Money in a Theory of the Cycle

Gordon Fletcher

Chapter 11 in Dennis Robertson, 2008, pp 109-123 from Palgrave Macmillan

Abstract: Abstract Money was given something more than a walk-on part in the Study but its role was nevertheless seen as being relatively small and as supplementary to the main determinants of the cycle. Accordingly, it was not until the last chapter before the recapitulation of the argument that Robertson introduced an analysis of the influence of money on industrial fluctuations. This treatment was entirely in accord with his later-expressed ‘determination to keep money in its place’ (1948: p. xv) — a determination, it must be said, based not simply upon the presumption in favour of digging-down below the money surface but reinforced by the evidence which I thought I found of the divergence on many occasions between the behaviour of the construction and the consumption trades, [which] made me very suspicious of doctrines of the trade cycle couched primarily in monetary terms, or in terms of the ‘repercussion’ of one industry upon others through changes in monetary purchasing power (Robertson, 1948a: p. xii)

Keywords: Monetary Policy; Trade Cycle; Price Level; Money Supply; Monetary Economy (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:pal:gtechp:978-0-230-22752-1_11

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DOI: 10.1057/9780230227521_11

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