Journal Article
Opinion : is Greenspan a Wicksellian?
Humphrey, Thomas M. (2004-01)
Econ Focus , Volume 8 , Issue Win , Pages 48

Journal Article
Nonneutrality of money in classical monetary thought
Humphrey, Thomas M. (1991-03)
Contrary to the strawman classical model of the textbooks, the original classical economists did not believe that money-stock changes affect only the price level and not real output and employment. Most classicals saw money as having powerful short-run real effects and perhaps some residual long-run effects as well. Concern for moneys impact on real activity strongly influenced the classicals views of the desirability or undesirability of monetary expansion and contraction.
Economic Review , Volume 77 , Issue Mar , Pages 3-15

Journal Article
The real bills doctrine
Humphrey, Thomas M. (1982-09)
An abstract for this article is not available.
Economic Review , Volume 68 , Issue Sep , Pages 3-13

Journal Article
The trade theorist's sacred diagram: its origin and early development
Humphrey, Thomas M. (1988-01)
From Irving Fisher in 1907 to Jan Tinbergen in 1945 at least eight economists developed the famous diagram used to demonstrate the gains from international trade.
Economic Review , Volume 74 , Issue Jan , Pages 3-15

Journal Article
Ricardo versus Thornton on the appropriate monetary response to supply shocks
Humphrey, Thomas M. (1990-11)
David Ricardo (1772-1823) recommended countering supply shocks with monetary contraction. Henry Thornton (1760-1815) advised a constant-money response. Their views hinged (1) on the neutrality or non-neutrality of money-stock changes on real output and employment and (2) on the costs of inflation. These same considerations influence Federal Reserve policy in response to oil shocks today.
Economic Review , Volume 76 , Issue Nov , Pages 18-24

Journal Article
A simple model of Irving Fisher's price-level stabilization
Humphrey, Thomas M. (1992-11)
Fishers advice to the policymakers: Adjust the money stock to correct price-level deviations from target. He neglected to say whether money should respond (1) to the gap between actual and target prices, (2) to the gaps rate of change, (3) to the gaps cumulative value over time, or (4) to some combination of these. While all four versions of Fishers rule deliver price stability in the model presented here, the first does so more promptly and smoothly than the others and outperforms a constant money-stock rule as well.
Economic Review , Volume 78 , Issue Nov , Pages 12-18

Journal Article
Averting Financial Crises: Advice from Classical Economists
Humphrey, Thomas M. (2014-10)
Editor's Note: The story of how central banks handled the global financial crisis in 2007-2008 is now familiar: They bent the traditional rules of lending to provide emergency funds to a wide array of institutions that lacked short-term financing, hoping to keep the institutions alive and minimize recession and job loss.
Econ Focus , Issue 4Q , Pages 5-9

Journal Article
Knut Wicksell and Gustav Cassel on the cumulative process and the price-stabilizing policy rule
Humphrey, Thomas M. (2002-07)
Economic Quarterly , Issue Sum , Pages 59-83

Journal Article
Mercantilists and classicals: insights from doctrinal history
Humphrey, Thomas M. (1999-04)
Economic Quarterly , Issue Spr , Pages 55-82

Report
Mercantilists and classicals: insights from doctrinal history. 1998 annual report of the Federal Reserve Bank of Richmond
Humphrey, Thomas M. (1998)
Annual Report