Advanced Search
MyIDEAS: Login to save this article or follow this journal

Money as mumeraire: doctrinal aspects and contemporary relevance

Contents:

Author Info

  • Joseph Aschheim

    (The George Washington University, Washington (USA))

  • George S. Tavlas

    ()
    (Bank of Greece, Economie Research Department, Athens (Greece))

Abstract

At the beginning of the twentieth century, most economists took it for granted that the primary function of money is its role as a medium of exchange and that moneyshould consist of, or be backed by, gold, or silver, or both. This paper discusses three writers--Alexander Del Mar, Georg Knapp, and John Maynard Keynes--who took a different tack. By endeavouring to explain what money is, they focused on the capacity of money to have value. In so doing, they gave primacy to the unit-of-account function of money and originated the theory of chartalism. We show that the primacy placed on the numeraire by those writers provides insights into present-day analyses of general equilibrium, neutral money, business cycles, and currency-area formation.

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/9873/9755
Download Restriction: no

Bibliographic Info

Article provided by Banca Nazionale del Lavoro in its journal Banca Nazionale del Lavoro Quarterly Review.

Volume (Year): 59 (2006)
Issue (Month): 239 ()
Pages: 333-361

as in new window
Handle: RePEc:psl:bnlqrr:2006:42

Contact details of provider:
Web page: http://www.economiacivile.it

Order Information:
Web: http://www.economiacivile.it

Related research

Keywords: Money;

Find related papers by JEL classification:

References

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
as in new window
  1. Dellas, Harris & Tavlas, George, 2003. "Wage Rigidity and Monetary Union," CEPR Discussion Papers 3679, C.E.P.R. Discussion Papers.
  2. Milton Friedman & Anna J. Schwartz, 1987. "Has Government Any Role in Money?," NBER Chapters, in: Money in Historical Perspective, pages 289-314 National Bureau of Economic Research, Inc.
  3. Tobin, James, 1985. "Neoclassical Theory in America: J. B. Clark and Fisher," American Economic Review, American Economic Association, vol. 75(6), pages 28-38, December.
  4. P. Swamy & George Tavlas, 2007. "The New Keynesian Phillips Curve and Inflation Expectations: Re-Specification and Interpretation," Economic Theory, Springer, vol. 31(2), pages 293-306, May.
  5. Lucas, Robert E, Jr, 1980. "Methods and Problems in Business Cycle Theory," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 12(4), pages 696-715, November.
  6. Charles Engel & John H. Rogers, 1994. "How Wide is the Border?," NBER Working Papers 4829, National Bureau of Economic Research, Inc.
  7. Mankiw, N Gregory, 2001. "The Inexorable and Mysterious Tradeoff between Inflation and Unemployment," Economic Journal, Royal Economic Society, vol. 111(471), pages C45-61, May.
  8. Aschheim, Joseph & Tavlas, George S, 1996. "Monetary Economics in Doctrinal Perspective: Review Essay," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 28(3), pages 406-17, August.
  9. Charles Goodhart, 1989. "Money, Information and Uncertainty: 2nd Edition," MIT Press Books, The MIT Press, edition 2, volume 1, number 0262071223, December.
  10. Richard Pomfret, 2005. "Currency Areas in Theory and Practice," The Economic Record, The Economic Society of Australia, vol. 81(253), pages 166-176, 06.
  11. Brunner, Karl & Meltzer, Allan H, 1971. "The Uses of Money: Money in the Theory of an Exchange Economy," American Economic Review, American Economic Association, vol. 61(5), pages 784-805, December.
  12. Mundell, Robert, 2004. "Comment on academic exclusion: the case of Alexander Del Mar," European Journal of Political Economy, Elsevier, vol. 20(1), pages 61-68, March.
  13. Klein, Lawrence R., 2004. "Comment on academic exclusion: the case of Alexander Del Mar," European Journal of Political Economy, Elsevier, vol. 20(1), pages 69-71, March.
  14. Aschheim, Joseph & Tavlas, George S., 2004. "Academic exclusion: the case of Alexander Del Mar," European Journal of Political Economy, Elsevier, vol. 20(1), pages 31-60, March.
  15. Carl E. Walsh, 2003. "Monetary Theory and Policy, 2nd Edition," MIT Press Books, The MIT Press, edition 2, volume 1, number 0262232316, December.
Full references (including those not matched with items on IDEAS)

Citations

Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
as in new window

Cited by:
  1. Joseph Aschheim & George S. Tavlas, 2007. "Unit of account or medium of exchange? Reply," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 60(241), pages 207-213.
  2. Joseph Aschheim & George S. Tavlas, 2007. "Unit of account or medium of exchange? Reply," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 60(241), pages 207-213.
  3. Leland Yeager, 2007. "Unit of account or medium of exchange?," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 60(241), pages 195-205.
  4. Leland Yeager, 2007. "Unit of account or medium of exchange?," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 60(241), pages 195-205.

Lists

This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.

Statistics

Access and download statistics

Corrections

When requesting a correction, please mention this item's handle: RePEc:psl:bnlqrr:2006:42. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Carlo D'Ippoliti).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.