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Valeonti Sofia - One of the best experts on this subject based on the ideXlab platform.
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La politique monétaire de la période de la Reconstruction aux États-Unis (1865-1879) : enjeux, théories, débats
HAL CCSD, 2020Co-Authors: Valeonti SofiaAbstract:This thesis proposes a theoretical reconstruction of the Monetary debate that took place during the U.S. Reconstruction period by studying the writings of Henry Charles Carey, Hugh McCulloch, Simon Newcomb, and John Sherman. It traces the links between the policy proposals of each writer, their political economy, and their vision of economic development. A prerequisite to tracing those links was a clear identification of the main money question of the period: the greenback – the fiat, legal-tender, paper money issued by the Union as a means to finance the Civil War. Also necessary was an explanation of how the Monetary debate became an arena for expressing antagonistic political visions. The first chapter offers both an identification and explanation. The following chapters then analyze the writings of the main participants of the debate. Chapter 2 focuses on Carey’s Monetary theory and shows that his theory led him to deduce that maintaining both a greenback Monetary Standard and protectionism would make it possible to build a permanent union, while establishing national independence. On the opposite side of the debate were those who advocated for a resumption of specie payments, among them McCulloch, Newcomb, and Sherman. Chapter 3 examines McCulloch and Sherman’s position in the debate and provides evidence that it was informed by their vision of economic development, a vision that aimed to promote U.S. international integration. The fourth chapter centers on Newcomb’s methodology and the Monetary theory that results from its application, a theory that offers an analytical framework to those who defended the resumption of specie payments.Cette thèse propose une reconstruction théorique des débats monétaires de la période de la Reconstruction aux États-Unis en se focalisant sur les travaux de Henry Charles Carey, Hugh McCulloch, Simon Newcomb et John Sherman. Elle s’efforce d’identifier les liens entre les positions respectives de chacun, les politiques économiques préconisées et leurs visions du développement économique. Répondre à cette ambition implique au préalable d’expliquer pourquoi la question monétaire centrale est celle des greenbacks – le papier-monnaie inconvertible ayant cours légal émis afin de financer la guerre de Sécession – et de préciser comment la question monétaire a été le lieu privilégié d'affrontement entre des visions politiques antagonistes (chapitre 1). Les chapitres qui suivent se focalisent sur l’analyse des écrits des principaux participants aux débats. Le chapitre 2 s’intéresse à la théorie monétaire de Carey et montre comment elle vise à réunifier les États-Unis tout en établissant leur indépendance nationale à travers l’industrialisation par le maintien du système monétaire des greenbacks et du protectionnisme. Face à Carey se trouvent ceux qui favorisent un retour à la convertibilité, parmi ceux-ci McCulloch, Newcomb et Sherman. Le chapitre 3 examine la position de McCulloch et Sherman et établit que leur position dans le débat était dictée par leur vision du développement économique qui promouvait l’intégration internationale des États-Unis. Enfin, le chapitre 4 porte sur l’auteur qui constitue la référence théorique commune à ceux qui défendent le retour à la convertibilité : tant la méthodologie que la théorie monétaire de Newcomb y sont analysées
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Monetary policy during U.S. Reconstruction (1865-1879) : issues, theories, and debates
2020Co-Authors: Valeonti SofiaAbstract:Cette thèse propose une reconstruction théorique des débats monétaires de la période de la Reconstruction aux États-Unis en se focalisant sur les travaux de Henry Charles Carey, Hugh McCulloch, Simon Newcomb et John Sherman. Elle s’efforce d’identifier les liens entre les positions respectives de chacun, les politiques économiques préconisées et leurs visions du développement économique. Répondre à cette ambition implique au préalable d’expliquer pourquoi la question monétaire centrale est celle des greenbacks – le papier-monnaie inconvertible ayant cours légal émis afin de financer la guerre de Sécession – et de préciser comment la question monétaire a été le lieu privilégié d'affrontement entre des visions politiques antagonistes (chapitre 1). Les chapitres qui suivent se focalisent sur l’analyse des écrits des principaux participants aux débats. Le chapitre 2 s’intéresse à la théorie monétaire de Carey et