We point out that the two and half years of negotiation (1692-1694) between a group of investors and the English government, who led to the establishment of the Bank of England, aimed to guarantee the liquidity of a new public debt and not to establish a bank. We analyze the evolution of the...

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....

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...

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...