Monetary Theory and Policy from Hume and Smith to Wicksell: Money, Credit, and the Economy
This book provides a comprehensive survey of the major developments in monetary theory and policy from David Hume and Adam Smith to Walter Bagehot and Knut Wicksell. In particular, it seeks to explain why it took so long for a theory of central banking to penetrate mainstream thought. The book investigates how major monetary theorists understood the roles of the invisible and visible hands in money, credit and banking; what they thought about rules and discretion and the role played by commodity-money in their conceptualizations; whether or not they distinguished between the two different roles carried out via the financial system - making payments efficiently within the exchange process and facilitating intermediation in the capital market; how they perceived the influence of the monetary system on macroeconomic aggregates such as the price level, output and accumulation of wealth; and finally, what they thought about monetary policy.
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Monetary Theory and Policy from Hume and Smith to Wicksell: Money, Credit ...
No preview available - 2010
Adam Smith amount analysis anti-Bullionist argues argument Bagehot Bank Act Bank directors bank notes Bank of England Bank’s bankers Banking School banking system Bosanquet Boyd bullion Bullionists capital central banking changes chapter circulation classical coins Committee commodities commodity-money country banks crises crisis Currency School debate debt demand deposits determined discount discussion economy England notes export Fetter financial system free banking function Henry Thornton Hume Hume’s important inconvertible increase influence intermediation issuing notes Joplin Knut Wicksell Laidler liabilities loans Lombard Street Loyd Marx Marx’s means of payment mechanism medium monetary policy monetary system monetary theory note-issuing O’Brien pamphlet paper money Parnell position price level Price of Bullion Price-Specie-Flow principles proposed quantity of money Quantity Theory rate of interest Real Bills Doctrine rejected reserve Restriction Ricardo rise role Smith supply theoretical theory of money Thornton tion Tooke Tooke’s Torrens trade transactions Walter Bagehot wicksell wicksell’s