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Chicago, Harvard, and the Doctrinal Foundations of Monetary Economics

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  • Tavlas, George S

Abstract

The relationship between Milton Friedman's monetary economics and the views espoused by Chicago and non-Chicago quantity theorists in 1930-36 is examined. Contrary to recent interpretations, Chicago economists advanced the efficacy of monetary policy as the means of escaping from the Great Depression if such a policy was implemented with budget deficits to generate monetary expansion. The use of the quantity theory of money to provide a theoretical rationale for budget deficits distinguished the Chicago economists from other quantity theorists and left them less susceptible to the Keynesian revolution. The claim that Harvard was an important center for monetary research in the early 1930s is refuted. Copyright 1997 by the University of Chicago.

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Bibliographic Info

Article provided by University of Chicago Press in its journal Journal of Political Economy.

Volume (Year): 105 (1997)
Issue (Month): 1 (February)
Pages: 153-77

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Handle: RePEc:ucp:jpolec:v:105:y:1997:i:1:p:153-77

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Web page: http://www.journals.uchicago.edu/JPE/

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Cited by:
  1. David Laidler & Roger Sandilands, 2010. "Harvard, the Chicago Tradition, and the Quantity Theory: A Reply to James Ahiakpor," History of Political Economy, Duke University Press, vol. 42(3), pages 573-592, Fall.
  2. Hugh Rockoff, 2000. "Henry Calvert Simons and the Quantity Theory of Money," Departmental Working Papers 200003, Rutgers University, Department of Economics.
  3. Frederick Guy & Neil Perry & Andrei Shleifer & Andrew Metrick & Martin L. Weitzman & Barbara R. Bergmann & David Laidler & George S. Tavlas, 1999. "Correspondence," Journal of Economic Perspectives, American Economic Association, vol. 13(3), pages 235-242, Summer.
  4. 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, Chair for Monetary Policy and International Economics.
  5. Steindl, Frank G., 1998. "The Decline of a Paradigm: The Quantity Theory and Recovery in the 1930s," Journal of Macroeconomics, Elsevier, vol. 20(4), pages 821-841, October.
  6. 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.

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