Search results for "Monetarism"
showing 10 items of 10 documents
Apoteosis ideológica / 4
2004
Jacob Viner and the Chicago monetary tradition
2009
The paper aims at assessing Jacob Viner's role in that brand of monetary thought which historians associate with the Chicago School and whose origins can be retraced in the writings and teaching of Frank Knight, Lloyd Mints, Henry Simons and Viner himself. After a brief description of the prolonged debate over the origins and nature of the so called “Chicago Monetary Tradition”, we examine Viner's analyses and policy proposals drawing particular attention to: his analysis of the Great depression; his proposals for monetary expansion and banking reform; his shift of emphasis in favour of Fiscal Policy; the evolution of its monetary framework in the early 1930's. Finally, we compare his posit…
The Interplay between Money Market Development and Changes in Monetary Policy Operations in Small European Countries, 1980-2000
2006
We study the interplay between money market development and changes in monetary policy operating procedures in 11 European countries from c. 1980 up to the launch of the EMU. Aspects of money market development such as size and structure of different market segments, and institutional and regulatory changes, are addressed. We recount and empirically examine the reorientation of monetary policy instruments away from quantitative direct control instruments towards indirect market-based instruments.The process of deregulation is uniform across countries. The path of money market development varies substantially, whereas changes in central bank instruments show both similarities and differences…
HARVARD MEETS THE CRISIS: THE MONETARY THEORY AND POLICY OF LAUCHLIN B. CURRIE, JACOB VINER, JOHN H. WILLIAMS, AND HARRY D. WHITE
2015
The paper discusses the interpretation of the Great Depression and the policy decision making by four Harvard economists: Lauchlin B. Currie, Jacob Viner, John H. Williams, and Harry D. White. All were eminent scholars in the field of monetary and international economics, and were deeply involved in policy decisions during the New Deal. We will discuss how their Harvard training provided them with a common methodological and analytical perspective, and how this common perspective translated into specific policies when they moved from the academia to public service in the US administration. Their interpretation of the causes of the Great Depression and their policy proposals show the eclecti…
Rethinking Monetary Policy with Reference to Monetary Circuit Theory
2011
Standard monetary policy is grounded in the quantity theory of money, which links changes in the general price level to excess money that would induce excess demand on the goods market. This article shows that this theoretical foundation is misleading and harmful to growth. This is so because price determination is multifaceted. Central banks, especially the European Central Bank, currently tighten credit conditions whereas money is not an issue. In this way, they act not only on demand but also on the supply of goods. The additional reference made to rational expectations is an aggravating factor. Is there another way to conduct monetary policy? In this article it is argued that circuit th…
Monetary Policy from a Circuitist Perspective
2007
As Arestis says, circuit theory is ‘a strong component of the endogenous money thesis’ (1996: 113). This notably means that circuitists endorse the original Post Keynesian dismissal of the orthodox Monetarist approach to monetary policy by which the quantity of money in the economy should be regulated so as to stifle inflationary pressures. From the endogenous view, money creation is, in Moore’s words (1988), ‘credit-driven’, meaning that money is demanded by the general public and firms to finance spending which is dependent upon prices and money wages. Hence it is prices and money wages that are factors determining the amount of money created and not the contrary. This led Post Keynesian …
Monetary Plurality in Economic Theory
2018
The objective of this article is to identify the monetary plurality in economic theory. We will try to throw light on the way in which theories are attracted towards both unicity and plurality, and more specifically by unification and diversification of money. It should also be noted, in this respect, that the economics of money has undergone considerable development since the 1970s. A survey of the diverse theories, whether mainstream or not, static or dynamic, holistic or individualistic, will reveal the surprising amount of attention devoted to the problem of monetary unicity and/or plurality. We base our presentation on two lines of thought: -The first of these lines concerns a situatio…
Entre la ortodoxia y la revolución: Schumpeter y Keynes
2019
Tal vez, Joseph Alois Schumpeter y John Maynard Keynes fueron los economistas que mejor diagnosticaron la naturaleza de los nuevos cambios del capitalismo. ¿Cambios? ¿Qué cambios? ¿Cuándo? A finales del siglo XIX. En este texto se repasan sus principales contribuciones. En el contexto de la crisis, la profunda crisis de la modernidad más reciente. En este artículo se examina y se revisa su distinto compromiso, su compromiso con la realidad política. Sus propuestas fueron no solo un ataque contra la ortodoxia heredada, sino también una alternativa razonable y razonada a la revolución.
La constitución económica chilena: bases para su reforma
2016
La tesis doctoral busca precisar si la Constitución económica chilena es restringida en materia económica reconociendo un modelo económico determinado dentro de una economía de mercado o es sólo un marco amplio que se limita a reconocer los elementos básicos de una economía de mercado como lo realizan muchas otras constituciones económicas, o bien define o condiciona el papel de los actores económicos, Estado y particulares, dentro de ese marco amplio de actuación. Lo anterior permite definir las bases sobre las cuales puede analizarse una reforma constitucional en materia de la constitución económica. Como objetivos secundarios, en la tesis se busca: a) precisar los fundamentos ideológicos…
"Poliittinen pohjavirtaus tässä maassa ei kulje kohden sosialisointia tai sosialismia" : tarkastelussa Kokoomuksen, SDP:n ja SKDL:n eduskuntadiskurss…
2013
Tässä tutkimuksessa kuvataan taloudellisen diskurssin muutosta Suomen eduskunnassa keynesiläisyydestä monetarismiin sekä tähän muutokseen yhdistettävästä pääomamarkkinoiden vapauttamisesta käytyä eduskuntadiskurssia. Tutkimuksessa nostetaan esiin kuinka Kokoomus, Suomen Sosialidemokraattinen Puolue sekä Suomen Kansan Demokraattinen Liitto suhtautuivat pääomamarkkinoiden vapauttamiseen partisaaniteorian näkökulmasta. Pääomamarkkinoiden vapauttamiseen liittyen tutkimuksessa on tarkasteltu puolueiden suhtautumista pankki- ja yrityssektorin kansainvälistymiseen, arvopaperilainsäädännön modernisointiin, siirtymiseen hintalainsäädännöstä kilpailulainsäädäntöön, valuuttasäännöstelyn purkamiseen se…