The Monetary Model of Exchange Rates in the History of Economic Thought

Imad A. Moosa and George Towadros

History of Economics Review, 1999, vol. 29, issue 1, 70-80

Abstract: This paper traces the origin of the monetary model of exchange rate determination to three controversies surrounding three events in the European economic history. These events are the 1745 shift by Sweden to currency inconvertibility, the suspension of the convertibility of the pound during the Napoleonic wars, and the German hyperinflation of the 20th century. While the first controversy gave rise to the linkage between some forms of the quantity theory of money and purchasing power parity, the second controversy led to the refinement and development of these concepts. The third controversy introduced the role of expectations in the monetary model.

Date: 1999
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DOI: 10.1080/10370196.1999.11733296

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