The Present Relevance of Hume's Open-Economy Monetary Dynamics

John Berdell ()

Economic Journal, 1995, vol. 105, issue 432, 1205-17

Abstract: David Hume's monetary economics has remained a source of sustained controversy; rival interpretations situate his work at the fountainhead of the quantity theory of money, the monetary approach to the balance of payments, and the post-Keynesian analysis of inflation. Recent contributions to the literature have explicitly modeled several aspects of his monetary writings but have not placed his controversial discussion of output and monetary dynamics within all open economy analysis. This paper does so and contrasts rival specifications and interpretations of Humean open-economy output dynamics. Copyright 1995 by Royal Economic Society.

Date: 1995
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