Do we need a distinct monetary constitution?
AbstractElements of the Chicago and Virginia traditions of political economy have rejected both competitive money production and money's politicization via post-constitutional bargaining, opting instead for constitutionalization. This paper argues that competitive money production is not subject to the pro-cyclicality that concerns constitutional political economy. It also meets the standard of predictability that motivates constitutional perspectives, although at the level of individual prices rather than the price level. An effective monetary constitution is implicit in any constitution that protects rights to property, contract, and exchange and sets limits on the democratic process.
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Bibliographic InfoArticle provided by Elsevier in its journal Journal of Economic Behavior & Organization.
Volume (Year): 80 (2011)
Issue (Month): 2 ()
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Web page: http://www.elsevier.com/locate/jebo
Constitutional political economy; Monetary regimes; Free banking; inflation;
Find related papers by JEL classification:
- E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies
- N2 - Economic History - - Financial Markets and Institutions
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