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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
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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
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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
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La teoría del ciclo económico de Friedrich von Hayek: causas monetarias, efectos reales
Betancourt, Rebeca Gómez - In: REVISTA CUADERNOS DE ECONOMÍA (2008)
Este artículo propone una lectura simultánea de dos textos: La Teoría monetaria y el ciclo económico (1929) y Precios y producción (1931), con el objetivo de presentar la teoría de los ciclos económicos del joven Hayek, como un conjunto teórico congruente. Ambos textos poseen una unidad...
Persistent link: https://www.econbiz.de/10005768217
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Theory of money of Josef Macek and his monetary policy view
Sojka, Milan - In: Politická ekonomie 2006 (2006) 3
During 1930s and 1940s Josef Macek developed monetary theory leading to monetary policy recommendations which are … deeply influenced by macroeconomic theory of John Maynard Keynes. Macek became leading Czech left-wing keynesian. His theory … critisized and disapproved the quantity theory of money. In his monetary theory and his monetary policy conclusions he was a …
Persistent link: https://www.econbiz.de/10005036614
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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
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The Zero Lower Bound on Nominal Interest Rates and Monetary Policy Effectiveness: a Survey
Ullersma, C.A. - de Nederlandsche Bank - 2001
This paper surveys the literature on monetary policy at the zero lower bound on nominal interest rates. Certain crucial insights regarding expectations have been neglected in recent research in this field. Taking this into account, the interactions between demand and supply shocks appear crucial...
Persistent link: https://www.econbiz.de/10005106759
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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
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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
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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