The Humean and Smithian traditions in monetary theory

This chapter discusses four areas of monetary theory on which the ideas of Smith and Hume have left their imprint: (1) the overissue of bank liabilities, (2) the price-specie-flow mechanism (PSFM), (3) the need for a lender of last resort in a competitive banking system, (4) real-bills doctrine and...

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Veröffentlicht in:	Glasner, David Studies in the history of monetary theory
1. Verfasser:	Glasner, David (VerfasserIn)
Format:	UnknownFormat
Sprache:	eng
Veröffentlicht:	2021
Schlagworte:	Price-specie-flow mechanism > Lender of last resort > Overissue > Price rules > Quantity rules > Real-bills doctrine > Rules versus discretion > Aufsatz im Buch
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Zusammenfassung:	This chapter discusses four areas of monetary theory on which the ideas of Smith and Hume have left their imprint: (1) the overissue of bank liabilities, (2) the price-specie-flow mechanism (PSFM), (3) the need for a lender of last resort in a competitive banking system, (4) real-bills doctrine and the scope of banking, and (5) rules versus discretion in monetary policy. In each of these cases, the difference between the Humean and Smithian traditions is attributable to their different interpretations of the quantity theory of money and the circumstances under which the quantity theory has empirical relevance.
ISBN:	9783030834258 9783030834289