ADAM SMITH AS A MODEL FOR THE MODERN MONETARY-POLICY ECONOMIST

Michael Bordo and Hugh Rockoff

National Institute Economic Review, 2023, vol. 265, 61-69

Abstract: A key insight from Adam Smith is that economists should base their conclusions about a monetary institution or policy on a careful study of the history of that institution or policy, a study that includes the experiences of other countries. To illustrate Smith’s reliance on financial history we cover five current monetary problems that have close analogies with problems that Smith discussed: (1) inflation, (2) banking panics, (3) public debt, (4) usury laws, (5) central bank digital currencies.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:cup:nierev:v:265:y:2023:i::p:61-69_7

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