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The Development of the New Monetary Economics

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Author Info
Cowen, Tyler
Kroszner, Randall
Abstract

This paper looks into the history of economic thought to examine the forerunners of the "new monetary economics." This approach emphasizes the role of regulations on private financial intermediation in determining the particular institutional arrangements that contemporary monetary theory treats as data. The "new view" investigates the possibility that under laissez-faire the unit of account and means of payment, traditionally bundled together in the item called "money," may become separated. The earlier writers who share this perspective have been overlooked by historians of economic thought as well as by recent contributors to the new monetary economics. Many of the insights of these theorists are relevant to modern monetary theory. Copyright 1987 by University of Chicago Press.

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

Volume (Year): 95 (1987)
Issue (Month): 3 (June)
Pages: 567-90
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Handle: RePEc:ucp:jpolec:v:95:y:1987:i:3:p:567-90

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  1. Visser, H., 1989. "The monetary order," Serie Research Memoranda 0003, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics. [Downloadable!]
  2. Giuseppe Mastromatteo & Luigi Ventura, 2007. "The origin of money: A survey of the contemporary literature," International Review of Economics, Springer, vol. 54(2), pages 195-224, June. [Downloadable!] (restricted)
  3. David B. Gordon & Eric M. Leeper, 2002. "The Price Level, the Quantity Theory of Money, and the Fiscal Theory of the Price Level," NBER Working Papers 9084, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  4. Krueger, Malte, 2008. "Money: A Market Microstructure Approach," MPRA Paper 18416, University Library of Munich, Germany. [Downloadable!]
  5. Hugh Rockoff, 1989. "Lessons from the American Experience with Free Banking," NBER Historical Working Papers 0009, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  6. Jürgen Von Hagen & Ingo Fender, 1998. "Central Bank Policy in a More Perfect Financial System," Open Economies Review, Springer, vol. 9(1), pages 493-532, January. [Downloadable!] (restricted)
  7. Bengtsson, Ingemar, 2005. "Central bank power is a matter of faith," Working Papers 2005:21, Lund University, Department of Economics.
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This page was last updated on 2009-12-12.

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