The price level, relative prices and economic stability: aspects of the interwar debate
Bank for International Settlements, Monetary and Economic Dept., 2003 - Business & Economics - 31 pages
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19th century Andrew Crockett argued asset prices Austrian school Austrian theory bank credit Bank of England banking system boom business cycle Cambridge economists capital central bank Claudio Borio collapse concemed consumption coordination failures countercyclical credit creation credit deadlock crises crisis cyclical David Laidler debate deﬁned deﬂation Dennis Robertson discussed economic stability European Central Bank expansion exponents Federal Reserve System ﬁrms ﬁrst ﬂexible ﬂuctuations forced saving Friedman full employment Hawtrey Hawtrey's Hayek imbalances increase inﬂation targeting inﬂuence instability interest rate intertemporal interwar Keynes Laidler last resort lender of last London School low inﬂation macroeconomic market economy market rate Marshall Mises monetary policy monetary system money creation natural rate Nobuhiro Kiyotaki output paper prewar literature price level stability quantity theoretic approach rate of interest real economy relative prices role School of Economics seigniorage signiﬁcance speciﬁc stabilisation policy stable inﬂation sufﬁcient theory of money upswing Wicksell Wicksellian