The Teaching of Monetary Economics in the Early 1900s: Insight into the Development of Monetary Theory

1992 ◽  
pp. 223-238
Author(s):  
Andrew Gray
Keyword(s):  
Monetary Economics ◽  
Monetary Theory ◽  
Insight Into

scholarly journals Rethinking monetary theory in light of Keynes and the crisis

2017 ◽  
Vol 2 (2) ◽  
pp. 174-188 ◽  
Author(s):  
Marc Lavoie
Keyword(s):  
Interest Rate ◽  
Inflation Targeting ◽  
Monetary Economics ◽  
Monetary Theory ◽  
Quantitative Easing ◽  
Monetary Policies ◽  
Money Multiplier ◽  
Fractional Reserve ◽  
Endogenous Money ◽  
Reserve System

The purpose of the present paper is to examine the main changes that have occurred or that need to occur in monetary economics, and to do this in light of what Keynes told us 80 years ago in his General Theory, or even more than 85 years ago when he wrote the Treatise on Money.  Inflation targeting and central bank independence are re-examined, as are the standard views of the money multiplier and of the fractional-reserve system. Unconventional monetary policies, although previously suggested by Keynes, appear to be a disguised return to Monetarism and the actual impact of quantitative easing must be understood in light of a theory of endogenous money with monetary implementation occurring within a framework where the target interest rate is set at the floor of the corridor.

Woodford's Interest and Prices from the Perspective of the History and Methodology of Economic Thought: A Mini-Symposium

2006 ◽  
Vol 28 (2) ◽  
pp. 139-142 ◽  
Author(s):  
Mauro Boianovsky
Keyword(s):  
Monetary Policy ◽  
Price Level ◽  
Monetary Economics ◽  
Economic Thought ◽  
Point Of View ◽  
Monetary Theory ◽  
Real Balance ◽  
History Of Thought ◽  
History Of Economics ◽  
History Of

Michael Woodford's 2003 Interest and Prices has been regarded as the most important contribution to monetary economics since the publication of Don Patinkin's Money, Interest and Prices fifty years ago. Like Patinkin, Woodford sought inspiration in Knut Wicksell's 1898 Interest and Prices. But, while Patinkin built on Wicksell's incipient formulation of the real balance effect and stability analysis of the price level (see Boianovsky 1998), Woodford has elaborated on Wicksell's concept of a pure credit economy (called “cashless economy” in the 2003 version), a theme largely disregarded by Patinkin. This difference in perspective is in part related to the fact that Patinkin's concern was mainly monetary theory, whereas Woodford has focused on monetary policy instead. In early 2004 I invited a group of scholars to discuss Wood-ford's book from the point of view of the history of thought and methodology in a session at the History of Economics Society meetings, held in June of that year at Victoria University, Toronto. Michael Woodford was also invited to participate in the session and reply to the comments. The revised papers are published here as a mini-symposium.

scholarly journals THE INFLUENCE OF IRVING FISHER ON MILTON FRIEDMAN’S MONETARY ECONOMICS

2013 ◽  
Vol 35 (2) ◽  
pp. 153-177 ◽  
Author(s):  
MICHAEL D. BORDO ◽  
HUGH ROCKOFF
Keyword(s):  
Business Cycles ◽  
Phillips Curve ◽  
Monetary Economics ◽  
Building Blocks ◽  
Chicago School ◽  
Price Stability ◽  
Monetary Theory ◽  
Fisher Effect ◽  
Monetary Reform ◽  
The 1960S

This paper examines the influence of Irving Fisher’s writings on Milton Friedman’s work in monetary economics. We focus first on Fisher’s influences in monetary theory (the quantity theory of money, the Fisher effect, Gibson’s Paradox, the monetary theory of business cycles, and the Phillips Curve), and empirics (e.g., distributed lags.). Then we discuss Fisher and Friedman’s views on monetary policy and various schemes for monetary reform (the k% rule, freezing the monetary base, the compensated dollar, a mandate for price stability, 100% reserve money, and stamped money). Assessing the influence of an earlier economist’s writings on that of later scholars is a challenge. As a science progresses, the views of its earlier pioneers are absorbed in the weltanschauung. Fisher’s The Purchasing Power of Money as well as the work of Pigou and Marshall were the basic building blocks for later students of monetary economics. Thus, the Chicago School of the 1930s absorbed Fisher’s approach, and Friedman learned from them. However, in some salient aspects of Friedman’s work, we can clearly detect a major direct influence of Fisher’s writings on Friedman’s. Thus, for example, with the buildup of inflation in the 1960s, Friedman adopted the Fisher effect and Fisher’s empirical approach to inflationary expectations into his analysis. Therefore, Fisher’s influence on Friedman was both indirect through the Chicago School and direct. Regardless of the weight attached to the two influences, Fisher’s impact on Friedman was profound.

Calibration problems in hydrogen luminosities

1966 ◽  
Vol 24 ◽  
pp. 322-330
Author(s):  
A. Beer
Keyword(s):  
Galactic Structure ◽  
B Stars ◽  
Insight Into

The investigations which I should like to summarize in this paper concern recent photo-electric luminosity determinations of O and B stars. Their final aim has been the derivation of new stellar distances, and some insight into certain patterns of galactic structure.

