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MIT and Money

Author

Listed:
  • Perry Mehrling

    (Barnard College, Columbia University)

Abstract

The Treasury-Fed Accord of 1951 and the subsequent rebuilding of private capital markets, first domestically and then globally, provided the shifting institutional background against which thinking about money and monetary policy evolved within the MIT economics department. Throughout that evolution, a constant, and a constraint, was the conception of monetary economics that Paul Samuelson had himself developed as early as 1937, a conception that informed the decision to bring in Modigliani in 1962, as well as Foley and Sidrauski in 1965.

Suggested Citation

  • Perry Mehrling, 2013. "MIT and Money," GREDEG Working Papers 2013-44, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), University of Nice Sophia Antipolis.
  • Handle: RePEc:gre:wpaper:2013-44
    as

    Download full text from publisher

    File URL: http://www.gredeg.cnrs.fr/working-papers/GREDEG-WP-2013-44.pdf
    File Function: First version, 2013
    Download Restriction: no

    References listed on IDEAS

    as
    1. Perry Mehrling, 2002. "Don Patinkin and the origins of postwar monetary orthodoxy," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 9(2), pages 161-185.
    2. Paul A. Samuelson, 1969. "Nonoptimality of Money Holding under Laissez Faire," Canadian Journal of Economics, Canadian Economics Association, vol. 2(2), pages 303-308, May.
    3. Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
    4. Paul A. Samuelson, 1968. "What Classical and Neoclassical Monetary Theory Really was," Canadian Journal of Economics, Canadian Economics Association, vol. 1(1), pages 1-15, February.
    5. Hahn, F H, 1971. "Professor Friedman's Views on Money," Economica, London School of Economics and Political Science, vol. 38(149), pages 61-80, February.
    6. Franco Modigliani, 1964. "Some Empirical Tests of Monetary Management and of Rules versus Discretion," Journal of Political Economy, University of Chicago Press, vol. 72, pages 211-211.
    7. Paul A. Samuelson, 1972. "Samuelson on the Neoclassical Dichotomy: A Reply," Canadian Journal of Economics, Canadian Economics Association, vol. 5(2), pages 283-292, May.
    8. Tobin, James, 1969. "A General Equilibrium Approach to Monetary Theory," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 1(1), pages 15-29, February.
    9. J. Tobin, 1958. "Liquidity Preference as Behavior Towards Risk," Review of Economic Studies, Oxford University Press, vol. 25(2), pages 65-86.
    10. Franco Modigliani, 1977. "The monetarist controversy; or, should we forsake stabilization policies?," Economic Review, Federal Reserve Bank of San Francisco, issue Spr suppl, pages 27-46.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    MIT; monetary economics; Paul Samuelson;

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General

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