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The Present Relevance of Hume's Open-Economy Monetary Dynamics

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  • Berdell, J F

Abstract

David Hume's monetary economics has remained a source of sustained controversy; rival interpretations situate his work at the fountainhead of the quantity theory of money, the monetary approach to the balance of payments, and the post-Keynesian analysis of inflation. Recent contributions to the literature have explicitly modeled several aspects of his monetary writings but have not placed his controversial discussion of output and monetary dynamics within all open economy analysis. This paper does so and contrasts rival specifications and interpretations of Humean open-economy output dynamics. Copyright 1995 by Royal Economic Society.

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  • Berdell, J F, 1995. "The Present Relevance of Hume's Open-Economy Monetary Dynamics," Economic Journal, Royal Economic Society, vol. 105(432), pages 1205-1217, September.
    • Handle: RePEc:ecj:econjl:v:105:y:1995:i:432:p:1205-17
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    Cited by:

    1. Jorge Streb, 2010. "Hume: The power of abduction and simple observation in economics," CEMA Working Papers: Serie Documentos de Trabajo. 417, Universidad del CEMA.
    2. Laurent Le Maux, 2014. "Cantillon And Hume On Money And Banking: The Foundations Of Two Theoretical Traditions," Journal of Economic Surveys, Wiley Blackwell, vol. 28(5), pages 956-970, December.
    3. Cesarano, Filippo, 1998. "Hume's specie-flow mechanism and classical monetary theory: An alternative interpretation," Journal of International Economics, Elsevier, vol. 45(1), pages 173-186, June.
    4. Maria Pia Paganelli, 2006. "Hume and Endogenous Money," Eastern Economic Journal, Eastern Economic Association, vol. 32(3), pages 533-547, Summer.
    5. Maria Pia Paganelli, 2014. "David Hume on Banking and Hoarding," Southern Economic Journal, John Wiley & Sons, vol. 80(4), pages 968-980, April.

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