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History of Political Economy (1977) 9 (4): 535–547.
Published: 01 November 1977
...George S. Tavlas Copyright © 1977 by Duke University Press 1977 Some initial formulations of the monetary growth-rate rule George S. Tiivlns ltitroduction A growing number of monetary economists have in recent years ac- cepted the notion that the quantity of money should...
History of Political Economy (2019) 51 (2): 259–296.
Published: 01 April 2019
... requirements against demand deposits, and the embedding of monetary-policy rules in legislation. This paper assesses departmental memoranda, correspondence, and published material to document the development of core characteristics that left the Chicagoans well-placed to resist the Keynesian revolution...
History of Political Economy (2008) 40 (1): 133–162.
Published: 01 March 2008
... of flexible rates culminating in Friedman's 1953 classic. Graham's antipathy toward the Bretton Woods plans for exchange rates mirrored that of the Chicagoans. He advanced a liberal policy agenda including flexible exchange rates, capital mobility, rule-based independent monetary policies, and free trade...
History of Political Economy (1988) 20 (1): 65–83.
Published: 01 March 1988
... . Anticipations of the General Theory? Chicago. Patinkin , Don 1986 . ‘A Reply.’ Journal of Money, Credit and Banking , 18 : 116 -21. Simons , Henry 1936 . ‘Rules versus authorities in monetary policy.’ Journal of Political Economy 44 : 1 -30, as reprinted in F. A. Lutz and L. W. Mints...
History of Political Economy (2000) 32 (4): 1047–1048.
Published: 01 November 2000
... discussion of Fisher’s work on monetary policy and of its relationship to the modern literature on monetary rules. This is organized around an algebraic formulation of a modern Fisherian macromodel. While Dimand and Humphrey do present some algebraic arguments, these are much more subservient...
History of Political Economy (2017) 49 (4): 730–739.
Published: 01 December 2017
...); and, as Book Reviews 735 an old-fashioned examination question might then have continued (though Singleton does not): Discuss, with reference to Friedman’s advocacy of a monetary policy rule or of a negative income tax or against wage and price controls, etc. Friedman’s streak of intellectual...
History of Political Economy (1985) 17 (4): 677–680.
Published: 01 November 1985
... changes primarily affect output” (p. 4). As Friedman has stressed, quantity theorists lack a formal theory of monetary dynamics. Thus, Friedman believes that the “contribution to economic stability” by the (steady money growth) rule “is the most that we can ask from monetary policy at our...
History of Political Economy (2021) 53 (1): 172–177.
Published: 01 February 2021
... been avoided had the Fed followed a monetary-policy rule. Empirical research has confirmed that view (e.g., Bordo, Choudhri, and Schwartz 1995). Humphrey and Timberlake have written an exceptional, thought-provoking book. While not everyone will agree with their argument that it would have been...
History of Political Economy (2021) 53 (4): 633–672.
Published: 01 August 2021
... economists in the areas of (1) the Federal Reserve s role in the Great Depression, (2) the role of wealth effects in the transmission of monetary policy, (3) the use of a portfolio balance model of the demand for money, and (4) the advan- tages of a monetary policy rule. 2. In addition to the Chicagoans...
History of Political Economy (2013) 45 (1): 39–59.
Published: 01 March 2013
...”] . 1922 . Dagens Nyheter , February 22 . Barro Robert Gordon David . 1983 . “ Rules, Discretion, and Reputation in a Model of Monetary Policy .” Journal of Monetary Economics 12 : 101 – 21 . Berg Claes Jonung Lars . 1999 . “ Pioneering Price Level Targeting: The Swedish...
History of Political Economy (1979) 11 (3): 425–449.
Published: 01 September 1979
... been singled out in a few places. Richard Selden (1962) was one of the first to draw attention to Warburton’s work when he compared the views of Warburton and Friedman on the growth-rule approach to monetary policy. In a more recent publication, Selden again mentions Warburton’s work...
History of Political Economy (1984) 16 (2): 291–309.
Published: 01 June 1984
... objective of comparing policy rules based on feedback. One available policy strategy was to peg the interest rate, letting the money supply take whatever value was necessary to maintain that rate. The alter- native was to set the money supply by a monetary rule. Each rule was based on a feedback...
History of Political Economy (1975) 7 (2): 156–173.
Published: 01 June 1975
... in response to cyclical fluctuations. Freedom from major cyclical swings would be achieved 29. Henry C. Simons, “Rules Versus Authorities in Monetary Policy,” in Reudings in Monetnry Theory. ed. Friedrich A. Lutz and Lloyd W. Mints (New York. 1951). pp. 340. 353. 30. Milton Friedman...
History of Political Economy (2014) 46 (1): 117–148.
Published: 01 March 2014
... . Samuelson P. A. 1955 . Economics: An Introductory Analysis . 3rd ed. New York : McGraw-Hill . Sargent T. J. Wallace N. . 1975 . “ ‘Rational Expectations,’ the Optimal Monetary Instrument, and the Optimal Money Supply Rule .” Journal of Political Economy 83 ( 2 ): 241 – 54...
History of Political Economy (2016) 48 (3): 489–514.
Published: 01 September 2016
...,” which define the set of rules and norms that manage the unit of account, thus forming an empiri- cal monetary system. As a primary, abstract, and universal principle, the unit of account must be distinguished from the concrete and other forms of money, in which this unit is (physically...
History of Political Economy (2004) 36 (Suppl_1): 25–56.
Published: 01 December 2004
... and outside the system were fully conscious of the problems this posed. The monetary policy rule proposed in Friedman’s Program for Monetary Sta- bility (1960) falls squarely into a tradition that runs from Irving Fisher’s frequent proposals in the 1920s that Congress should subject the Fed- eral Reserve...
History of Political Economy (1999) 31 (3): 449–471.
Published: 01 September 1999
..., Young and Currie inter- preted economic fluctuations as monetary phenomena. They also shared with their Chicago colleagues optimism about the power of monetary policy. They did not share the Chicago preference for monetary-policy rules, but Currie developed independently a 100 percent...
History of Political Economy (1975) 7 (2): 137–155.
Published: 01 June 1975
... of their economic activities and institutions.” “While the Japanese authorities will remain responsible for the management and direction of the domestic fiscal, monetary, and credit policies. this responsibility is subject to the approval and review of the Supreme Commander, and wherever...
History of Political Economy (2009) 41 (3): 575–604.
Published: 01 September 2009
... . The Life and Political Economy of Lauchlin Currie . Durham, N.C.: Duke University Press. ———. 2004 . Editor's Introduction [to the JES special issue devoted to Lauchlin Currie]. Journal of Economic Studies 31.3–4 : 171 -93. Simons, Henry C. 1936 . Rules versus Authorities in Monetary Policy...
History of Political Economy (1983) 15 (2): 265–280.
Published: 01 June 1983
... of the Keynesian counter-cyclical fiscal policy in the early thirties. See Lekachman, pp. 253ff, esp. 263-64. 36. Henry Simons had proposed a rigid monetary rule; but, while Friedman calls for a fixed annual growth of the money supply, Simon’s target was the stabilization of the price level. See his...