Marshall made at least four contributions to the classical quantity theory. He endowed it with his Cambridge cash-balance money-supply-and-demand framework to explain how the nominal money supply relative to real money demand determines the price level. He combined it with the assumption of...

An overlooked classical monetary theorist, Wheatley integrated the quantity theory, the purchasing power parity doctrine, and the notion of gold arbitrage into a coherent account of the international mechanism. To him, exchange rate depreciations, gold price premia, and specie drains constituted...

Virtually all references to the Fisher Effect assume that its appearance in nominal interest rates is a simultaneous result of borrower and lender effects. However, Irving Fisher, and Henry Thornton before him emphasized the activist role on the borrower (demand) side of the loan market. Their...

Prominent among competing explanations of exchange rate determination in a regime of floating exchange rates is the so-called monetary approach, which holds that the exchange rate between two national currencies is determined by current and prospective relative supplies of and demands for those...