Monetary Theory And Policy From Hume And Smith To Wicksell
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Monetary Theory and Policy from Hume and Smith to Wicksell
Author | : Arie Arnon |
Publsiher | : Cambridge University Press |
Total Pages | : 449 |
Release | : 2010-11-22 |
Genre | : Business & Economics |
ISBN | : 9781139492089 |
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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.
Wicksell s Monetary Theory
Author | : Anonim |
Publsiher | : Springer |
Total Pages | : 142 |
Release | : 1991-06-18 |
Genre | : Business & Economics |
ISBN | : 9781349121557 |
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Originally published in Italian in 1983, the book elaborates and interprets Wicksell's monetary theories, contrasting them with the methodological approach of both classical economists and members of the Swedish school.
Debates in Macroeconomics from the Great Depression to the Long Recession
Author | : Arie Arnon |
Publsiher | : Springer Nature |
Total Pages | : 325 |
Release | : 2022-05-06 |
Genre | : Business & Economics |
ISBN | : 9783030977030 |
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This book assesses major schools of thought in macroeconomic theory between the Great Depression and the Long Recession, focusing on their analysis of cycles, crises and macro-policy. It explores the road from the dominance of Keynesian ideas to those of New Classical Macroeconomics (NCM) toward the end of the millennium. The book covers the early influential work of Knut Wicksell; the economic debates of the 1930s, with core contributions from John Maynard Keynes and Friedrich von Hayek; the rise of Keynesianism in the 1950s and its decline since the 1970s; the rise of Monetarism in the 1960s; and NCM’s subsequent rise to prominence. Finally, the book outlines how macroeconomics has evolved from its birth in the 1930s as a theory separate from microeconomics, resulting in a split between macro- and micro-theories, and ended up with a new hegemonic paradigm based on microfoundations. The ensuing policy thinking witnessed a transformation from "active" macro-policy after the Great Depression to a far more "passive" macro-policy during the last quarter of the twentieth century, which may have contributed to missing the signs of the impending Long Recession of 2008. “When the 2008 crisis struck, macroeconomists were caught with models that were theoretically elegant yet inappropriate to the needs of the moment. A broader historical perspective may have prevented the jettisoning of Keynesian models that had proved useful in the past and might have done so again. This highly readable book by Arie Arnon is a wonderful antidote to economists’ short time horizon and contributes mightily to restore the profession’s “collective memory” of the diversity of ideas within macroeconomics.” Professor Dani Rodrik, Harvard Kennedy School
Wicksell s Monetary Theory
![Wicksell s Monetary Theory](https://youbookinc.com/wp-content/themes/mts_schema/cover.jpg)
Author | : Guglielmo Chiodi |
Publsiher | : Unknown |
Total Pages | : 129 |
Release | : 1991-01-01 |
Genre | : Economics |
ISBN | : 0333545362 |
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Perspectives on Keynesian Economics
Author | : Arie Arnon,Jimmy Weinblatt,Warren Young |
Publsiher | : Springer Science & Business Media |
Total Pages | : 304 |
Release | : 2010-11-29 |
Genre | : Business & Economics |
ISBN | : 9783642144097 |
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This book combines historical and policy-oriented perspectives on the relevance of the Keynesian approach for economic theory, policy, and crisis analysis. The first part focuses on historical, theoretical, and methodological issues, and puts them in context with current developments. The second part focuses on the application of the Keynesian approach to modeling the economy, policy-making, and analyzing the ongoing crisis of the early 21st century. Bringing together contributions by leading macroeconomists such as Laidler, Cukierman, Colander and Boyer, and leading historians of economics such as Hollander, Boianovsky, Marcuzzo, Dimand, Witztum, Young, deVroey and Arnon, the book offers a comprehensive overview of Keynesian economics today. One of the book’s most essential features are the commentaries on the papers, which promote a cross-fertilization between macroeconomists and historians of economics, providing, in conjunction with the papers themselves, a balanced outlook on the current relevance of Keynesian economics.
The Money Problem
Author | : Morgan Ricks |
Publsiher | : University of Chicago Press |
Total Pages | : 360 |
Release | : 2016-03-09 |
Genre | : Business & Economics |
ISBN | : 9780226330464 |
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An “intriguing plan” addressing shadow banking, regulation, and the continuing quest for financial stability (Financial Times). Years have passed since the world experienced one of the worst financial crises in history, and while countless experts have analyzed it, many central questions remain unanswered. Should money creation be considered a “public” or “private” activity—or both? What do we mean by, and want from, financial stability? What role should regulation play? How would we design our monetary institutions if we could start from scratch? In The Money Problem, Morgan Ricks addresses these questions and more, offering a practical yet elegant blueprint for a modernized system of money and banking—one that, crucially, can be accomplished through incremental changes to the United States’ current system. He brings a critical, missing dimension to the ongoing debates over financial stability policy, arguing that the issue is primarily one of monetary system design. The Money Problem offers a way to mitigate the risk of catastrophic panic in the future, and it will expand the financial reform conversation in the United States and abroad. “Highly recommended.” —Choice
Studies in the History of Monetary Theory
Author | : David Glasner |
Publsiher | : Springer Nature |
Total Pages | : 521 |
Release | : 2021-11-01 |
Genre | : Business & Economics |
ISBN | : 9783030834265 |
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This book presents an alternative approach to monetary theory that differs from the General Theory of Keynes, the Monetarism of Friedman, and the New Classicism of Lucas. Particular attention is given to the work of Hawtrey and his analysis of financial crises and his explanation of the Great Depression. The unduly neglected monetary theory of Hawtrey is examined in the context of his contemporaries Keynes and Hayek and the subsequent contributions of Friedman and of the Monetary Approach to the Balance of Payments. Studies in the History of Monetary Theory aims to highlight the misunderstandings of the quantity theory and the price-specie-flow mechanism and to explain their unfortunate consequences for the subsequent development of monetary theory. The book is relevant to researchers, students, and policymakers interested in the history of economic thought, monetary theory, and monetary policy.
The Monetary Theory of Production
Author | : Augusto Graziani |
Publsiher | : Cambridge University Press |
Total Pages | : 190 |
Release | : 2003-09-04 |
Genre | : Business & Economics |
ISBN | : 9781139438001 |
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In mainstream economic theory money functions as an instrument for the circulation of commodities or for keeping a stock of liquid wealth. In neither case is it considered fundamental to the production of goods or the distribution of income. Augusto Graziani challenges traditional theories of monetary production, arguing that a modern economy based on credit cannot be understood without a focus on the administration of credit flows. He argues that market asset configuration depends not upon consumer preferences and available technologies but on how money and credit are managed. A strong exponent of the circulation theory of monetary production, Graziani presents an original and perhaps controversial argument that will stimulate debate on the topic.