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Classical Monetary Theory, New and Old

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  • Niehans, Jurg

Abstract

The distinctive features of so-called "new classical" monetary theory may be listed as (1) rational expectations; (2) quantity th eory of money; (3) interest policy indeterminancy; (4) market clearin g; (5) neutral money; and (6) monetary policy ineffectiveness. This p aper investigates whether these features actually represent the tradi tion of classical and neoclassical economics since Richard Cantillon. The result is largely negative, "new classical economics" is a mis nomer. Keynes, however, with all his effort to create a revolution, r emained actually quite close to the tradition. Copyright 1987 by Ohio State University Press.

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  • Niehans, Jurg, 1987. "Classical Monetary Theory, New and Old," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 19(4), pages 409-424, November.
    • Handle: RePEc:mcb:jmoncb:v:19:y:1987:i:4:p:409-24
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    Cited by:

    1. Loef, Hans E. & Monissen, Hans G., 1999. "Monetary policy and monetary reform: Irving Fisher's contributions to monetary macroeconomics," W.E.P. - Würzburg Economic Papers 11, University of Würzburg, Department of Economics.
    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. Laurent Le Maux, 2021. "Bagehot for Central Bankers," Working Papers hal-03201509, HAL.
    4. Jarod Coulter & Roberto Duncan & Enrique Martínez-García, 2022. "Flexible Average Inflation Targeting: How Much Is U.S. MonetaryPolicy Changing?," Revista Economía, Fondo Editorial - Pontificia Universidad Católica del Perú, vol. 45(89), pages 102-149.
    5. Thomas M. Humphrey, 1991. "Nonneutrality of money in classical monetary thought," Economic Review, Federal Reserve Bank of Richmond, vol. 77(Mar), pages 3-15.
    6. Daniel L. Thornton, 1988. "The effect of monetary policy on short-term interest rates," Review, Federal Reserve Bank of St. Louis, issue May, pages 53-72.
    7. Martínez-García, Enrique, 2021. "Get the lowdown: The international side of the fall in the U.S. natural rate of interest," Economic Modelling, Elsevier, vol. 100(C).
    8. Alizadeh Janvisloo , Mohammad Reza & Sherafatian-Jahromi , Reza, 2019. "Macroeconomic, International Linkage and Effects of External Shocks in Southeast Asian Emerging Economies," Journal of Money and Economy, Monetary and Banking Research Institute, Central Bank of the Islamic Republic of Iran, vol. 14(2), pages 205-230, April.
    9. Piet-Hein Van Eeghen, 2011. "Rethinking equilibrium conditions in macromonetary theory: A conceptually rigorous approach," Working Papers 255, Economic Research Southern Africa.

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