Money and the Economy: Central Bankers’ Views by Ciocca Pierluigi

By Ciocca Pierluigi

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111. 112. 113. 114. 115. Introduction those involved in economic management. the positiOn that policy should be dictated by a set of fixed rules seems at best a partial response to the question: What should be done now? What advice, then, do advocates of rules have to offer with respect to the policy decisions before us right now? Thts question does have a practical. men-of-affairs ring to it, but to my ears, this ring is entirely false', R. E. Lucas. Jr, Studies in Business-Cycle Theory. pp. 257-8.

M. Blaug, Economic Theory in Retrospect (London: Heinemann, 1970) p. 202. Ibid. For an interpretation in this sense of Thornton's major work, see J. R. Hicks, 'Thornton's "Paper Credit" (1802)', in Critical Essays in Monetary Theory (Oxford: Clarendon Press, 1967) especially pp. 181-8. J. A. Schumpeter, History of Economic Analysis, p. 729. H. Thornton, An Enquiry into the Nature and Effects of the Paper Credit of Great Britain (London: Hatchard, 1802) p. 295. A summary comment can none the less be found in T.

The instability of the economy is thus seen as deriving primarily from bad management of the money supply, even though other factors also play a part: The variation in timing means that there is considerable leeway in the precise relation between changes in the stock of money and in prices over short periods of time - there are other factors at work that lead to these variations and mean that even if the stock of money were to change in a highly regular and consistent fashion, economic activity and prices would none the less fluctuate.

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