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Chicago Monetary Traditions

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Abstract

This paper, prepared for the forthcoming Elgar Companion to the Chicago School of Economics (Ross Emmett and Malcolm Rutherford eds.) describes monetary economics as it existed in four eras at the University of Chicago. It begins with analysis, based on the Real Bills Doctrine, developed by J. Laurence Laughlin, the first chairman of the Chicago Economics Department, and such students as Henry Parker Willis, which had an important influence on the original Federal Reserve Act, and then successively discusses: the inter-war "Chicago tradition" of such economists as Jacob Viner and Henry Simons, but also encompassing Paul Douglas's under-consumptionism; Milton Friedman's "Monetarism"; and New-classical economics as pioneered by Robert E. Lucas Jr. The paper's basic theme is that, although Chicago monetary thought has never been quite as unique and single-minded as some of its admirers have claimed from time to time, it did maintain a certain distinctiveness during its first three eras that has now disappeared.

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  • David Laidler, 2003. "Chicago Monetary Traditions," University of Western Ontario, Departmental Research Report Series 20033, University of Western Ontario, Department of Economics.
    • Handle: RePEc:uwo:uwowop:20033
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    File URL: https://ir.lib.uwo.ca/cgi/viewcontent.cgi?article=1222&context=economicsresrpt
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    2. 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.
    3. Ian Coelho De Souza Almeida, 2018. "The ?Chicago Boys? Intellectual Transfer: A Gramscian Interpretation," Anais do XLIV Encontro Nacional de Economia [Proceedings of the 44th Brazilian Economics Meeting] 16, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].

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