By Forrest Capie, Geoffrey Edward Wood
This quantity includes the 1st 8 lectures brought in honour of Henry Thornton the economist, at urban collage, London. Seven of the lectures are through financial economists and one is via a Governer of the financial institution of britain. there's a dialogue of alternate cost behaviour and its implications for the foreign financial method and a attention of the adjustments in macroeconomics. Thornton's feedback on rates of interest are built and proven opposed to a century of British info. Forrest Capie can also be writer of "Depression and Protectionism", co-author of "The Inter conflict financial system: A Statistical strategy" and "Monetary heritage of the United Kingdom", over 20 magazine articles and editor of "Financial Crises and the area Banking approach" with Geoffrey E.Wood. Geoffrey wooden is co-author of "The Financing methods of British overseas exchange" and editor of "Monetary ambitions" and "Monetarism within the uk" either with Brian Griffiths.
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Extra resources for Monetary Economics in the 1980s: The Henry Thornton Lectures, Numbers 1–8
My eye will not be that of the historian, but that of a practising central banker who believes that there are lessons to be learnt which have a relevance today. Then I shall be attempting an assessment of the floating regime which followed Bretton Woods and in which we still live, and I shall seek to persuade you that it is as exaggerated to claim that floating offers all the answers as it is to claim that it offers none. Nevertheless, there are difficulties - dangers even - in the present An International Monetary System 23 regime; and in the final part of my lecture I shall offer some thoughts on how we might work towards a more effective and robust regime or set of arrangements.
Rostow and Anna J. ) (Oxford University Press). Hayek, F. A. (1932) Introduction of Thornton's Paper Credit, 1939 edition (New York: Rinehart). Hicks, Sir John (1937) 'Mr Keynes and the Classics', Econometrica, vol. 5, no. 2, pp. 147-59. Humphrey, Thomas M. (1986) 'Cumulative Process Models from Thornton to Wicksell', Federal Reserve Bank of Richmond, vol. 72 (May/June). Hutchisson, T. W. (1968) 'Henry Thornton', in International Encyclopaedia of Social Sciences (London: Macmillan) p. 689. Keynes, J.
Proportionally augmented. Thus, for example, at Petersburgh, at this time, the current interest was 20 or 25 per cent, which he conceived to be partly compensation for an expected increase of the depreciation of the currency. (Thornton, p. 336) Much later in the nineteenth century, Irving Fisher expressed the same idea, which he subsequently elaborated in mathematical form. The question I propose to examine is the extent to which Thornton's and later Irving Fisher's views are confirmed by the empirical behaviour of interest rates in Britain during the century from 1874 to 1975.