Monetary Theory and Policy from Hume and Smith to Wicksell: Money, Credit, and the Economy

Front Cover
Cambridge University Press, Nov 22, 2010 - Business & Economics
0 Reviews
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.
 

What people are saying - Write a review

We haven't found any reviews in the usual places.

Contents

Introduction
1
Part One Analytical and Historical Foundations
7
Part Two Debating Monetary Theory under Inconvertibility
61
LaissezFaire rulesand Discretion
171
Part Four The Road to Defensive Central Banking
275
Towards Active Central Banking
341
Epilogue
399
Bibliography
401
Author Index
419
Subject Index
422
Other
425
Copyright

Other editions - View all

Common terms and phrases

Bibliographic information