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Author:Humphrey, Thomas M. 

Working Paper
James Pennington, (1777-1862) : classical banking, monetary, and trade theorist and economic policy advisor

James Pennington's creativity as a scientific economist is matched only by his obscurity. He exemplifies the pioneering innovator who never gets his due recognition. Alone and with others he launched (1) the idea that checking deposits are money just like coin and notes, (2) the theory of the multiple expansion of bank deposits, (3) the currency principle according to which a mixed paper-metal currency can be made to behave as if it were entirely metallic, and (4) the notion that reciprocal demand fixes the terms of trade between the comparative cost ratios of two trading nations. Any one of ...
Working Paper , Paper 03-08

Journal Article
Fisher and Wicksell on the quantity theory

Economic Quarterly , Issue Fall , Pages 71-90

Journal Article
Keynes on inflation

An abstract for this article in not available.
Economic Review , Volume 67 , Issue Jan , Pages 3-14

Two views of monetary policy: the Attwood-Mill debate revisited

Originally appeared in the Federal Reserve Bank of Richmond Economic Review, Sept/Oct 1977

Journal Article
The monetary approach to exchange rates : its historical evolution and role in policy debates

An abstract for this article is not available
Economic Review , Volume 64 , Issue Jul , Pages 2-9

Journal Article
Two views of monetary policy : the Attwood-Mill debate revisited

An abstract for this article is not available
Economic Review , Volume 63 , Issue Sep , Pages 14-22

Journal Article
A simple model of Irving Fisher's price-level stabilization

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
Rival notions of money

The year 1982 saw the publication of Nicholas Kaldors The Scourge of Monetarism. Kaldor claimed his antimonetarist tract was in the tradition of Keyness 1936 General Theory. This article shows that Kaldors antimonetarist doctrines as well as their rival monetarist counterpart long predate Keynes. Both have their roots in nineteenth century classical monetary theory.
Economic Review , Volume 74 , Issue Sep , Pages 3-9

Journal Article
On nonneutral relative price effects in monetarist thought : some Austrian misconceptions

The rise in the rate of inflation during the 1970s was paralleled by a rise in interest in monetarism, which offered the means for controlling inflation. Despite the increased interest, monetarism is still often misunderstood, as Thomas M. Humphrey points out in On Nonneutral Relative Price Effects in Monetarist Thought: Some Austrian Misconceptions. Economists of the Austrian school have portrayed monetarism as oblivious to the effects of monetary disturbances on the real economy of output and jobs. Humphrey exposes their fallacy with selections from monetarist literature from the 19th ...
Economic Review , Volume 70 , Issue May , Pages 13-19



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