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Henry Thornton: seminal monetary theorist and father of the modern central bank

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  • Robert L. Hetzel
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    Abstract

    Henry Thornton’s Paper Credit of Great Britain (1802) established once and for all the notion that central banks have the prime responsibility for controlling the money stock and the price level. This theme and the analytical framework underlying it reappeared in the famous Bullion Report (1810). There he and his coauthors contended that the central bank’s responsibility should be made explicit and that the mechanics for ensuring price level stability should be a matter of rules, not discretion.

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    File URL: http://www.richmondfed.org/publications/research/economic_review/1987/pdf/er730401.pdf
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    Bibliographic Info

    Article provided by Federal Reserve Bank of Richmond in its journal Economic Review.

    Volume (Year): (1987)
    Issue (Month): Jul ()
    Pages: 3-16

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    Handle: RePEc:fip:fedrer:y:1987:i:jul:p:3-16:n:v.73no.4

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    Related research

    Keywords: Economists ; Banks and banking; Central ; Economic history ; Great Britain;

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    Cited by:
    1. Hume, Michael & Sentance, Andrew, 2009. "The global credit boom: challenges for macroeconomics and policy," Discussion Papers 27, Monetary Policy Committee Unit, Bank of England.
    2. Robert L. Hetzel, 2008. "What is the monetary standard, or, how did the Volcker-Greenspan FOMCs tame inflation?," Economic Quarterly, Federal Reserve Bank of Richmond, issue Spr, pages 147-171.

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