Rival Notions of Money

7 Pages Posted: 31 Oct 2012

See all articles by Thomas M. Humphrey

Thomas M. Humphrey

Federal Reserve Banks - Federal Reserve Bank of Richmond

Date Written: 1988

Abstract

The rise of Milton Friedman’s version of monetarism in the 1960s and early 1970s provoked an antimonetarist backlash culminating in the late Nicholas Kaldor’s The Scourge of Monetarism (1982). Friedman stressed the ideas of exogenous (i.e., central bank determined) money, money-to-price causality, inflation as a monetary phenomenon, and controllability of money through the high-powered monetary base. He traced a chain of causation running from open market operations to bank reserves to the nominal stock of money and thence to aggregate spending, nominal income, and prices.

Suggested Citation

Humphrey, Thomas M., Rival Notions of Money (1988). FRB Richmond Economic Review, vol. 74, no. 5, September/October 1988, pp. 3-9, Available at SSRN: https://ssrn.com/abstract=2122448

Thomas M. Humphrey (Contact Author)

Federal Reserve Banks - Federal Reserve Bank of Richmond ( email )

P.O. Box 27622
Richmond, VA 23261
United States

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