Stochasting modeling of planetary ring systems

1984 ◽  
Vol 75 ◽  
pp. 461-469 ◽  
Author(s):  
Robert W. Hart
Keyword(s):  
Maximum Entropy ◽  
Ring System ◽  
The Sun ◽  
Ultimate State ◽  
Interparticle Interactions ◽  
Ring Systems ◽  
First Order ◽  
Planetary Ring ◽  
Insight Into

ABSTRACTThis paper models maximum entropy configurations of idealized gravitational ring systems. Such configurations are of interest because systems generally evolve toward an ultimate state of maximum randomness. For simplicity, attention is confined to ultimate states for which interparticle interactions are no longer of first order importance. The planets, in their orbits about the sun, are one example of such a ring system. The extent to which the present approximation yields insight into ring systems such as Saturn's is explored briefly.

Skeletal elements of crinoid echinoderms: High-resolution structural and microanalytical results

1983 ◽  
Vol 41 ◽  
pp. 194-195
Author(s):  
D. F. Blake ◽  
L. F. Allard ◽  
D. R. Peacor
Keyword(s):  
High Resolution ◽  
Marine Invertebrates ◽  
Sea Urchins ◽  
Structural Features ◽  
Sea Stars ◽  
High Resolution Tem ◽  
Relationship Of ◽  
The Relationship ◽  
Insight Into

Echinodermata is a phylum of marine invertebrates which has been extant since Cambrian time (c.a. 500 m.y. before the present). Modern examples of echinoderms include sea urchins, sea stars, and sea lilies (crinoids). The endoskeletons of echinoderms are composed of plates or ossicles (Fig. 1) which are with few exceptions, porous, single crystals of high-magnesian calcite. Despite their single crystal nature, fracture surfaces do not exhibit the near-perfect {10.4} cleavage characteristic of inorganic calcite. This paradoxical mix of biogenic and inorganic features has prompted much recent work on echinoderm skeletal crystallography. Furthermore, fossil echinoderm hard parts comprise a volumetrically significant portion of some marine limestones sequences. The ultrastructural and microchemical characterization of modern skeletal material should lend insight into: 1). The nature of the biogenic processes involved, for example, the relationship of Mg heterogeneity to morphological and structural features in modern echinoderm material, and 2). The nature of the diagenetic changes undergone by their ancient, fossilized counterparts. In this study, high resolution TEM (HRTEM), high voltage TEM (HVTEM), and STEM microanalysis are used to characterize tha ultrastructural and microchemical composition of skeletal elements of the modern crinoid Neocrinus blakei.

Structure and function of neural networks in the retina

1988 ◽  
Vol 46 ◽  
pp. 26-27
Author(s):  
Peter Sterling
Keyword(s):  
Ganglion Cells ◽  
Three Dimensional ◽  
Structure And Function ◽  
Synaptic Connections ◽  
Visual Axis ◽  
One Dimensional ◽  
Cat Retina ◽  
Ultrathin Sections ◽  
And Function ◽  
Insight Into

The synaptic connections in cat retina that link photoreceptors to ganglion cells have been analyzed quantitatively. Our approach has been to prepare serial, ultrathin sections and photograph en montage at low magnification (˜2000X) in the electron microscope. Six series, 100-300 sections long, have been prepared over the last decade. They derive from different cats but always from the same region of retina, about one degree from the center of the visual axis. The material has been analyzed by reconstructing adjacent neurons in each array and then identifying systematically the synaptic connections between arrays. Most reconstructions were done manually by tracing the outlines of processes in successive sections onto acetate sheets aligned on a cartoonist's jig. The tracings were then digitized, stacked by computer, and printed with the hidden lines removed. The results have provided rather than the usual one-dimensional account of pathways, a three-dimensional account of circuits. From this has emerged insight into the functional architecture.

Radiation Damage Studies with the HVEM

1972 ◽  
Vol 30 ◽  
pp. 680-681
Author(s):  
J. J. Laidler ◽  
B. Mastel
Keyword(s):  
Radiation Damage ◽  
Stainless Steels ◽  
Volume Expansion ◽  
Austenitic Stainless Steels ◽  
Test Facility ◽  
Fast Breeder Reactors ◽  
Breeder Reactors ◽  
Under Construction ◽  
Development Laboratory ◽  
Insight Into

One of the major materials problems encountered in the development of fast breeder reactors for commercial power generation is the phenomenon of swelling in core structural components and fuel cladding. This volume expansion, which is due to the retention of lattice vacancies by agglomeration into large polyhedral clusters (voids), may amount to ten percent or greater at goal fluences in some austenitic stainless steels. From a design standpoint, this is an undesirable situation, and it is necessary to obtain experimental confirmation that such excessive volume expansion will not occur in materials selected for core applications in the Fast Flux Test Facility, the prototypic LMFBR now under construction at the Hanford Engineering Development Laboratory (HEDL). The HEDL JEM-1000 1 MeV electron microscope is being used to provide an insight into trends of radiation damage accumulation in stainless steels, since it is possible to produce atom displacements at an accelerated rate with 1 MeV electrons, while the specimen is under continuous observation.

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