics of a mud puddle, water in fills, water out empties.

I would expect, at least, economists would start with the stable theory of measurement, then add perturbations  on the stable model.    One would think that an economist, having observed stores using coupons, say, bitcoins even, or these:

S&H Green Stamps (also called Green Shield Stamps) were trading stamps popular in the United States from the 1930s until the late 1980s. They were distributed as part of a rewards program operated by the Sperry & Hutchinson company (S&H), founded in 1896 by Thomas Sperry and Shelley Byron Hutchinson. During the 1960s, the rewards catalog printed by the company was the largest publication in the United States and the company issued three times as many stamps as the U.S. Postal Service.^{[citation needed]} 

Or perhaps they learned about the book, Good Money:

In Good Money, George Selgin tells the fascinating story of the important yet almost unknown episode in the history of money—British manufacturers’ challenge to the Crown’s monopoly on coinage.

In the 1780s, when the Industrial Revolution was gathering momentum, the Royal Mint failed to produce enough small-denomination coinage for factory owners to pay their workers. As the currency shortage threatened to derail industrial progress, manufacturers began to mint custom-made coins, called “tradesman’s tokens.” Rapidly gaining wide acceptance, these tokens served as the nation’s most popular currency for wages and retail sales until 1821, when the Crown outlawed all moneys except its own.

All of these, Green Stamps, Good Money, coupons, all of them have one thing in common, technology for counting stuff.  One would think that is the starting model, a model of the counting 'ruler', a technology that is adapted to count out objects which have a particular entropy function.  Not one money expert has figured out the simple idea.

I blame the mathematicians, they are not doing their job.  They need to show the match between counting units, transaction rates and measured entropy.