...Anthony M. Endres The case made for market-determined, flexible exchange rates by Princeton economist Frank D. Graham between the 1920s and the late 1940s is examined. It is argued that Graham's case embodied all essential elements of a monetary approach to exchange rates and the balance...

...) ‘The monetary approach to exchange rates: its historical evolution and role in policy debates,’ (4) ‘The purchasing-power-parity doctrine,’ (5) ‘On cost-push theories of inflation in the pre-war monetary literature,’ (6) ‘The interest cost-push controversy,’ and (7) ‘Changing views on the Phillips...

... and the Monetary Approach to the Balance of Payments” and “Dennis H. Robertson and the Monetary Approach to Exchange Rates” are both quite useful. Though one could argue, with some justification, that few original contributions to the history of monetary thought can be found in this volume...

...,’ (3) ‘Adam Smith and the monetary approach to the balance of payments- and (4) ‘Dennis H. Robertson and the monetary approach to exchange rates.’ The essay on Keynes’ views on inflation is especially welcome in view of the insistent manner in which modem economists attribute everything labeled...

...,” “domestic interest rate,” and variant “exchange rate policies”— would “essentially” render the model “useless” has limited its efficacy to “ad-hoc” institutional analysis (Polak 1998, 406). What Polak has called the “Johnsonian,” or “monetary,” approach to the balance of payments framework emanates...

...) and not that of commodity arbitrage (for which traded-goods prices are rele- vant). Before concluding I would like to clarify the record concerning the interpretation of the monetary approach to the balance of payments and the exchange rate. Michaely implies that the monetary approach “assigns...

..., and Lutz 1972. Lutz, Friedrich A. 1943 . International Monetary Mechanisms: The Keynes and White Proposals . Essays in International Finance, no. 1. Princeton, N.J.: Princeton University, International Finance Section. ____. 1972 . Foreign Exchange Rate Policy and European Economic Integration...

... . “ From the European Payments Union to the European Monetary System .” In The Monetary System under Flexible Exchange Rates. Essays in Honour of Robert Triffin , edited by Cooper Robert Kenen Peter Macedo Jorge Braga de Ypersele Jacques van , 161 – 69 . Cambridge : Ballinger...

... . . . monetary uncertainty (281). An application of his proposal globally, he thought, would produce interna- tional monetary stability, such that occasional alterations of exchange rates would be necessary, but large disturbances [would] not be expected (266).17 4.2. Mints 1945 Following his fifteen-year...

... . “A Monetary Approach to the Exchange Rate: Doctrinal Aspects and Empirical Evidence.” Scandinavian Journal of Economics 78 : 200 -224. Haberler , G. 1936 . The Theory of International Trade . London. Myhrman , J. 1976 . “Experiences of Flexible Exchange Rates in Earlier Periods...

... should rec- ognize, though, that his account of the Great Depression does not accord a major role to money and monetary policy. 460 History of Political Economy 26:3 (1994) magnitudes-price level, money supply, and exchange rate-were ap- parently abandoned to market forces. Unwittingly...

... Monetary Contributions: Senator Paul Douglas (1892–1976).” Journal of Money, Credit and Banking 9 : 529 -35. Temin , Peter , 1976 . Did Monetary Forces Cause the Great Depression? New York. Warburton , Clark , 1922 . “Comments on the Equation of Exchange.” Proceedings of the Fifth...

... Monetary Reform and the “Crawling Peg.” Federal Reserve Bank of St. Louis Review (February): 15 -22. Meade, J. 1964 . The International Monetary Mechanism. Three Banks Review , September, 3 -25. ____. 1966 . Exchange Rate Flexibility. Three Banks Review , June, 3 -27. Morande, F. 2001...

... and nominal interest rates; and (3) important constraints on using monetary policy to control aggregate demand (i.e., a commodity standard or a fixed exchange rate regime). 3. Three Approaches to Monetary Economics All macro models have advantages and disadvantages. Any explanation of the varying...

.... 1977b ): 529 -35. Tavlas , George S. “Some Initial Formulations of the Monetary Growth-Rate Rule.” History of Political Economy 9 ( 1977c ): 535 -47. Tavlas , George S. “The Last Remake of the New Economics and the Old Economists: Reply.” Southern Economic Journal 45 ( Jan...

..., Keynes saw India’s gold exchange standard as an advanced monetary framework. His subsequent models of monetary arrangements, then, posited fixed exchange rates that, like a prism, separated out the different features of his successive reform plans. However, this approach did not fully take...

... to rise. At first, rising prices were moderated by an appreciation of the local currency against sterling.26But once exchange-rate parity was restored, the price level rose to the level consistent with parity. Monetary expansion was an automatic response to the demand at the original exchange...

... simply the prices of given currencies as expressed in terms of other currencies belonging to the same monetary system. Unlike current monetary practices which require internal exchange rates to be fixed,s3 the monetary approach taken by the Talmud allows for varying internal exchange...

... for Menger’s approach, which constitutes an alternative explana- tion of the demand for non-interest-bearing liabilities of the federal government. Since Menger’s theoretical and methodological work are the foundation of his monetary analysis, I review these in the next section. After that, I...

..., Ind. Mundell , Robert A. 1960 . ‘The monetary dynamics of international adjustment under fixed and flexible exchange rates.’ Quarterly Journal of Economics 74 : 227 -57. Adapted, as ch. 2 in International economics (New York, 1968). Nurkse , Ragnar 1944 . International currency...