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Journal Article
Opinion : is Greenspan a Wicksellian?
Journal Article
Nonneutrality of money in classical monetary thought
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.
Journal Article
The real bills doctrine
An abstract for this article is not available.
Journal Article
The trade theorist's sacred diagram: its origin and early development
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.
Journal Article
Ricardo versus Thornton on the appropriate monetary response to supply shocks
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.
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.
Journal Article
Averting Financial Crises: Advice from Classical Economists
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.
Journal Article
Mercantilists and classicals: insights from doctrinal history