An Evaluation of Friedman's Monetary Instability Hypothesis

2016 ◽  
Vol 83 (3) ◽  
pp. 744-755 ◽  
Author(s):  
Joshua R. Hendrickson
Keyword(s):  
Monetary Instability

The effects of monetary instability on the extent of vertical integration

1989 ◽  
Vol 17 (2) ◽  
pp. 1-10 ◽  
Author(s):  
Donald J. Boudreaux ◽  
William F. Shughart
Keyword(s):  
Vertical Integration ◽  
Monetary Instability

scholarly journals Tariffs and the textile trade between Brazil and Britain (1808-1860)

2021 ◽  
Vol 51 (2) ◽  
pp. 311-342
Author(s):  
Thales Augusto Zamberlan Pereira
Keyword(s):  
Nineteenth Century ◽  
Quantitative Analysis ◽  
Foreign Trade ◽  
Quantitative Information ◽  
Institutional Changes ◽  
Product Price ◽  
Quantitative Evidence ◽  
Qualitative And Quantitative ◽  
Textile Trade ◽  
Monetary Instability

Abstract The commercial treaty with Britain in 1810, along the authorization of foreign trade in ports in 1808, are among the most important institutional changes in nineteenth century Brazil. The 1810 treaty lowered tariffs for British manufactures while maintaining high tariffs in Britain for Brazilian sugar and coffee. These terms are generally viewed as disastrous for the Brazilian economy, although there is still limited quantitative information about how much the tariff affected the demand for British imports. This paper provides new qualitative and quantitative evidence on the operation and effect of Brazil’s imports tariffs in the period. I find that the effect of the tariffs is different from what traditional literature assumes. First, the monetary instability in the 1820s and conflicts over product price assessment often led the de facto tariff to be higher than the 15 percent established by the treaty. Second, even with higher rates, quantitative analysis shows they did not have decrease imports of British textiles.

European union: stability or instability for small periphery economies

2001 ◽  
Vol 10 (4) ◽  
Author(s):  
Serhan Çiftçioglu
Keyword(s):  
European Union ◽  
Czech Republic ◽  
Monetary Union ◽  
Economic And Monetary Union ◽  
Small Open Economies ◽  
The Czech Republic ◽  
Wage Indexation ◽  
Union Stability ◽  
Monetary Instability ◽  
The Eu

The main focus of this paper is to analyze the likely consequences of the possible increase in the monetary instability and decrease in the rate of wage indexation in the EU (that can result from the completion of economic and monetary union) on the macroeconomic stability of small, open economies which are in the process of integration with the EU. Such periphery countries include countries as Poland, the Czech Republic, Hungary, Slovakia, Turkey and others.

On Central Banking “Rules”: Tooke's Critique of the Bank Charter Act of 1844

2003 ◽  
Vol 25 (1) ◽  
pp. 39-61 ◽  
Author(s):  
Matthew Smith
Keyword(s):  
Central Banking ◽  
Open Market ◽  
Private Business ◽  
Banking Policy ◽  
Bank Of England ◽  
Monetary Instability

The main opponent to the Bank Charter Act of 1844 in the Currency-Banking School debates of the 1840s and 1850s was undoubtedly Thomas Tooke (1774–1858). As is well known, the 1844 Bank Act embodied the Currency School's plan for the institutional separation of the Bank's “public” function of issuing banknotes in exchange for coin (bullion) from its “private” business of banking, consisting of receiving deposits, buying and selling securities in the open market, and discounting bills brought to its door. The objective of this plan was to compel the Bank of England to issue its banknotes pari pasu with changes in its bullion reserves. The Bank Charter Act of 1844 was perhaps the first attempt to introduce central banking “rules.” Tooke's grounds for criticizing the Act are, therefore, of interest to contemporary monetary economists. From 1840 until his last publication in 1857, Tooke engaged in a relentless campaign against the institutional separation of Bank of England functions under the 1844 Act. Before the Act's inception Tooke criticized the Currency School's plan on theoretical, as well as policy grounds. After its inception Tooke mainly criticized the 1844 Bank Act for actually contributing to monetary instability. These criticisms stemmed from Tooke's long-established position on banking policy together with the Banking School theory he largely developed in the early 1840s.

scholarly journals Pandemic recession and helicopter money: Venice, 1629–1631

2022 ◽  
pp. 1-19
Author(s):  
Donato Masciandaro ◽  
Charles Goodhart ◽  
Stefano Ugolini
Keyword(s):  
Political Economy ◽  
Government Debt ◽  
Macroeconomic Policies ◽  
Fiscal Stimulus ◽  
Net Worth ◽  
Monetary Expansion ◽  
Monetary Instability

We analyse the money-financed fiscal stimulus implemented in Venice during the famine and plague of 1629–31, which was equivalent to a ‘net-worth helicopter money’ strategy – a monetary expansion generating losses to the issuer. We argue that the strategy aimed at reconciling the need to subsidize inhabitants suffering from containment policies with the desire to prevent an increase in long-term government debt, but it generated much monetary instability and had to be quickly reversed. This episode highlights the redistributive implications of the design of macroeconomic policies and the role of political economy factors in determining such designs.

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