MONETARY THEORY AND POLICY FROM HUME AND SMITH TO WICKSELL ARNON A. / MONEY CREDIT AND THE ECONOMY Księgarnia

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. It 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; 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. It also explores the analytical dimensions in the various monetary theories while emphasizing their policy consequences.

Table of Contents

Introduction

Part I. Analytical and Historical Foundations:

1. Monetary theory circa 1750: David Hume
2. Mid 18th century British financial system
3. Adam Smith: the case for laissez faire in money and banking
4. 'Monetary theories of credit' in exchange

Part II. Debating Monetary Theory under Inconvertibility:

5. New reality: the restriction period 1797–1821
6. Boyd versus Baring: the early round in the bullion debate
7. Henry Thornton: ahead of his times
8. Ricardo versus Bosanquet: the famous round in the bullion debate
9. 'Credit theories of money' in exchange and intermediation

Part III. Debating: Laissez Faire, Rules and Discretion:

10. From the resumption to 1837: more crises
11. The currency school trio: Loyd, Torrens, Norman
12. The banking school trio: Tooke, Fullarton, Wilson
13. Neither discretion nor rules: Joplin and the free banking school

Part IV. The Road to Defensive Central Banking:

14. Bagehot and a new conventional wisdom
15. Does Karl Marx fit in?
16. Marshall and bi-metallism

Part V. A New Beginning: Towards Active Central Banking:

17. Wicksell's innovative monetary theory
18. The puzzling slow rise of a theory of central banking: between the lender of last resort, passive and active monetary policy.

448 pages, Hardcover

Po otrzymaniu zamówienia poinformujemy,
czy wybrany tytuł polskojęzyczny lub anglojęzyczny jest aktualnie na półce księgarni.