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Monetary Theory and Policy from Hume and Smith to Wicksell

2010-11-22 Business & Economics
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Release : 2010-11-22
Genre : Business & Economics
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Book Rating : 08X/5 ( reviews)

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Book Synopsis Monetary Theory and Policy from Hume and Smith to Wicksell by : Arie Arnon

Download or read book Monetary Theory and Policy from Hume and Smith to Wicksell written by Arie Arnon. This book was released on 2010-11-22. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Debates in Macroeconomics from the Great Depression to the Long Recession

2022-05-06 Business & Economics
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Release : 2022-05-06
Genre : Business & Economics
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Book Rating : 03X/5 ( reviews)

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Book Synopsis Debates in Macroeconomics from the Great Depression to the Long Recession by : Arie Arnon

Download or read book Debates in Macroeconomics from the Great Depression to the Long Recession written by Arie Arnon. This book was released on 2022-05-06. Available in PDF, EPUB and Kindle. Book excerpt: 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

The Monetary Theory of Production

2003-09-04 Business & Economics
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Release : 2003-09-04
Genre : Business & Economics
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Book Rating : 00X/5 ( reviews)

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Book Synopsis The Monetary Theory of Production by : Augusto Graziani

Download or read book The Monetary Theory of Production written by Augusto Graziani. This book was released on 2003-09-04. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Studies in the History of Monetary Theory

2021-11-01 Business & Economics
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Release : 2021-11-01
Genre : Business & Economics
Kind : eBook
Book Rating : 263/5 ( reviews)

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Book Synopsis Studies in the History of Monetary Theory by : David Glasner

Download or read book Studies in the History of Monetary Theory written by David Glasner. This book was released on 2021-11-01. Available in PDF, EPUB and Kindle. Book excerpt: 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.

Money and Markets

1986-10-31 Business & Economics
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Release : 1986-10-31
Genre : Business & Economics
Kind : eBook
Book Rating : 607/5 ( reviews)

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Book Synopsis Money and Markets by : Robert W. Clower

Download or read book Money and Markets written by Robert W. Clower. This book was released on 1986-10-31. Available in PDF, EPUB and Kindle. Book excerpt: Robert Clower's influential essays discuss monetary economics and monetary behaviour.

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