Chicago Monetary Traditions
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.
|Date of creation:||2003|
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- George S. Tavlas, 1998. "Was the Monetarist Tradition Invented?," Journal of Economic Perspectives, American Economic Association, vol. 12(4), pages 211-222, Fall.
- Milton Friedman, 1957. "Introduction to "A Theory of the Consumption Function"," NBER Chapters,in: A Theory of the Consumption Function, pages 1-6 National Bureau of Economic Research, Inc.
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- Ronnie Phillips, 1992. "The 'Chicago Plan' and New Deal Banking Reform," Economics Working Paper Archive wp_76, Levy Economics Institute.
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- Lucas, Robert Jr., 1972. "Expectations and the neutrality of money," Journal of Economic Theory, Elsevier, vol. 4(2), pages 103-124, April.
- Milton Friedman, 1957. "A Theory of the Consumption Function," NBER Books, National Bureau of Economic Research, Inc, number frie57-1, November. Full references (including those not matched with items on IDEAS)
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