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Keywords:Monetary theory 

Journal Article
Financial intermediation, monetary policy, and equilibrium business cycles

Economic Review , Issue Fall , Pages 19-28

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

Money does Granger-cause output in the bivariate output-money relation

A bivariate Granger-causality test on money and output finds statistically significant causality when data are measured in log levels, but not when they are measured in first differences of the logs. Which of these results is right? The answer to that question matters because a finding of no Granger-causality from money to output would substantially embarrass existing business cycle models in which money plays an important role [Eichenbaum and Singleton (1986)]. Monte Carlo simulation experiments indicate that, most probably, the first difference results reflect lack of power, whereas the ...
Staff Report , Paper 108

Discussion Paper
The 2007 Summer Workshop on Money, Banking and Payments: an overview

The 2007 Summer Workshop on Money, Banking, Payments and Finance met at the Federal Reserve Bank of Cleveland this summer, as we have over the past several years. The following document summarizes and ties together the contributions presented at the workshop this year.
Policy Discussion Papers , Issue Dec

Journal Article
Money in a theory of exchange

Major problems in monetary economics are to: introduce money into the economy in a way that explains how money arises endogenously; explain why money is preferred to other methods of exchange; and identify the welfare gains from using money. In this paper, Daniel L. Thornton develops a framework for assessing money's role in the economy and identifies the welfare gains associated with its use. In Thornton's framework, money is welfare enhancing not only because it reduces the resources necessary for exchange-thereby increasing both consumption and leisure-but, money further increases welfare ...
Review , Volume 82 , Issue Jan , Pages 35-60

The monetarist controversy: a presentation

Originally appeared in the Federal Reserve Bank of San Francisco Economic Review supplement, Spring 1977

Journal Article
An extended series of divisia monetary aggregates

Review , Issue Nov , Pages 35-52

Journal Article
A critical look at monetarist economics

Review , Volume 54 , Issue Jan , Pages 10-25

Journal Article
Knut Wicksell and Gustav Cassel on the cumulative process and the price-stabilizing policy rule

Economic Quarterly , Issue Sum , Pages 59-83



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Humphrey, Thomas M. 15 items

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