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A Market Theory of Money

John Hicks

Published in print:
1989
Published Online:
November 2003
ISBN:
9780198287247
eISBN:
9780191596407
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0198287240.001.0001
Subject:
Economics and Finance, Macro- and Monetary Economics

John Hicks's writing on monetary economics spans over fifty years. This book draws together the common threads of his work in a single succinct statement of the basics of monetary theory. It also ... More


Seven Schools of Macroeconomic Thought

Edmund S. Phelps

Published in print:
1990
Published Online:
November 2003
ISBN:
9780198283331
eISBN:
9780191596766
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/0198283334.001.0001
Subject:
Economics and Finance, Macro- and Monetary Economics

This volume represents the publication of seven lectures––the first annual Arne Ryde Memorial lectures administered by the University of Lund––on what the author deems to be the seven leading schools ... More


Government, Money, and Taxation

Raymond Plant

in The Neo-liberal State

Published in print:
2009
Published Online:
February 2010
ISBN:
9780199281756
eISBN:
9780191713040
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199281756.003.0010
Subject:
Political Science, Comparative Politics, Political Theory

A central theme of this chapter is the role of monetary theory within the neo‐liberal account of the role of the state. For a neo‐liberal thinker such as Mises, monetary theory consists of a set of a ... More


Monetary Experience and the Theory of Money

John Hicks

in Economic Perspectives: Further Essays on Money and Growth

Published in print:
1977
Published Online:
November 2003
ISBN:
9780198284079
eISBN:
9780191596421
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198284071.003.0003
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter examines monetary theories, in particular the classical quantity theory, Wicksell's model, and Keynes' model. It considers how much is to be learned from these theories and their ... More


What Is Bad About Inflation?

John Hicks

in A Market Theory of Money

Published in print:
1989
Published Online:
November 2003
ISBN:
9780198287247
eISBN:
9780191596407
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198287240.003.0016
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter argues that the bad thing about inflation is principally not its effects — the losses of ‘convenience and security’ to which older economists gave so much attention — but the weakening ... More


Neoclassical and Neo‐Neoclassical Real Business Cycle Theory

Edmund S. Phelps

in Seven Schools of Macroeconomic Thought

Published in print:
1990
Published Online:
November 2003
ISBN:
9780198283331
eISBN:
9780191596766
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198283334.003.0006
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter and the next review two schools of thought on the role of non‐monetary forces acting through non‐monetary channels in the generation of macroeconomic fluctuations. The subject in this ... More


International Money and Common Currencies in Historical Perspective

Gerald P. Dwyer, Jr. and James R. Lothian

in Monetary Unions and Hard Pegs: Effects on Trade, Financial Development, and Stability

Published in print:
2004
Published Online:
August 2004
ISBN:
9780199271405
eISBN:
9780191601200
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199271402.003.0004
Subject:
Economics and Finance, Economic Systems

This chapter reviews the history of international monies and the theory related to their adoption and use. There are four key characteristics of these currencies: High unitary value, relatively low ... More


Non‐Monetary Theories of Unemployment Fluctuation: The Structuralist School

Edmund S. Phelps

in Seven Schools of Macroeconomic Thought

Published in print:
1990
Published Online:
November 2003
ISBN:
9780198283331
eISBN:
9780191596766
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198283334.003.0007
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter and the previous one review two schools of thought on the role of non‐monetary forces acting through non‐monetary channels in the generation of macroeconomic fluctuations. The subject in ... More


Hawtrey

John Hicks

in Economic Perspectives: Further Essays on Money and Growth

Published in print:
1977
Published Online:
November 2003
ISBN:
9780198284079
eISBN:
9780191596421
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198284071.003.0005
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter discusses some aspects of the revolution in monetary theory of the twenties and thirties — the revolution which, in most people's minds, is exclusively associated with the name of ... More


Richard Cantillon: Macroeconomic Modelling

Antoin E. Murphy

in The Genesis of Macroeconomics: New Ideas from Sir William Petty to Henry Thornton

Published in print:
2008
Published Online:
May 2009
ISBN:
9780199543229
eISBN:
9780191715709
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199543229.003.0004
Subject:
Economics and Finance, Economic History, History of Economic Thought

This chapter discusses Richard Cantillon's background and contributions to macroeconomics. The Essai sur la nature du commerce en général is Cantillon's only known work. The Essai is remarkable on ... More


Adam Smith: Land, Labour, Capital, and Social Cement

Antoin E. Murphy

in The Genesis of Macroeconomics: New Ideas from Sir William Petty to Henry Thornton

