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Credit cycle and monetary policy: John Rogers Commons as a ‘monetarist’

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  • Philippe Adair

Abstract

Commons sketches an institutionalist theory of property based on debt, that is a potential of expected income, and the vector of which is the monetary system. His monetary theory of the credit cycle inspires from Wicksell and Fisher’s debt-deflation theory, rather than from Fisher’s quantity theory. According to Commons, the Central Bank is the key institution, whose role is to lead an active policy controlling the quantity of money based on the management of interest rates. Commons may be considered as a “monetarist,” who rejects both the gold standard rule and the real bills doctrine.

Suggested Citation

  • Philippe Adair, 2013. "Credit cycle and monetary policy: John Rogers Commons as a ‘monetarist’," Cahiers d’économie politique / Papers in Political Economy, L'Harmattan, issue 64, pages 45-74.
    • Handle: RePEc:cpo:journl:y:2013:i:64:p:45-74
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    More about this item

    Keywords

    banking system; credit cycle; interest rates; monetary policy; money; quantity theory; USA.;
    All these keywords.

    JEL classification:

    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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