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Monetary Theory and Policy from Hume and Smith to Wicksell


  • Arnon,Arie


This book provides a comprehensive survey of the major developments in monetary theory and policy from David Hume and Adam Smith to Walter Bagehot and Knut Wicksell. In particular, it seeks to explain why it took so long for a theory of central banking to penetrate mainstream thought. The book investigates how major monetary theorists understood the roles of the invisible and visible hands in money, credit and banking; what they thought about rules and discretion and the role played by commodity-money in their conceptualizations; whether or not they distinguished between the two different roles carried out via the financial system - making payments efficiently within the exchange process and facilitating intermediation in the capital market; how they perceived the influence of the monetary system on macroeconomic aggregates such as the price level, output and accumulation of wealth; and finally, what they thought about monetary policy.

Suggested Citation

  • Arnon,Arie, 2011. "Monetary Theory and Policy from Hume and Smith to Wicksell," Cambridge Books, Cambridge University Press, number 9780521191135, Enero.
  • Handle: RePEc:cup:cbooks:9780521191135

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    Cited by:

    1. Madarász, Aladár, 2012. "Adósság, pénz és szabadság
      [Taxation, money and freedom]
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(5), pages 457-507.
    2. Jérôme de Boyer des Roches, 2013. "Bank liquidity risk: From John Law (1705) to Walter Bagehot (1873)," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 20(4), pages 547-571, August.
    3. Michael Peneder & Andreas Resch, 2015. "Schumpeter and venture finance: radical theorist, broke investor, and enigmatic teacher," Industrial and Corporate Change, Oxford University Press, vol. 24(6), pages 1315-1352.
    4. David Laidler, 2013. "Professor Fisher and the quantity theory -- a significant encounter," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 20(2), pages 174-205, April.
    5. Ghislain Deleplace, 2013. "Marshall and Ricardo on note convertibility and bimetallism," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 20(6), pages 982-999, December.
    6. Robert W. Dimand, 2013. "David Hume and Irving Fisher on the quantity theory of money in the long run and the short run," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 20(2), pages 284-304, April.
    7. repec:taf:cnpexx:v:22:y:2017:i:5:p:463-477 is not listed on IDEAS
    8. Goodhart, Charles & Jensen, Meinhard, 2015. "Currency School versus Banking School: an ongoing confrontation," LSE Research Online Documents on Economics 64068, London School of Economics and Political Science, LSE Library.
    9. repec:ksa:szemle:1769 is not listed on IDEAS
    10. repec:bla:manchs:v:85:y:2017:i::p:33-56 is not listed on IDEAS
    11. Lilia Costabile, 2016. "The value and security of money. Metallic and fiduciary media in Ferdinando Galiani's Della moneta," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 23(3), pages 400-424, June.
    12. Neuberger, Doris, 2018. "Kann Karl Marx die Finanzkrise 2007/08 erklären? Eine Einordnung seiner Geld- und Kredittheorie," Thuenen-Series of Applied Economic Theory 155, University of Rostock, Institute of Economics.
    13. Notermans Ton, 2015. "The EU's Convergence Dilemma," Baltic Journal of European Studies, Sciendo, vol. 5(1), pages 36-55, February.

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