montre comment elle vise à réunifier les États-Unis tout en établissant leur indépendance nationale à travers l’industrialisation par le maintien du système monétaire des greenbacks et du protectionnisme. Face à Carey se trouvent ceux qui favorisent un retour à la convertibilité, parmi ceux-ci McCulloch, Newcomb et Sherman. Le chapitre 3 examine la position de McCulloch et Sherman et établit que leur position dans le débat était dictée par leur vision du développement économique qui promouvait l’intégration internationale des États-Unis. Enfin, le chapitre 4 porte sur l’auteur qui constitue la référence théorique commune à ceux qui défendent le retour à la convertibilité : tant la méthodologie que la théorie monétaire de Newcomb y sont analysées.This thesis proposes a theoretical reconstruction of the Monetary debate that took place during the U.S. Reconstruction period by studying the writings of Henry Charles Carey, Hugh McCulloch, Simon Newcomb, and John Sherman. It traces the links between the policy proposals of each writer, their political economy, and their vision of economic development. A prerequisite to tracing those links was a clear identification of the main money question of the period: the greenback – the fiat, legal-tender, paper money issued by the Union as a means to finance the Civil War. Also necessary was an explanation of how the Monetary debate became an arena for expressing antagonistic political visions. The first chapter offers both an identification and explanation. The following chapters then analyze the writings of the main participants of the debate. Chapter 2 focuses on Carey’s Monetary theory and shows that his theory led him to deduce that maintaining both a greenback Monetary Standard and protectionism would make it possible to build a permanent union, while establishing national independence. On the opposite side of the debate were those who advocated for a resumption of specie payments, among them McCulloch, Newcomb, and Sherman. Chapter 3 examines McCulloch and Sherman’s position in the debate and provides evidence that it was informed by their vision of economic development, a vision that aimed to promote U.S. international integration. The fourth chapter centers on Newcomb’s methodology and the Monetary theory that results from its application, a theory that offers an analytical framework to those who defended the resumption of specie payments
Robert L Hetzel - One of the best experts on this subject based on the ideXlab platform.
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the Monetary policy of the federal reserve a history
2008Co-Authors: Robert L HetzelAbstract:Details the evolution of the Monetary Standard from the start of the Federal Reserve through the end of the Greenspan era. The book places that evolution in the context of the intellectual and political environment of the time. By understanding the fitful process of replacing a gold Standard with a paper money Standard, the conduct of Monetary policy becomes a series of experiments useful for understanding the fundamental issues concerning money and prices. How did the recurrent Monetary instability of the 20th century relate to the economic instability and to the associated political and social turbulence? After the detour in policy represented by FOMC chairmen Arthur Burns and G. William Miller, Paul Volcker and Alan Greenspan established the Monetary Standard originally foreshadowed by William McChesney Martin, who became chairman in 1951. The Monetary Policy of the Federal Reserve explains in a straightforward way the emergence and nature of the modern, inflation-targeting central bank.
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the Monetary policy of the federal reserve a history
2008Co-Authors: Robert L HetzelAbstract:Foreword: what is the Monetary Standard? 1. The pragmatic evolution of the Monetary Standard 2. Learning and policy ambiguity 3. From gold to fiat money 4. From World War II to the Accord 5. Martin and lean-against-the-wind 6. Inflation is a nonMonetary phenomenon 7. The start of the great inflation 8. Arthur Burns and Richard Nixon 9. Bretton Woods 10. Policy in the Ford administration 11. Carter, Burns, and Miller 12. The political economy of inflation 13. The Volcker disinflation 14. Monetary policy after the disinflation 15. Greenspan's move to price stability 16. International bailouts and moral hazard 17. Monetary policy becomes expansionary 18. Departing from the Standard procedures 19. Boom and bust 20. Backing off from price stability 21. The Volcker-Greenspan regime 22. The Fed: inflation fighter or inflation creator? 23. The stop-go laboratory 24. Stop-go and interest rate inertia 25. Monetary nonneutrality in the stop-go era 26. A century of Monetary experiments.
