Money as Cause and Effect

Louise Davidson

Chapter 9 in Money and Employment, 1990, pp 152-169 from Palgrave Macmillan

Abstract: Abstract A recurring theme in the long evolution of monetary theory is the dispute whether changes in (bank) money supplies play a causal part in influencing economic phenomena or whether their variations are an effect of economic activity, overcoming the obstacles of barter in an interdependent production economy. The view of money as causal represents a Currency School legacy, descending from Lord Overstone and the charter revision of the Bank of England in the 1840s. Money, viewed as an effect, constituted the core of the ‘real-bills’ Banking Principle doctrine espoused at the time by William Tooke. Precursors abound as Marget’s (1938) careful documentation reveals.

Keywords: Interest Rate; Monetary Policy; Central Bank; Price Level; Money Supply (search for similar items in EconPapers)
Date: 1990
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DOI: 10.1007/978-1-349-11513-6_10

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