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Rules, Discretion and Financial Crises in Classical and Neoclassical Monetary Economics

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  • D E W Laidler

Abstract

This paper traces the evolution of debate about the question of Rules versus Discretion in monetary policy from about 1800 until the mid 1930s. Particular attention is paid to long versus short run issues, notably with respect to the 1844 Bank Charter Act, and the Bagehot Principle, as well as to the effects of developments in the theory of value, the cycle and index numbers on economists perception on the scope of monetary policy. A brief discussion of post World War 2 developments links this material to present day concerns and common themes are noted.

Suggested Citation

  • D E W Laidler, 2002. "Rules, Discretion and Financial Crises in Classical and Neoclassical Monetary Economics," Economic Issues Journal Articles, Economic Issues, vol. 7(2), pages 11-34, September.
    • Handle: RePEc:eis:articl:202laidler
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    Cited by:

    1. repec:onb:oenbwp:y::i:128:b:1 is not listed on IDEAS
    2. Mr. James M. Boughton, 2002. "Why White, Not Keynes? Inventing the Post-War International Monetary System," IMF Working Papers 2002/052, International Monetary Fund.
    3. Tavlas, George S., 2021. "A Reconsideration Of The Doctrinal Foundations Of Monetary Policy Rules: Fisher Versus Chicago," Journal of the History of Economic Thought, Cambridge University Press, vol. 43(1), pages 55-82, March.
    4. Pablo Paniagua Prieto, 2022. "The institutional evolution of central banks," Journal of Evolutionary Economics, Springer, vol. 32(3), pages 1049-1070, July.
    5. Dellas, Harris & Tavlas, George, 2021. "On the Evolution of the Rules versus Discretion Debate," CEPR Discussion Papers 15976, C.E.P.R. Discussion Papers.

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