Christopher M Meissner - One of the best experts on this subject based on the ideXlab platform.
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exchange rate regimes and international trade evidence from the classical gold Standard era
The American Economic Review, 2003Co-Authors: Ernesto J Lopezcordova, Christopher M MeissnerAbstract:In this paper we show that the spread of the classical gold Standard in the late nineteenth century increased international trade flows. This positive effect was compounded whenever a group of countries formed a Monetary union. Applying the gravity model of trade to more than 1,100 country pairs during the 1870-1910 period, we find that two countries on gold would trade 60 percent more with each other than with countries on a different Monetary Standard. Moreover, a Monetary union would more than double bilateral trade flows. Our findings are relevant for current discussions on alternative Monetary arrangements for the twenty-first century.
Allan Meltzer - One of the best experts on this subject based on the ideXlab platform.
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The Choice of the Monetary Regime
2018Co-Authors: Allan MeltzerAbstract:The principles guiding the choice of a Monetary regime or constitution have remained an unresolved issue in the theories of money and economic policy. The student of money confronts four formidable obstacles what addressing this issue as an application of economic theory. First, money is not only neutral in Monetary theory, but it is one of many, undifferentiated commodities without any particular properties that can affect the economy's equilibrium. Any commodity chosen at random provides money services as well as any other. Second, although the choice of Monetary institutions or a Monetary Standard can have real effects in practice, these effects are excluded from formal economic theory by the assumption of continuous market clearing and by making the competitive equilibrium independent of real world institutions. Third, relevant aspects of uncertainty that give rise to costly information are missing. At most, individuals hold certain expectations about all possible future contingencies. Fourth, a representative agent makes all decisions, bears all costs, and receives all benefits. There are no effects of redistribution through inflation or deflation. In this framework the choice of a Monetary constitution is uninteresting.
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On Monetary Regimes in General and in Brazil
2018Co-Authors: Allan MeltzerAbstract:The topic I have been asked to address — the principles guiding the choice of a Monetary regime or constitution — has remained an unresolved issue in the theories of money and economic policy. The student of money confronts four formidable obstacles when addressing this issue as an application of economic theory. First, money is not only neutral in Monetary theory, but it is one of many, undifferentiated commodities without any particular properties that can affect the economy's equilibrium. Any commodity chosen at random provides money services as well as any other. Second, although the choice of Monetary institutions or a Monetary Standard can have real effects in practice, these effects are excluded from formal economic theory by the assumption of continuous market clearing and by making the competitive equilibrium independent of real world institutions. Third, relevant aspects of uncertainty that give rise to costly information are missing. At most, individuals hold certain expectations about all possible future contingencies. Fourth, a representative agent makes all decisions, bears all costs, and receives all benefits. There are no effects of redistribution through inflation or deflation. In this framework the choice of a Monetary constitution is uninteresting.
Ernesto J Lopezcordova - One of the best experts on this subject based on the ideXlab platform.
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exchange rate regimes and international trade evidence from the classical gold Standard era
The American Economic Review, 2003Co-Authors: Ernesto J Lopezcordova, Christopher M MeissnerAbstract:In this paper we show that the spread of the classical gold Standard in the late nineteenth century increased international trade flows. This positive effect was compounded whenever a group of countries formed a Monetary union. Applying the gravity model of trade to more than 1,100 country pairs during the 1870-1910 period, we find that two countries on gold would trade 60 percent more with each other than with countries on a different Monetary Standard. Moreover, a Monetary union would more than double bilateral trade flows. Our findings are relevant for current discussions on alternative Monetary arrangements for the twenty-first century.