Credit cycle and monetary policy: John Rogers Commons as a ‘monetarist’
Cahiers d’économie politique / Papers in Political Economy, 2013, issue 64, 45-74
Commons sketches an institutionalist theory of property based on debt, that is a potential of expected income, and the vector of which is the monetary system. His monetary theory of the credit cycle inspires from Wicksell and Fisher’s debt-deflation theory, rather than from Fisher’s quantity theory. According to Commons, the Central Bank is the key institution, whose role is to lead an active policy controlling the quantity of money based on the management of interest rates. Commons may be considered as a “monetarist,” who rejects both the gold standard rule and the real bills doctrine.
Keywords: banking system; credit cycle; interest rates; monetary policy; money; quantity theory; USA. (search for similar items in EconPapers)
JEL-codes: B15 B25 E31 E51 E52 (search for similar items in EconPapers)
References: Add references at CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:cpo:journl:y:2013:i:64:p:45-74
Ordering information: This journal article can be ordered from
142 rue du faubourg Saint-Martin. 75010 Paris, France.
Access Statistics for this article
Cahiers d’économie politique / Papers in Political Economy is currently edited by Claire Pignol
More articles in Cahiers d’économie politique / Papers in Political Economy from L'Harmattan
Bibliographic data for series maintained by Carlos Andrés Vasco Correa ().