Money, Banking and Inflation: Essays in the History of Monetary Thought

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9781852789411: Money, Banking and Inflation: Essays in the History of Monetary Thought
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Thomas M. Humphrey has written extensively on the historical development of the leading theories of money, banking and inflation. This book presents his most important work on the application of the history of economic thought to the analysis of current policy problems.
Money, Banking and Inflation focuses on the doctrinal evolution of the chief theories underlying such traditional central banking concerns as money stock control, price level stabilization, interest rates smoothing, exchange rate targeting, lender-of-last-resort responsibilities, limitations imposed by short-run trade-offs and non-neutralities, and appropriate responses to supply shocks. Three of the essays, however, digress from these themes to focus on geometrical diagrams employed in price theory and the theory of commercial policy. Virtually all the essays take an historical-doctrinal perspective which, besides showing how these theories developed over time, allows them to be ranked according to their effectiveness in monetary controversies old and new.
This volume will be welcomed not only as a supplement to money and banking texts which neglect the historical-doctrinal development of their subject, but also as a corrective to the tendency in history of economic thought research to emphasize non-monetary rather than monetary doctrines.

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About the Author:

Thomas M. Humphrey, Vice President and Economist, Federal Reserve Bank of Richmond, Virginia, US

Review:

`. . . this is an extremely valuable collection, and one which anyone interested in both present and past macroeconomics should have. . . . This is an outstanding collection of papers. Virtually no essay in the collection is without interest and it should be on the bookshelves of everybody interested in monetary economics.' -- D.P. O'Brien, The Economic Journal `Monetary economists looking for an accessible introduction to their discipline's past will find few better starting points than this volume. Historians of monetary thought also will find much of interest, for Humphrey covers a wide variety of theories and controversies, typically bringing clarity to complex or obscure issues. By bringing together his numerous summaries and synthesis of the literature, Tom Humphrey has done the profession a service. His collected papers serve as an excellent starting point for the investigation of a number of important issues. Furthermore, the voluem could be of great value to graduate students and upper-level undergraduates seeking to understand the evolution of monetary thought.' -- Neil T. Skaggs, History of Political Economy `This set of excellent essays - many of which are not readily available - are essential reading for any serious student of monetary economics and the history of economic thought.' -- Peter M. Jackson, University of Leicester, UK `I am delighted that this book has been published, and I recommend it strongly. Teachers will find much here that is worth assigning to students as supplementary readings in courses in Monetary Economics and Macroeconomics as well as in the History of Economic Thought; and anyone engaged in research on any topic in the History of Monetary Economics would do well to consult this volume's excellent index at an early stage Humphrey very likely has already found some important and interesting things to say about it.' -- David Laidler, University of Western Ontario, Canada `Humphrey writes with exceptional clarity, which means that the essays in this volume are ideal to recommend to students. Virtually all contain succinct, clear statements of the history of some aspect of monetary theory. . . . It will become widely used, and will establish Humphrey's reputation as one of the leading experts on the history of monetary economics.' -- Roger E. Backhouse, University of Birmingham `This book will prove to be an indispensable reference for anyone who teaches monetary theory at any level. Beyond this, its true usefulness probably lies as a supplemental text to money and banking courses. . . I highly recommend this book to everyone.' -- Michael C. Carroll, Southern Economic Journal

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Humphrey, Thomas M.
Published by Edward Elgar Pub (1993)
ISBN 10: 1852789417 ISBN 13: 9781852789411
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