Contrary to a wide-spread opinion, it was not Ricardo who developed the gold-points theory, but Thornton. Thornton did it in complement of its lender in last resort theory to justify the suspension of payments and to explain the high price of bullion. Ricardo rejected the Thornton’s gold...

We assess the nature of the European sovereign crisis in the light of a model borrowed from the second generation of currency crises. We bring the theory to the data to empirically test the presence of self-fulfilling dynamics and to identify what may have driven the market sentiment during this...

Banks are supposed to respond to imperfect information in credit markets. They are thought to access private information and to create additional information through credit granting.This means two things. First, mandatory accounting information is not sufficient to create a state of perfect...

The article raises the concealment of sharing in La Monnaie souveraine (1998) and in the works it inspired. The neoliberalism made hegemonic an approach by the circulation of money and more generally of all social facts. However, this catallactic vision that some critics of the orthodox economy...

The aim of this paper is to analyze the state of the quantity theory in the United States prior to the publication of Irving Fisher’s Purchasing Power of Money in 1911. We start by presenting the participants in the monetary debate. Next, we analyze the controversies regarding prices,...

This paper develops a model where the value of the monetary policy instrument is selected by a heterogenous committee engaged in a dynamic voting game. Committee members differ in their institutional power, and in certain states of nature, they also differ in their preferred instrument value....

This short paper employs individual voting records of the Monetary Policy Committee (MPC) of the Bank of England to study heterogeneity in policy preferences among committee members. The analysis is carried out using a simple generalization of the standard New Keynesian framework that allows...

In 1911, Fisher published The Purchasing Power of Money. In chapter 13 of the first edition and in an appendix in the second section of 1913, he introduced a rule to maintain the stability of the level of prices, known as the “compensated dollar”. According to this rule, the legal definition...

In the midst of the US Civil War, in 1863, the Northern states of the federal Union established the National Banking System. It contributed to financing the war effort and to the circulation of banknotes. Following the civil war, this system was retained and extended across the reunified...