Monetary Theory and Monetary Policy: Some Recent Discussions

James W. Angell

The Quarterly Journal of Economics, 1925, vol. 39, issue 2, 267-299

Abstract: I. Introduction. — II. Analyses of post-war monetary experience. The purchasing-power-parity approach: Keynes, 268.—III. The foreign-exchange approach: Nogaro, 275; Nogaro's criticisms of Cassel's doctrine, 277. — IV. The approach through the budget situation: Rist, 280; further conclusions, 284. — V. Future monetary policies: Cassel, 286; Keynes, 287; Nogaro and Rist, 291.—VI. Conclusions. The data inconclusive; interpretation a matter of individual choice, 293. Monetary reconstruction: budget equilibrium; devaluation; return to the unregulated gold standard, 298.

Date: 1925
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