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The Forerunners of "New Monetary Economics" Proposals to Stabilize the Unit of Account

Scott Sumner

Journal of Money, Credit and Banking, 1990, vol. 22, issue 1, 109-18

Abstract: This paper critically evaluates the monetary policy regimes proposed by Arthur Kitson (1917) and Henry Meulen (1934). Contrary to the assertion of Tyler Cowen and Randall Kroszner (1987), the unit of account envisioned by these earlier theorists was not at all like recent proposals by proponents of the "new monetary economics." It is also demonstrated that the "compensated dollar" plans of Aneurin Williams (1892) and Irving Fisher (1920) are closer forerunners to the recent new monetary economics proposals. Copyright 1990 by Ohio State University Press.

Date: 1990
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