Titlebook: Studies in the History of Monetary Theory; Controversies and Cl David Glasner Book 2021 The Editor(s) (if applicable) and The Author(s), un

Radiculopathy

Rules Versus Discretion in Monetary Policy Historically Contemplated) price rules that target the value of money in terms of a real commodity, e.g., gold, or in terms of an index of prices, and (2) quantity rules that target the quantity of a money aggregate. Historically, price rules, e.g., the gold standard, have predominated, but the Bank Charter Act of 1844 impo

Solace

Say’s Law and the Classical Theory of Depressionsicance since first propounded in the nineteenth century. This chapter proposes a unifying interpretation of Say’s Law based on the idea that the monetary sector of an economy with competitively supplied money involves two distinct markets, not one. Beyond modifying the interpretation of the inconsis

嘲弄

Hawtrey’s ,: A Centenary Retrospectivee theoretical model Hawtrey developed and refined over the next quarter century. Though he was remarkably consistent in maintaining the theoretical framework outlined in his first work, Hawtrey later rejected the Humean price-specie flow mechanism outlined in ., after concluding that, even without g

切掉

Hawtrey and Keynested to the Bloomsbury Group. Though eventually overshadowed by Keynes, Hawtrey, after publishing . in 1919, was in the front rank of monetary economists. This chapter explores their relationship during the 1920s and 1930s, focusing on their interactions about restoring an international gold standard

值得赞赏

Where Keynes Went Wrong and his unsuccessful attempt to develop a theory of macroeconomic fluctuations in his .. Keynes, who had predicted that rejoining the gold standard at the prewar parity would lead to economic stagnation and high unemployment may have had his belief in a monetary explanation for the Great Depression

使坚硬

consent

Pre-Keynesian Monetary Theories of the Great Depression: Whatever Happened to Hawtrey and Cassel? (wd from inherent capitalistic instabilities, Friedman’s theory attributed the Depression to policy mistakes by an inept Federal Reserve Board. More recent work on the Depression suggests that the cause lay in the attempt to restore an international gold standard after World War I and did not originat

和谐

The Sraffa-Hayek Debate on the Natural Rate of Interest (with Paul Zimmerman). A key criticism of Sraffa was that Hayek’s conception of a natural rate of interest, reflecting only real relationships, was incoherent, because, without money, there could be a multiplicity of commodity own interest rates, none of which is uniquely identifiable as .natural rate. Although Hayek fa

Lumbar-Stenosis

Hayek, Deflation, Gold and Nihilismsustainable elongations of the capital structure caused by bank-financed investment exceeding voluntary saving. Believing that monetary expansion caused the crisis, Hayek opposed monetary expansion to cure the crisis. His policy advice actually contradicted his own neutral-money criterion of constan

ellagic-acid

Hayek, Hicks, Radner, and Four Equilibrium Concepts: Intertemporal, Sequential, Temporary, and Ratiofour categories of intertemporal equilibrium—(1) Perfect-foresight equilibrium, (2) Radner’s sequential equilibrium with incomplete markets, (3) Hicks’s temporary equilibrium, as extended by Bliss; (4) the Muth rational-expectations equilibrium, as extended by Lucas into macroeconomics—the chapter e