EconPapers    
Economics at your fingertips  
 

Chicago, Harvard, and the Doctrinal Foundations of Monetary Economics

George Tavlas

Journal of Political Economy, 1997, vol. 105, issue 1, 153-77

Abstract: The relationship between Milton Friedman's monetary economics and the views espoused by Chicago and non-Chicago quantity theorists in 1930-36 is examined. Contrary to recent interpretations, Chicago economists advanced the efficacy of monetary policy as the means of escaping from the Great Depression if such a policy was implemented with budget deficits to generate monetary expansion. The use of the quantity theory of money to provide a theoretical rationale for budget deficits distinguished the Chicago economists from other quantity theorists and left them less susceptible to the Keynesian revolution. The claim that Harvard was an important center for monetary research in the early 1930s is refuted. Copyright 1997 by the University of Chicago.

Date: 1997
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (20)

Downloads: (external link)
http://dx.doi.org/10.1086/262069 full text (application/pdf)
Access to the online full text or PDF requires a subscription.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ucp:jpolec:v:105:y:1997:i:1:p:153-77

Access Statistics for this article

More articles in Journal of Political Economy from University of Chicago Press
Bibliographic data for series maintained by Journals Division ().

 
Page updated 2025-03-22
Handle: RePEc:ucp:jpolec:v:105:y:1997:i:1:p:153-77