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Was the Gibson Paradox for Real? A Wicksellian study of the Relationship between Interest Rates and Prices

Chadha, Jagjit S.; Perlman, Morris - School of Economics, University of Kent - 2014

We examine the relationship between prices and interest rates for seven advanced economies in the period up to 1913, emphasizing the UK. There is a significant long-run positive relationship between prices and interest rates for the core commodity standard countries. Keynes (1930) labelled this...

Persistent link: https://www.econbiz.de/10010903480

F.A. Hayek and his rational choice of monetary arrangements

Sahoo, Ganeswar - Volkswirtschaftliche Fakultät, … - 2012

This paper addresses the perspective of Hayek’s doctrine on monetary arrangements in the economy and his favorable argument for an international central bank over national central bank. I also discussed Hayek’s view on free banking (i.e. for the free issue of bank notes) that would enable...

Persistent link: https://www.econbiz.de/10011260508

Friedman and Lucas on the Phillips Curve: From a Disequilibrium to an Equilibrium Approach

Vroey, Michel De - In: Eastern Economic Journal 27 (2001) 2, pp. 127-148

In this paper I compare Friedman's expectations-augmented Phillips Curve model with Lucas' model on expectations and the neutrality of money and claim that they are underpinned by two different equilibrium concepts. Friedman's model is based on the stationary equilibrium conception, typical of...

Persistent link: https://www.econbiz.de/10005641838

Belling the cat: Eli F. Heckscher on the gold standard as a discipline device

Fregert, Klas - Nationalekonomiska Institutionen, Ekonomihögskolan - 2011

Unlike Knut Wicksell, Eli Heckscher did not believe the time had arrived for “managed money” to replace the gold standard after World War I. The war had shown that only a gold standard could bind the central bank to a time-consistent policy with reasonable price stability. Heckscher likened...

Persistent link: https://www.econbiz.de/10009147380

Economics and reality

Uhlig, Harald - In: Journal of Macroeconomics 34 (2012) 1, pp. 29-41

thinking and theory. In particular, which role do calibration, statistical inference, and structural change play? What is the …

Persistent link: https://www.econbiz.de/10010574762

The Return of the Original Phillips curve? An Assessment of Lars E. O. Svensson's Critique of the Riksbank's Inflation Targeting, 1997-2012

Andersson, Fredrik N. G.; Jonung, Lars - Nationalekonomiska Institutionen, Ekonomihögskolan - 2014

the Phillips curve based on constant inflation expectations has returned for Sweden. Based on estimates of this model …-vertical Phillips curve is transformed into a vertical one, in line with the Friedman/Phelps theory. <p> We have additional objections … unemployment and monetary policy in a small open economy such as Sweden. Third, we do not want to overburden Swedish monetary …

Persistent link: https://www.econbiz.de/10011019080

Pioneering Price Level Targeting: The Swedish Experience 1931-1937.

Berg, C.; Jonung, L. - Institute for International Economic Studies (IIES), … - 1998

In September 1931, Sweden became the first country to make the stabilization of the domestic price level the official …

Persistent link: https://www.econbiz.de/10005638827

Ingham and Keynes on the Nature of Money

Hayes, Mark - Post Keynesian Economics Study Group - PKSG - 2012

This paper compares and contrasts the thinking of Keynes and Geoffrey Ingham, focussing mainly on The General Theory … underpins the crucial distinction between money and ‘real’ wages for the theory of employment but also develops Keynes …

Persistent link: https://www.econbiz.de/10010851101

Monetary Theory and Monetary Policy: Reflections on the Development over the last 150 Years

Issing, Otmar; Wieland, Volker - In: Journal of Economics and Statistics (Jahrbuecher fuer … 233 (2013) 3, pp. 423-445

In this paper, we provide some reflections on the development of monetary theory and monetary policy over the last 150 …

Persistent link: https://www.econbiz.de/10010907920

Mihail Manoilescu’s international trade theories in retrospect: how and when emerging economies must be protected?

Nenovsky, Nikolay; Torre, Dominique - International Centre for Economic Research (ICER) - 2013

consistency based on the theory of protectionism. His defence of protectionism is generally presented as clumsy and founded on … different paradigms. Section 2 presents the theory of protectionism formulated by the author. Section 3 tries to interpret …

Persistent link: https://www.econbiz.de/10010941777

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