Henry Thornton: seminal monetary theorist and father of the modern central bank
Robert L. Hetzel
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Robert L. Hetzel: Federal Reserve Bank of Richmond
Economic Review, 1987, issue jul, 3-16
Henry Thorntons Paper Credit of Great Britain (1802) established once and for all the notion that central banks have the prime responsibility for controlling the money stock and the price level. This theme and the analytical framework underlying it reappeared in the famous Bullion Report (1810). There he and his coauthors contended that the central banks responsibility should be made explicit and that the mechanics for ensuring price level stability should be a matter of rules, not discretion.
Keywords: Economic history; Banks and banking, Central; Economists; Great Britain (search for similar items in EconPapers)
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