Published in print:
2008
Published Online:
May 2009
ISBN:
9780199543229
eISBN:
9780191715709
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199543229.003.0008
Subject:
Economics and Finance, Economic History, History of Economic Thought

This chapter discusses Adam Smith's background and contributions to macroeconomics, focusing on his ideas on economic growth and monetary theory. Topics covered include his lectures on jurisprudence, ... More


Theories of Interest: Keynes Versus Marshall

John Hicks

in A Market Theory of Money

Published in print:
1989
Published Online:
November 2003
ISBN:
9780198287247
eISBN:
9780191596407
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198287240.003.0010
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter considers Marshall as the leading opponent of Keynes. It argues that when Keynes spoke of ‘classical’ theory it was Marshall's he had in mind. He had learned and then taught in the ... More


Monetary Theory and Methodology

Bruce Caldwell

in Hayek's Challenge: An Intellectual Biography of F.A. Hayek

Published in print:
2003
Published Online:
February 2013
ISBN:
9780226091914
eISBN:
9780226091921
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226091921.003.0008
Subject:
Economics and Finance, Economic History

This chapter begins with a description of Hayek's trip to American in 1923, where he worked briefly for economist Jeremiah Jen, then enrolled as a scholarship student at New York University. In his ... More


A Macro-theoretic Survey of Monetary Policy in a Closed Economy

Rohit Azad and C. Saratchand

in Economics: Volume 3: Macroeconomics

Published in print:
2015
Published Online:
September 2016
ISBN:
9780199458950
eISBN:
9780199086900
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199458950.003.0003
Subject:
Economics and Finance, Macro- and Monetary Economics

Monetary policy has been under discussion both before and after Keynes’s General Theory. While he was sceptical of its efficacy, the current mainstream macroeconomic consensus accords it primacy in ... More


The Last Scholastic on Money: Gabriel Biel’s Monetary Theory

Stefan Kötz

in Money in the Western Legal Tradition: Middle Ages to Bretton Woods

Published in print:
2016
Published Online:
April 2016
ISBN:
9780198704744
eISBN:
9780191774041
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198704744.003.0005
Subject:
Law, Legal History

This chapter analyses the monetary theory of Gabriel Biel, professor of theology at the university of Tübingen at the end of the fifteenth century. Biel’s monetary deliberations form an integral part ... More


The Nature of Money

John Hicks

in A Market Theory of Money

Published in print:
1989
Published Online:
November 2003
ISBN:
9780198287247
eISBN:
9780191596407
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198287240.003.0006
Subject:
Economics and Finance, Macro- and Monetary Economics

It will no doubt be taken for granted that in the markets that have been discussed so far, the typical transaction is an exchange of some article (good or service) for something that is recognized as ... More


Economic Theory of Bank Credit

L. Albert Hahn

Published in print:
2015
Published Online:
November 2015
ISBN:
9780198723073
eISBN:
9780191789649
Item type:
book
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198723073.001.0001
Subject:
Economics and Finance, Macro- and Monetary Economics, Financial Economics

This book sets out a credit theory of money and the effects of changes in credit activity on distribution and production. Part One shows that money is credit in circulation. Banks create money every ... More


Introduction and Overview

Ulrich Bindseil

in Monetary Policy Operations and the Financial System

Published in print:
2014
Published Online:
October 2014
ISBN:
9780198716907
eISBN:
9780191785559
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198716907.003.0001
Subject:
Economics and Finance, Macro- and Monetary Economics

The introduction to the book provides a short overview of its content and structure, explaining in particular why the book has two parts, namely on monetary policy operations in ‘normal’ times (Part ... More


Journey's End—Hayek's Multiple Legacies

Bruce Caldwell

in Hayek's Challenge: An Intellectual Biography of F.A. Hayek

Published in print:
2003
Published Online:
February 2013
ISBN:
9780226091914
eISBN:
9780226091921
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226091921.003.0015
Subject:
Economics and Finance, Economic History

This chapter offers a chronological summary and assessment of Hayek's methodological legacy. In some instances, this involves comments on his contributions to such fields as economics, psychology, ... More


Banks and Bank Money

John Hicks

in A Market Theory of Money

Published in print:
1989
Published Online:
November 2003
ISBN:
9780198287247
eISBN:
9780191596407
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0198287240.003.0008
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter analyzes the functions of banks. A firm can be considered a fully formed bank when it is doing all these things: (1) accepting deposits, (2) discounting bills, and (3) making advances to ... More


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