Bagehot's Classical Money View: A Reconstruction

Perry Mehrling
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Perry Mehrling: Pardee School of Global Studies at Boston University

No inetwp216, Working Papers Series from Institute for New Economic Thinking

Abstract: Bagehot is difficult for modern economists to read with understanding, for three reasons. He was a classical economist not neoclassical, his orientation was global not national, and, most importantly, his intellectual formation was as a practicing country banker not an academic. This paper adopts all three perspectives, and uses this frame to reinterpret his mature work, both Lombard Street and the unfinished Economic Studies, as the origin of the key currency tradition which continues as a minority view in modern economics.

Keywords: Bagehot Rule; key currency; money view; Lombard Street; Ricardo (search for similar items in EconPapers)
JEL-codes: B12 B17 B31 (search for similar items in EconPapers)
Pages: 15 pages
Date: 2024-01-04
New Economics Papers: this item is included in nep-ban, nep-his, nep-hme, nep-hpe, nep-mon and nep-pke
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Persistent link: https://EconPapers.repec.org/RePEc:thk:wpaper:inetwp216

DOI: 10.36687/inetwp216

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